Asia set to open lower as investors eye details on Trump tax reform plans

Asia set to open lower as investors eye details on Trump tax reform plans
Asia set to open lower as investors eye details on Trump tax reform plans

Futures pointed to a lower open for Asian markets on Monday, as investors await further details from President Donald Trump on his economic policies, including tax reforms.

Australia's SPI futures traded at 5,760, a touch lower than the ASX 200's previous close at 5,805.81. Nikkei futures in Chicago traded at 19,150 and Osaka futures were at 19,140, pointing to a lower open for the Nikkei Stock Average, which finished at 19,234.62 in the Friday session.

"President Trump promised a 'phenomenal' tax announcement in 2-3 weeks, so as the clock ticks down to some form of announcement, market inertia is set to reign," said Ray Attrill, global co-head of foreign exchange strategy at the National Australia Bank, in a note.

Attrill explained that was the impression markets conveyed on Friday, but also acknowledged the absence of market-moving data. "U.S. equities recouped early session losses to end Friday slightly in the black and the U.S. dollar tracked equities higher despite a fall in U.S. yields."

U.S. markets are closed on Monday for a public holiday.

CNBC

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