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Back to taxes

House and Senate leaders have laid out an ambitious schedule for drafting and releasing tax legislation over the next few weeks, aiming to achieve President Trump’s goal of delivering major tax cuts by the end of the year. The House Ways and Means Committee will release its plan about seven days after this Thursday’s scheduled vote on a budget resolution, meaning a bill text will be published on or before Friday, Nov. 3.

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BOJ weighs lowering inflation outlook

The Bank of Japan is weighing a small cut to its inflation projection for this year in a quarterly report to be released next week, Bloomberg reports. Lowering the forecast will reinforce the view the BOJ will carry on its easing program long after its global peers have moved in the opposite direction. The divergence could also trigger the yen to weaken around 120 vs. the dollar. ETFs: DXJ, EWJ, FXY, YCS, DBJP, DFJ, JYN, JOF, DXJS, JPNL, JEQ, HEWJ, EWV, YCL, EZJ, SCJ, JPXN, DXJR, DXJF, DXJH, JHDG, JPN,…

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Trump to push China on North Korea

Stepping up a strategy to have Beijing help rein in Pyongyang, President Trump will urge President Xi Jinping to make good on his commitments to pressure North Korea when he visits China next month, a senior White House official told CNBC. China, North Korea’s sole major ally, accounts for more than 90% of trade with the isolated country.

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Kiwi slides as new policies announced

The kiwi took a sharp fall overnight, sliding from $0.7003 to a low of $0.6933, after New Zealand First and the Labour party formally signed a coalition agreement. The incoming government confirmed pledges to reform the Reserve Bank Act, which will likely see an expanded role for the country’s central bank in forex rate controls, and has said it wants to add employment, alongside inflation, to the bank’s mandate. ETFs: ENZL

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China's Xi Jinping is officially its most powerful leader since Mao

REUTERS/Jason Lee Chinese President Xi Jinping raises his hand as he takes a vote at the closing session of the 19th National Congress of the Communist Party of China at the Great Hall of the People, in Beijing, China October 24, 2017. The name of President Xi Jinping has been written into China’s constitution. This makes Xi the country’s most powerful leader since Mao Zedong. The change was supported by 2,300 Communist Party members at the close of the party’s congress on Tuesday. President Xi Jinping has become China’s most…

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Lions Gate picks Indian media vet Jain to lead Mumbai office

Lions Gate Entertainment (LGF.A -1.7%, LGF.B -2%) has named Indian media veteran Rohit Jain to lead its new office in Mumbai. Jain has spent the past seven years as deputy CEO of Videocon d2h (VDTH -2.7%), which he helped lead to a Nasdaq listing in 2015 (and a merger with Dish TV India last year). Prior to that he worked in stints at Aon, PricewaterhouseCoopers and Deloitte. India has achieved double-digit annual growth across television, film, interactive games and delivery of content to digital platforms, the company notes. The company’s…

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Lumentum jumps amid strong forecast from Austria's AMS

A strong move up today for Lumentum (LITE +6.3%) may be tied to a strong forecast from Austria-based AMS, Bloomberg notes. Loup Ventures analyst Austin Bohlig says AMS is believed to have a manufacturing relationship with Lumentum for 3-D sensor modules, and a strong AMS forecast is a “great sign” for Lumentum, he tells Bloomberg. AMS said it expected “very strong quarter-on-quarter growth” as optical solution ramps in its consumer business continued at high volumes.

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Formula One considers cutting Friday practices to save

Auto-racing group Formula One (FWONA -3.2%) is considering canceling the practices it holds on Fridays before race weekends as a cost-saving measure that would allow teams to compete in more races. The practice is considered a fan favorite as it sells discounted tickets to those who can’t afford the race-day price tag, and allows the organization to test development drivers. With the return of the French Grand Prix, the number of races it’s putting on next year will tie a record of 21. While Formula One’s contract allows for up…

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