News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

A Place Where Stocks Still Have Reason to Rally

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The breadth of the global economic growth pickup is lifting even longstanding laggards. European stocks are a case in point-but the potential for catch-up remains appealing.

U.S. to Extend Sanctions Relief to Iran, Keeping Nuclear Deal in Place-For Now

The president is expected to couple his decision with new sanctions not technically related to the deal, including some aimed at human rights abuses.

China Reports Biggest-Ever Annual Trade Surplus With U.S.

China's chronically high trade surplus with the U.S. hit a record level in 2017, adding fuel to Trump administration criticisms about Chinese trade practices just as it weighs a range of penalties and other actions to curb the imbalance.

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Europe, Asia Stocks Rebound After U.S. Highs

Global stocks powered ahead Friday after fresh records on Wall Street the day before, as investors awaited earnings reports from top U.S. banks.

Fed's Dudley Makes Case for Rate Rises, Warns of Overheating Risks

New York Fed President William Dudley said the case for rate rises this year remains robust amid risks the economy could overheat, and warned that the new tax law could boost the U.S. deficit over time.

Watchdog Finds No Political Interference in Tax-Bill Analysis

Career Treasury Department staffers were "fully engaged" in the process of analyzing a Republican tax bill, and denied that political appointees had taken over the process, according to a government watchdog inquiry.

Tax Overhaul's New Withholding Calculations for Paychecks Are Released

The Treasury Department updated its rules for tax withholding from paychecks, changing calculations so most workers will start getting more take-home pay in February as a result of the recently passed tax law.

U.S. Ran $23 Billion Budget Deficit in December, Treasury Says

The federal budget deficit for December narrowed from a year ago, amid flat government spending and higher tax receipts, the Treasury Department said.

The Spark Behind Iran's Unrest: Millions of Defrauded Investors

The collapse of investment firms offering outlandish returns fueled the protests that grew into the biggest challenge to the regime since 2009. Iranians blame the firms for pocketing funds and the government for not adequately regulating the industry.

Argentina Fails to Tame Stubborn Inflation

Argentina significantly overshot its inflation target in 2017 as prices rose almost 25% from the previous year, raising questions about the country's ability to tame a problem that has plagued it off and on for decades.

(END) Dow Jones Newswires

January 12, 2018 05:15 ET (10:15 GMT)