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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Wednesday following the pullback seen in the previous session.
The upward momentum on Wall Street comes after Senate Republicans voted to approve sweeping tax reform legislation.
House Republicans voted to approve a similar bill on Tuesday but will need to revote due to procedural issues related to the reconciliation process.
The Senate voted 51 to 48 in favor of the $1.5 trillion tax reform bill, with the vote coming down strictly along party lines.
After climbing to record highs during trading on Monday, stocks gave back some ground over the course of the trading session on Tuesday.
The Dow dipped 37.45 points or 0.2 percent to 24,754.75, the Nasdaq slid 30.91 points or 0.4 percent to 6,963.85 and the S&P 500 fell 8.69 points or 0.3 percent to 2,681.47.
Profit taking contributed to the weakness on Wall Street, as traders cashed in on the strength seen in recent sessions.
Selling pressure was somewhat subdued, however, as House Republicans voted to approve the first major tax reform legislation in several decades, cutting tax rates for businesses and individuals.
The House voted 227 to 203 in favor the bill known as the Tax Cuts and Jobs Act, with the vote coming down largely along party lines. Only 12 Republican congressmen voted against the bill.
The bill reduces the corporate tax rate to 21 percent from 35 percent, gives tax breaks to pass-through businesses and includes provisions intended to encourage domestic business investment.
The legislation also reduces tax rate for most individuals, although the tax cuts for individuals are set to expire.
Following the vote in the House, the Senate is expected to approve the bill later in the day by a narrow margin.
The approval of the legislation, which President Donald Trump has pledged to sign, comes even though recent polls show a majority of Americans disapprove of the bill.
Republicans claim that the bill will lead to stronger economic growth, while Democrats argue the legislation will give tax cuts to the wealthy at the expense of the middle class.
On the U.S. economic front, the Commerce Department released a report showing an unexpected increase in housing starts in the month of November.
The report said housing starts jumped 3.3 percent to an annual rate of 1.297 million in November from a revised 1.256 million in October. Economists had expected housing starts to drop by 3.7 percent.
Commercial real estate stocks showed a substantial move to the downside on the day, dragging the Morgan Stanley REIT Index down by 2.1 percent. The index ended the previous session at its best closing level in a month.
Significant weakness was also visible among utilities stocks, as reflected by the 1.6 percent drop by the Dow Jones Utilities Average. With the decrease, the average ended the session at a two-month closing low.
Housing, telecom and computer hardware stocks also moved to the downside, while some strength was visible among oil service stocks.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The National Association of Realtors is scheduled to release its report on existing home sales in the month of November at 10 am ET.
Existing home sales are expected to rise to an annual rate of 5.52 million in November after jumping to a rate of 5.48 million in October.
At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended December 15th.
Crude oil inventories are expected to drop by 3.8 million barrels after slumping by 5.1 million barrels in the previous week. |
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| | Europe |
European stocks are turning in a lackluster performance despite the U.S. Senate approving the much-awaited $1.5 trillion tax reform bill.
The French CAC 40 Index is down by 0.3 percent and the German DAX Index is down by 0.4 percent, although the U.K.?s FTSE 100 Index is marginally higher.
German energy firm Innogy has advanced amid news its CEO is leaving with immediate effect. Pharmaceutical company Stada has also jumped after concluding a domination and profit and loss transfer agreement with Nidda Healthcare GmbH.
BHP Billiton has also moved higher after the mining giant said it has reached a decision to exit from the World Coal Association due to differences between its positions on climate and energy policy.
Meanwhile, furniture retailer Steinhoff, which is facing a credit squeeze following allegations of accounting irregularities, plummeted as much as 33 percent.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks reversed initial losses to close on a mixed note on Wednesday as the final vote on the U.S. tax bill entered a crucial phase.
Senate Republicans voted late Tuesday night to approve their final tax overhaul bill, which would cut taxes for businesses and individuals.
However, a technical vote in the House is still needed before the bill can be sent to President Donald Trump's desk.
China's Shanghai Composite Index eased 8.93 points or 0.3 percent to 3,287.61, while Hong Kong's Hang Seng Index edged down 19.57 points or 0.1 percent to 29,234.09.
Japanese shares ended a choppy session marginally higher as a weaker yen on U.S. tax cut hopes and gains in the financial sector helped outweigh a renewed sell-off in construction shares in the wake of bid-rigging allegations.
The Nikkei 225 Index inched up 23.72 points or 0.1 percent to 22,891.72, and the broader Topix Index closed 0.3 percent higher at 1,821.16.
Banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial jumped around 2 percent after the 10-year U.S. Treasury yield rose to a seven-week high.
Japan Display rallied 3.1 percent after Kyodo reported that it is discussing an investment of more than 200 billion yen from three Chinese panel makers.
Meanwhile, shares of automaker Subaru lost more than 7 percent after reports that it had falsified fuel economy tests.
Australian shares recovered from initial losses to finish marginally higher, led by miners underpinned by recent strength in commodity prices.
The benchmark S&P/ASX 200 Index crept up 3.80 points to end at 6,075.60, while the broader All Ordinaries Index closed 4.70 points higher at 6,167.90.
Embattled theme park operator Ardent Leisure jumped almost 12 percent after divesting the last of its non-core assets. Downer EDI rallied 1.8 percent on winning a A$400 million mining contract.
Retail Food Group slumped 18 percent to extend Tuesday's plunge following its profit warning. TPG Telecom lost about 1 percent after saying it would compensate nearly 8,000 customers who paid for national broadband network plans.
On the economic front, the latest survey from Westpac Bank revealed that the Australian economy continued to expand in November, albeit at a slightly slower rate.
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| | Commodities |
Crude oil futures are rising $0.26 to $57.82 a barrel after climbing $0.30 to $57.46 a barrel on Tuesday. Gold futures, which slipped $1.30 to $1,264.20 an ounce in the previous session, are increasing $4.90 to $1,269.10 an ounce.
On the currency front, the U.S. dollar is trading at 113.28 yen compared to the 112.89 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1846 compared to yesterday?s $1.1840.
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