• Wilson, Morgan's chief equity strategist, said he expects the S&P 500 to reach 2,700 in the first part of next year, if things unfold as he forecasts. He doesn't see a big sell off until after his target is reached, but once that happens it could mean a 20percent decline.
In the meantime, stocks are benefiting from strong earnings, a still-easy Fed and the promise of economic stimulus.
Earnings for the third quarter should be good and could also give the market a bigger boost, especially if the investors who have been waiting for a pullback all summer put some of their sidelined cash into the market, Wilson said in an earlier interview with CNBC.com. "We've been looking for 2,550, 2,575 on the S&P before earnings season," he said.
.png)
• Markets in Europe open higher on Thursday morning after President Donald Trump unveiled much-awaited tax plans.
The pan-European Stoxx 600 0.04 percent higher with most of the sectors trading in positive territory.
Trump announced the biggest tax reform for the U.S. in thirty years on Wednesday, proposing tax cuts for most citizens. However, the plan received some criticism for favoring the wealthier and raised doubts over its impact on the country's deficit. U.S. bond yields jumped on the news and the dollar was trading 0.23 percent higher against a basket of foreign currencies at about 6:00 a.m. London time.
.png)
• Japanese stocks rebounded on Thursday after Wall Street gained and the dollar rose against the yen on hopes U.S. President Donald Trump’s administration may be making progress on a tax plan.
The Nikkei gained 0.5 percent to 20,363.11.
• China stocks were little changed on Thursday as many investors took to the sidelines as they awaited third quarter economic data and counted down to a week-long National Day holiday starting on Sunday.
The blue-chip CSI300 index was unchanged at 3,822.54, while the Shanghai Composite Index was down 0.2 percent at 3,339.64 points.
• Hong Kong stocks fell on Thursday, echoing weakness in other Asian markets, as investors worried about a possible slowdown in China await third-quarter economic data.
The Hang Seng index ended down 0.8 percent at 27,421.60 point, while the China Enterprises Index lost 1.5 percent to 10,874.52.
Reference: Reuters, CNBC
Thai
Eng