Monday, 4 December 2017

Global Markets: Dollar Gains On U.S. Tax Cut Progress; Asian Shares Listless

The U.S. dollar bounced to a two-week top on Monday and S&P futures rallied as traders marked the passage of a Senate tax bill over the weekend, a move that raises the risk of more aggressive rate hikes in the world's largest economy.

Asian shares were less euphoric, with MSCI's broadest index of Asia-Pacific shares outside Japan hovering near a one-month trough on fears U.S. policy tightening could suck liquidity from emerging markets and derail global growth.

Traders will be focusing their attentions on a meeting scheduled for British Prime Minister Theresa May and EU President Jean-Claude Juncker to work on a Brexit deal.

The euro slipped 0.1 percent, while the British pound was steady amid media reports that a deal was near on the terms of the Brexit divorce.

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