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On Tuesday, world stocks steadied following their largest hike in nearly six-months on U.S. tax cut optimism had added to one of the strongest and longest global bull runs recorded.
South Africa’s rand calmed following the ANC leadership win for the market’s preferred candidate produced the largest increase since 2008, while the dollar remained a no show regardless of Wall Street’s most recent record highs…..Read More Now
THE HERALD FINANCE REPORT
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A monthly survey by Bank of America Merrill Lynch revealed that two-thirds of investors trust U.S. tax cuts will enhance equity markets, which are already viewed as over-valued at this time. On Monday, Wall Street closed at record highs, driven by the expectation that lawmakers will approve the tax reform that cuts the U.S. corporate tax rate to 21 percent as investors bet on a boost to profits, share buybacks and dividend payouts.
The tax overhaul will result in higher bond yields as well as higher stocks next year, said participants of last week’s survey that was made up of over 170 fund managers with $480 billion under management. Optimism regarding the tax overhaul was indicated by the number of participants believing that the equity markets are over-valued hit 45 percent, the highest level since 1998 when the survey was first introduced…..Read More Now