All the day’s economic and financial news, as news that the US Senate has passed Donald Trump’s tax reform bill lifts shares and the US dollar * Latest: Housebuilding boosts UK construction * Senate approved sweeping tax changes over the weekend * Plan cuts US corporation tax rate from 35% to 20% * Trump claims people will be “very, very happy” * Critics says it’s a giveaway for the rich * Wall Street to hit record highs * FTSE 100 jumps 60 points as Europe rallies 1.15pm GMT ELSEWHERE IN BRUSSELS, EUROZONE FINANCE MINISTERS ARE GATHERING FOR A EUROGROUP MEETING. They’ll be electing their next president, to succeed Jeroen Dijsselbloem. Officially it’s a close contest, with four candidates throwing their caps into the ring: Candidates to head the Eurogroup pic.twitter.com/ZCoYB2gX0T So much for the (secret) democratic process. Jeroen Dijsselbloem gives the game away by accidentally speaking of Centeno as his successor https://t.co/9iXMDIKS2K With a compliance review completed in record time over the weekend, the Greek finance minister Euclid Tskakalotos will present the deal (referred to as staff level agreement) to euro area finance ministers today. The policy package, a key part of the country’s third bailout programme review, must be approved by the euro group before another tranche of aid worth €5bn can be released to Greece. If rubber-stamped today – less than two months after talks began - the disbursement could be made in January. “Although a lot of the measures are sensitive the real news is that the agreement was concluded in record time,” said one insider. “It is recognised that we are committed to exiting the [bailout] programme.” 12.50pm GMT Here’s a neat chart, showing how morale in Britain’s construction and manufacturing sectors picked up in November. While the Brexit divorce negotiations have entered a critical phase, British construction PMI extends a strong rebound pic.twitter.com/Vm0nlWWnwp Continue reading...
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