The United States’ Senate recently announced that they are looking to prolong the most talked about the tax bill. The European market was severely pressured from US’ move to extend the anticipate tax cut; on the other hand, the oil is trading higher due to the problematic market.
The oil managed to surge today as upbeat results from the most recent OPEC ministers and allied producers about the extended oil output cut excites investors. The newfound spark from the oil output policy managed to push the problematic oil prices from the recent week due to the stronger dollar performance and the looming uncertainties from the output cut policy.
Euro Stocks Down
Going back to the European market, the indices were all slumping down on the abrupt US tax plans; the likes of Stoxx 600, FTSE 100, CAC 40, and Germany’s Dax were all down and were all shedding significant figures as global investors continue to watch the tax reform legislation.
Looking at Stoxx 600, the index was down a massive 0.6% as its major bourses and financial sectors pointing in opposing directions. Meanwhile, the U.K.’s FTSE 100 was dipping by a whopping 0.9% as the sterling continues to overpower the dollar.
The France’s CAC 40 was also down by significant figures at a tallied 0.47% decline, while the Germany’s DAX was also slumping by a total of 0.29%. All-in-all, one of the Europe’s strongest sector, which is the tech stock was slumping by a massive 1.3%, the auto’s sector was also striking a significant dip by a total of 1.5% on the later trading.
Individual Stocks
Looking at the individual stock performance; the Royal Mail (LON:RMG) took the top spot of lackluster performance on the European benchmark conducted by the Deutsche Bank (DE:DBKGn). On the other hand, the Indivior broke the slumping wave with a stellar performance with a total of 8%; the pharmaceutical company recently got an approval for their opioid-use disorder Sublocade treatment.
Dow, Crude Up
Meanwhile, the U.S. stock Dow Jones Industrial was surging at 24,000 for the very first time overnight; the index managed to gain traction right before the tax cut plan delay was announced. The Brent crude was also trading higher at $63.65 up by an impressive 1% on the OPEC meeting and the U.S. crude was also trading at $57.36 up by a respectable 0.85%.