Asia-Pacific Markets Shrug Off Revision of U.S. Tax Code

By Kenan Machado Features Dow Jones Newswires

Asia-Pacific stocks didn't react much to the U.S. Senate's passing of a sweeping tax-code revision, though the special counsel's probe of President Donald Trump's campaign loomed over market moves.

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Former national security adviser Michael Flynn, who pleaded guilty on Friday to lying to federal investigators, "himself is not important for markets," ANZ said in a morning note to clients. "But the fact that he is now cooperating with the investigation and could implicate key people further up the chain is."

S&P 500 futures were recently up 0.6%. The U.S. index finished down 0.2% on Friday.

Nearly all Asia-Pacific indexes were within 0.2% of Friday's closes on Monday, but the U.S. dollar jumped. The WSJ Dollar Index rose 0.3%, with the currency up a half yen versus late-Friday New York levels at Yen112.75.

But that didn't help the Nikkei, which was off 0.2%, even as oil companies rose at least 1%. But precision-instrument makers experienced declines, with Olympus down nearly 3%.

The S&P/ASX 200 was flat despite gains for commodity companies. Rio Tinto and BHP Billiton rose more than 1.5%. The country's major banks were down.

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One early highlight was Korea's Kospi, which rose 0.3% after sliding 2.7% last week, the most since August. Monday's early gains came despite index major Samsung Electronics falling a further 0.7% after last week's 8.3% skid, the biggest in 5 1/2 years.

Meanwhile, oil futures fell 0.3% to start the week in Asia. That came after an end-of-week jump, helped by a weaker dollar.

Write to Kenan Machado at kenan.machado@wsj.com

(END) Dow Jones Newswires

December 03, 2017 20:59 ET (01:59 GMT)