DT April 26 afternoon

  1. 9,753 Posts.
    Many thanks to Shants, Keyser, Dazzle, Speckled and Endless for covering this slot at different times while I attempted various Scottish drinking records. Apologies if I missed anyone - seemed to be a cast of thousands. I am now officially drying out. (It's rubbish - don't do it.)

    Half-time round-up:

    A regional rally in anticipation that US President Trump will tonight unveil his long-awaited tax plan helped push the ASX towards a fourth straight advance.

    At 1pm EST the ASX 200 was 48 points or 0.8% ahead at 5919 with the big banks leading the rally. The financial sector put on 1.3%, IT 1.3%, energy 0.8% and health 0.7%. The gold sector slumped 5.5% as investors rotated into riskier assets to take advantage of improving global sentiment.

    Hong Kong's Hang Seng gained 0.63% and Japan's Nikkei 0.8%. China's Shanghai Composite shook off concerns over the prospect of tighter market regulation, rising 0.48%. Dow futures were recently up three points or 0.01%.

    "Today's moves appear to be more related to expectations for Trump's impending 'broad principles' tax plan," National Australia Bank economist Tapas Strickland told CNBC. "It is widely tipped that... the corporate tax rate (will) be cut to 15 percent from 35 percent. The key for markets will be how will such a tax cut be funded and what is the likelihood of the tax cut being passed by Congress."

    Crude oil futures retreated 16 cents or 0.32% this morning to US$49.40 a barrel. Gold futures slipped $1.80 or 0.14% to US$1.265.40 an ounce. The dollar was buying 75.1 US cents.

    Damn, it's good to be back in the market. Lots of action this morning to remind why we do this. Goldies copping a flogging. Made a bit off CDV, but mistimed BLK in unexpectedly heavy volume. Solid win in ASN, tiddler in CLQ. Speculator in BDR. Enjoying being busy.
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