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Dec
04

Markets rally after Trump’s tax victory – business live

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

Senate approved sweeping tax changes overnight
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
FTSE 100 has jumped 60 points at the open

8.34am GMT

All the major European stock markets are up this morning, after the US Senate approved the tax reform package over the weekend.

The German DAX is leading the charge, up over 1%, with Britain’s FTSE 100 and the French CAC close behind.

The U.S. Senate’s approval to pass the tax cut bill on Saturday overshadowed the continuing investigation into connections between U.S. President’s inner circle and Russia.

#Germany’s Dax regains 13k in the wake of the weekend US Senate tax reform vote. Goldman sees US tax cut boosting growth 0.3ppts in 2018-19. pic.twitter.com/HxtanF2YFw

8.22am GMT

The US dollar has jumped by 0.5% against a basket of currencies this morning, reports Reuters.

8.07am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Related: Senate Republicans pass sweeping overhaul of US tax code

“In the waning hours, this bill is tilting further towards businesses and away from families.

“Every time the choice is between corporations and families, the Republicans choose corporations.”

Theresa May and the Irish government have failed to reach a deal on the crucial Brexit issue of the Northern Ireland border ahead of a crunch meeting on Monday lunchtime with the European commission president, Jean-Claude Juncker.

Despite intense efforts over the weekend to agree a proposal on how to avoid a hard border in Ireland, Irish officials revealed at midnight on Sunday that “there is still a way to go” to achieve a meeting of minds on the issue.

Related: Theresa May fails to strike Brexit border deal with Irish government

Morning all!

- Asia mixed after failing to benefit from upbeat sentiment in US futures after Senate passed the tax bill

- Reports stated that UK and EU are on the brink of a Brexit divorce deal

- Highlights: US factory orders and UK PM May meets with Juncker and Barnier

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