Asian stocks flat, Europe slumps to start week
Sentiment subdued amid Trump Asia trip; US markets anxiously watch tax debate
Following a week chock full of economic data releases and political news, equities markets have gotten off to a slow start to the first full week of November.
Asian stocks closed mostly flat as Trump continues his trip to the region, with the Hang Seng down 0.02% and the Nikkei down 0.04%, while the Shanghai Composite gained 0.49%. Korea’s KOSPI fell 0.33%.
In Europe, major indices are down slightly after all three main US indices closed Friday at all-time highs. Germany’s DAX, France’s CAC, and Euro STOXX 50 are down 0.15%, 0.23%, and 0.25%, respectively, as of the start of the US trading day.
US markets will continue to digest news on the Republican tax plan, as investors assess possible winners and losers. Private equity groups and homebuilders were hit last week after the release of the 429-page tax proposal, which would reduce deductibility of interest payments.