The Canadian dollar and Mexican peso gained on Thursday, bouncing from falls earlier, after news that U.S. President Trump has agreed not to terminate the North American Free Trade Agreement at this time. The Canadian dollar rose about 0.4 percent to C$1.3569 per dollar after declining to a 14-month low of C$1.3648 on reports earlier that the United States was considering pulling out from NAFTA.
Profits earned by China's industrial firms rose 23.8 percent in March from a year earlier, buoyed by a continued boom in the real estate sector, though the growth was off multi-year highs seen in previous months. Profits in March rose to 688.7 billion yuan, the National Bureau of Statistics said on its website on Thursday.
BEIJING--Profits in China's industrial sector rose 23.8% from a year earlier last month, slowing from a 31.5% year- over-year growth in the first two months, official data showed Thursday. Growth in raw-material products outpaced the increase for finished goods in March, leading to a moderation in profit growth for large industrial firms, National Bureau of Statistics economist He Ping said in a statement accompanying the data release. Although profit growth slowed in March,...
Profits earned by China's industrial firms rose 23.8 percent in March from a year earlier, slowing from previous months, the statistics bureau said on Thursday. Profits in March rose to 688.7 billion yuan, the National Bureau of Statistics said on its website.
* US tax plan offers no surprises, dollar/yen slips off 4-wk high. * Focus on ECB's stance after first round of French elections. * Threat of U.S. leaving NAFTA sends loonie to 14-month low. By Shinichi Saoshiro.
Now that the Trump administration has made its broad-brush tax proposal, companies are likely to line up in support-- and start sweating the details. For many companies, and especially large ones, those details may prove far more important than the headline proposal to cut the top business-income tax rate to 15% from 35%. And their priorities may well conflict.
New York Mayor Bill de Blasio rolled out his executive budget Wednesday, an $84.86 billion proposal that comes at a time when city officials are bracing for potential cuts from the Trump administration. The mayor's budget would add hundreds of millions to the city's reserves and increase overall spending by more than $2.7 billion from this year's adopted budget of $82.12 billion, which subsequently grew. "There is a deep uncertainty," Mr. de Blasio said at City Hall on Wednesday.
President Donald Trump doesn't seem to be paying much mind to what his tax plan could do to the budget deficit, but investors should. The White House on Wednesday outlined what Treasury Secretary Steven Mnuchin billed as "the biggest tax cut" in U.S. history. The plan would drop the corporate tax rate to 15%, cut taxes on U.S. companies' foreign profits and sharply lower the taxes that millions of small businesses pay.
US TSY/RECAP: Treasuries ended choppy Wed higher after late short-covering,
FX-tied buying, dip buying; buying on view Trump tax plan might not stimulate economy as much as hoped. Followed heavy intermittent Tsys sales especially in
10Y Tsys futures, 2way flows. NEC Cohn: tax plan takes seven tax brackets to three: 10%, 25%, 35%. Mnuchin said will try to do tax reform this year.
- Tsy had strong $15B 2Y FRN auction: 7bp discount margin; good 62.8% indirects, light 0.33% directs, small 36.95% dealers. But $34B 5Y sale mixed amid more
uncertainty: 1.875% rate, mildly soft 57.3% indirects, in-range 5.3% directs, left chunky 37.4% for dealers.
- Tsys began lower after earlier higher price, then heavy TYM futures sales on Tsy Secy Mnuchin on CNBC on tax plan. Rates seesawed all day amid
risk-on/risk-off moods. Post-auction redistribution 5Y sales. - T-Notes open Asia at 125.19, 10-Year yield last 2.304%.
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