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Asian Shares Mixed With Nikkei 225 Down A Tad As Central Bank Views Eyed

Published 12/14/2017, 11:52 PM
Updated 12/14/2017, 11:52 PM
© Reuters.  Asian shares mixed

© Reuters. Asian shares mixed

Investing.com - Asian shares were mixed on Friday in cautious trade with central bank reviews this week still pointing to easier conditions in the short-term, but doubts growing about the path ahead in 2018.

Japan's Nikkei 225 edged up 0.02%, while the S&P/ASX 200 eased 0.09%. Japan's most recent tankan survey released on Friday showed large manufacturers' sentiment had improved for a fifth consecutive quarter, Reuters reported. The score of plus 25 recorded was the highest in 11 years, according to Reuters.

Australian miners were mixed with Rio Tinto (LON:RIO) down 0.19% and BHP up 0.14%.

In Greater China, the Shanghai Composite fell 0.85%, while the Hang Seng index dropped 1.14%.

Overnight, US stocks fell on Thursday as reports that tax reform could be losing crucial Senate votes weighed on financials, pressuring the broader indexes lower.

The Dow Jones Industrial Average closed higher at 24,510. The S&P 500 closed 0.41% lower, while the Nasdaq Composite closed at 6856.53, down 0.28%.

Republican Senator Mike Lee was said to be undecided on the tax bill in its current form, CNN reported, citing a statement from spokesman Conn Carroll. Sen. Bob Corker, who voted no on the Senate bill said he would reconsider the final version of the bill.

With the Republican Senate majority recent cut to 51-49 following a senate election defeat of former Alabama Senator Roy Moore earlier this week, investors optimism on tax reform eased slightly amid reports that Sen. Marco Rubio could vote against the bill.

Rubio, said he won't approve the GOP tax plan unless it raises the refundable portion of the child tax credit currently at $1,100.

Republicans can afford to only lose two votes to pass it through the Senate. In the event of a tie, Vice President Pence would have the deciding vote.

Uncertainty on the tax reform front, weighed on banks – one the main beneficiaries of tax reform – offsetting earlier optimism following the release of upbeat retail sales data suggesting the consumer spending remained robust to support ongoing US economic growth.

The Commerce Department said on Thursday that retail sales rose 0.8% last month. that was above economists’ forecast of a 0.3%.

In corporate earnings news, Costco (NASDAQ:NASDAQ:COST) is expected to reveal earnings after US markets close today amid bullish sentiment in the retail sector following solid earnings from Wal-mart in November.

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