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Market wrap: concerns that corporate tax cuts would be significantly delayed - Westpac

Analysts at Westpac offered a market wrap.

Key Quotes:

"Global market sentiment: US equities fell amid concerns that corporate tax cuts would be significantly delayed. The S&P500 is down 0.9%, and US bond yields and the US dollar are also lower.

Interest rates: US 10yr treasury yields initially rose to 2.35%, but fell to 2.31% following reports that tax cuts could be delayed until 2019. 2yr yields initially rose to 1.66% - a fresh high since Oct 2008 – before retreating to 1.63%. Fed fund futures yields continued to price the chance of a December rate hike at 97%.

Currencies: The US dollar index is down 0.4% on the day. EUR rose from 1.1600 to 1.1655. Safe-havens yen and Swiss franc outperformed, USD/JPY falling from 114.00 to 113.09. AUD was hurt by the decline in equities, falling from 0.7694 to 0.7650 but partly recovering to 0.7680. The NZD was the day’s underperformer, despite the small hawkish surprise delivered by the RBNZ earlier, falling from 0.6980 to 0.6934. AUD/NZD ranged sideways between 1.1020 and 1.1050, preserving a 70 pip fall post-RBNZ."

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