A man walks past an electronic stock quotation board outside a brokerage in Tokyo, Japan, September 22, 2017. REUTERS/Toru Hanai
“But if they indeed decide to delay the tax cut by a year, there is likely to be some disappointment.”
Wall Street retreated a bit on concern over delays in corporate tax cuts, which would hike profits, though a rise in some media and industrial stocks limited the slide. [.N]
The Dow Jones Industrial Average .DJI fell 39.73 points, or 0.17 percent, to 23,422.21, the S&P 500 .SPX lost 2.32 points, or 0.09 percent, to 2,582.3 and the Nasdaq Composite .IXIC added 0.89 point, or 0.01 percent, to 6,750.94.
The pan-European STOXX 600 index suffered its worst week in three months, down 0.4 percent on Friday and falling for a fourth day in row. [.EU]
“There’s a feeling out there that there’s a long-awaited correction, and no one wants to be caught by surprise,” said Emmanuel Cau, global equity strategist at JPMorgan Chase & Co.
Crude was down as expectations the Organization of the Petroleum Exporting Countries and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to grow. [O/R]
U.S. crude CLcv1 fell 0.56 percent to $56.85 per barrel and Brent LCOcv1 was last at $63.61, down 0.5 percent on the day.
Bitcoin BTC= dropped below $7,000 on Friday to trade more than $1,000 down from an all-time high hit on Wednesday, as some traders dumped it for a clone called Bitcoin Cash.
(For a graphic on 'Major MSCI Indexes Price Performance YTD' click reut.rs/2zqsj4B)
Additional reporting by Kit Rees and Helen Reid in London and Hideuyki Sano in Tokyo; Editing by Jennifer Ablan and James Dalgleish
Source : https://www.reuters.com/article/us-global-markets/asian-stocks-slip-as-u-s-tax-doubts-snap-global-winning-streak-idUSKBN1DA021