The disappointment on the tax plan prompted fall in U.S. bond yields and the U.S. dollar. The dollar slipped to 111.18 yen from near one-month high of 111.78 yen scored earlier on Wednesday. By Hideyuki SanoTOKYO (Reuters) - Asian facebook/" target="_blank">shares ticked down from near two-year high on Thursday after a long-awaited U.S. tax plan failed to inspire investors, though sentiment remains supported by global growth prospects and receding worries about political risks in Europe. MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> fell 0.1 percent after hitting its highest level since June 2015 on Wednesday. The 10-year U.S. Treasuries yield slipped to 2.304 percent from two-week high of 2.350 percent touched earlier on Wednesday.
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Forex News – Trump tax plan fails to lift markets; dollar pulls back
The main highlights of the tax plan are simplifying income tax by cutting the number of tax brackets from seven to three, cutting the corporate tax rate from 35% to 15%, and a new lower rate of the repatriation tax, which is still being worked out. Dubbed by Mnuchin as "one of the biggest tax cuts in history", the tax plan provided few surprises as much of the details had already been circulating in the media in the prior days. If passed the second time round, it may offer some hope to investors that the tax plan will have a smoother journey in Congress. Most market participants are unlikely to place fresh bets in anticipation of a big fiscal stimulus until the tax plan has been scrutinized by lawmakers and a consensus has been reached. On Wednesday, White House officials disclosed that President Trump and his advisors were considering a draft executive order for withdrawing from NAFTA.
Asian shares retreat from highs on doubts over Trump tax plan
The 10-year US Treasuries yield slipped to 2.318% from two-week high of 2.350% touched earlier on Wednesday. The Canadian dollar rose 0.5% to C$1.3555 per U.S dollar after having hit a 14-month low of C$1.3648 touched earlier in the day. Similarly, the Mexican peso jumped 1.0% to 19.000 peso to the dollar, off to six-week low of 19.299 peso per dollar on Wednesday. Tokyo — Asian facebook/" target="_blank">shares eased from a near two-year high on Thursday as a long-awaited US tax cut plan failed to inspire investors, though sentiment remained supported by global growth prospects and receding worries about political risks in Europe. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4% after hitting its highest level since June 2015 on Wednesday.
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