Market Recap: The Republicans Propose Another Tax Cut

Published date: 11/09/2018

Over in the US, it was a mixed close yesterday, Nasdaq closed higher by 0.27%, S&P jumped 0.19% and the Dow fell 0.23%. It was much of the same in the Asia Pacific area, the Nikkei 225 rose 1.26%, The ASX gained 0.62% and the Shanghai Comp. fell 0.43%. In terms of major headlines overnight, the Republican party have proposed a second tax cut and Canada and the US are set to hold more NAFTA talks today.

In commodities markets, we are pretty much in the green all-round with the exception of WTI. It was looking good for a close but then a headline about the potential rise of US inventory reserves made the commodity fall. Spot WTI trades 0.18% higher this morning and at the $67.61/bbl level.

Copper demand has said to have been rising as buyers step in at low levels before any trade issue could potentially be resolved. Copper is now above the $2.60/lb level again trading 0.42% higher. 

Gold had another tough indecisive session and languishes below the $1200/oz mark. The trade conflicts around the globe continue to push EM flows into the USD and the precious metal is suffering off the back of the move. 



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