Asian shares go up as traders eye Trump tax details

Asian shares go up as traders eye Trump tax details

On Wednesday, Asian stocks managed to gain because expectations that Donald Trump would disclose  an ambitious tax cutting initiative backed market sentiment, although traders told there was caution as Trump hasn’t yet tasted legislative success on his program.

Today’s moves are more related to hopes for Trump's impending 'broad principals' tax plan. It’s supposed that the corporate tax rate is going to be reduced to 15% from 35%. The key for financial markets will be how such a tax cut could be funded. Moreover, traders are eager to learn the probability of the tax cut being passed by Congress.

Japan's benchmark Nikkei 225 index went up 0.62%.

The S&P/ASX 200 gained 0.72%. BHP Billiton diminished its output objectives for coking coal, iron ore and copper. The company attributed the cuts to bad weather conditions in Australia as well as strikes at the Escondida mine in Chile. By the way, BHP Billiton stocks grew 1%.

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