Trump tax bill drives world markets to record highs – business live

Stocks have hit new peaks ahead of a vote on tax reforms in America later todayIntroduction: Tax reforms get investors excitedMSCI World stocks index is at record levelsEuropean markets push higherLast night the Dow hit yet another highBut tax package will sent US deficit up and reward richest Americans 1.39pm GMT Newflash: American construction companies started building more houses than expected last month, in another sign that the economy is robust.The latest US housing statistics show that housing starts increased 3.3% to a seasonally adjusted annual rate of 1.297 million units.US Housing Starts and Building Permits both higher than expected in November $USD pic.twitter.com/AAy9roAEd6Solid 3.3% increase in November housing starts to a average annualized pace of 1.297 million with forward looking at 1.298 million. Homes under construction up 1%, with single family homes up 2.5% and multifamily down 0.2%. There are 1.11 million homes under construction. 1.24pm GMT Dennis de Jong, managing director at trading firm UFX.com, fears that the US tax bill could cause long-term damage to the American economy.De Jong says investors shouldn’t ignore the concerns that richest Americans will snaffle most of the benefits (as explained here).“With Republicans poised to push through Donald Trump’s GOP tax bill, investors are eyeing up something of an early Christmas present.“The bill’s expected approval has already driven world stock markets to record highs and, despite the likely absence of John McCain and Thad Cochrane, investors can start counting their chickens. Continue reading…
Via: Trump tax bill drives world markets to record highs – business live