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Monday 21 August 2017

World stocks dip in wake of proposals

On Wall Street, stocks edged lower after a lukewarm reception for US President Donald Trump’s tax plan, unveiled on Wednesday. Stock photo: Reuters
On Wall Street, stocks edged lower after a lukewarm reception for US President Donald Trump’s tax plan, unveiled on Wednesday. Stock photo: Reuters
Donal O'Donovan

Donal O'Donovan

Key world stock markets dipped in the wake of the US tax cut plan, while the euro weakened after cautious comments from European Central Bank President Mario Draghi.

On Wall Street, stocks edged lower after a lukewarm reception for US President Donald Trump's tax plan, unveiled on Wednesday.

But investors, who had been awaiting tax-plan details for months, largely shrugged off the news, with many saying it was still short on specifics and faced a long road to enactment.

The plan proposes deep US tax cuts, many for businesses, that would make the federal deficit balloon if enacted. The market now is waiting to see if the proposal will become law.

However, what might have been worse losses on Wall Street were curbed as corporate earnings showed strong results for the quarter.

As his milestone 100th day in office tomorrow nears, Mr Trump has been scrambling to show progress on his agenda.

Some analysts said investors were aware of the long road before any tax bill was passed.

Irish Independent

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