Thursday, 27 April 2017

Asian shares retreat from highs after Trump tax plan

Asian shares ticked down from a near two-year high on Thursday after a long-awaited US tax plan failed to inspire investors, though sentiment remains supported by global growth prospects and receding worries about political risks in Europe. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1 percent after hitting its highest level since June 2015 on Wednesday. Japan's Nikkei dipped 0.3 percent.

US President Donald Trump proposed slashing tax rates for businesses to 15 percent from the current 35 percent for public corporations and 39.6 percent for small businesses, and on overseas corporate profits returned to the country.

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