Asian stocks retreat from peaks on doubts over Trump tax plan

Asian stocks retreat from peaks on doubts over Trump tax plan

On Thursday, Asian stocks eased from a near two-year peak as a long-awaited American tax cut plan didn’t manage to inspire market participants, although sentiment remained underpinned by global surge prospects as well as receding worries as for political risks in Europe.

Outside Japan MSCI's broadest index of Asia-Pacific stocks sank 0.4%, having hit its highest level since June 2015 on Wednesday.

Japan's Nikkei went down 0.3%.

On Wall Street, the S&P 500 slumped 0.05%, sagging to cling to earlier revenues achieved on upbeat views on corporate earnings.

Overall revenues of S&P 500 companies are estimated to have surged 11.8% during the first quarter, the most impressive outcome since 2011, as Thomson Reuters states.

In the January-March quarter China's surge accelerated to the fastest pace since mid-2015. Meanwhile, on Thursday South Korea also posted stronger first-quarter surge than expected, underpinned by stronger global demand.

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