Asian shares were mostly higher Thursday as investors assessed the scant details of President Donald Trump's U.S. tax overhaul. Japan's central bank kept its monetary policy unchanged and forecasted steady growth for Asia's No. 2 economy.
KEEPING SCORE: Japan's benchmark Nikkei 225 index lost 0.2 per cent to 19,251.87 while South Korea's Kospi gained 0.1 per cent to 2,210.65. Hong Kong's Hang Seng climbed 0.4 per cent to 24,666.29 and the Shanghai Composite index climbed 0.2 per cent to 3,147.82. Australia's S&P/ASX 200 edged up 0.2 per cent to 5,921.50. Benchmarks in Taiwan and Southeast Asia were mixed.
TRUMP ON TAX: The White House unveiled the broad outlines of Trump's tax plan while leaving out many of the details. Officials said they hoped to slash corporate taxes to 15 per cent from 35 per cent, but specifics are still to be negotiated. Stocks have been lifted by investor anticipation of big tax cuts as well as Trump's vow to cut red tape for businesses. But based on the few specifics spelled out so far, most experts suggested the plan would add little to growth while swelling the budget deficit and potentially handing large windfalls to wealthier taxpayers.
QUOTEWORTHY: "As expected, the Trump administration rolled out the tax reform roadshow on Wednesday," said Stephen Innes, senior trader at OANDA. "Given the markets lofty expectations, traders are viewing it as little more than a road map, rather than the much ballyhooed 'big announcement,' because the statement did not provide any comprehensive details."
JAPAN OUTLOOK: The central bank forecast growth in the world's third-largest economy would remain steady over the next year as it keeps its ultra-lax monetary policy unchanged. The Bank of Japan said preparations for the Tokyo 2020 Olympics would support growth by spurring demand but warned of risks from geopolitical trends.
SOUTH KOREAN GROWTH: A recovery in exports helped the South Korean economy expanded at the fastest pace in a year, the country's central bank said. Asia's No. 4 economy beat forecasts by growing 2.7 per cent in the first quarter, defying a backlash from Chinese consumers over deployment of a U.S. missile defence system.
SAMSUNG IN THE MONEY: The South Korean electronics giant posted its fattest quarterly profits in more than three years, boosted by stellar performance at its semiconductor division. The first-quarter earnings, which come after a tough period for the company, leaped 46 per cent over the year-ago period.
TAKATA SHARES RESUME TRADING: Shares in troubled airbag and seatbelt maker Takata Corp. were suspended from trading early Thursday after the financial newspaper Nikkei reported the company was planning to file for bankruptcy protection. Takata's shares fell 19.5 per cent after trading resumed following the company's release of a statement saying that while talks on its restructuring are progressing, no decisions have been made.
WALL STREET: The Standard & Poor's 500 index slipped less than 0.1 per cent to 2,387.45 after briefly climbing above its record closing level earlier in the day. The Dow Jones industrial average lost 0.1 per cent to 20,975.09 and the Nasdaq composite slipped less than 0.1 per cent to 6,025.23.
ENERGY: Benchmark U.S. crude oil fell 23 cents to $49.39 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 6 cents to settle at $49.62 a barrel on Wednesday. Brent crude, which is used to price international oils, fell 22 cents to $52.19.
CURRENCIES: The euro slipped to $1.0898 from $1.0905 while the dollar rose to 111.26 yen from 111.07 yen late Wednesday.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.