Euro stocks boost on delay to US tax cuts

Allocation to US equities fell to it lowest since January 2008, the survey said, adding that investors cited rich valuations and potential delays to US tax reforms as key concerns. The so-called āTrump tradeā, which saw major US stock indexes hit record highs and lifted bond yields on hopes that US president Donald Trump would push through business-friendly reforms, has faltered in recent weeks because of worries over the new administrationās ability to deliver on promises.
US treasury secretary Steven Mnuchin said the Trump administrationās timetable for tax reform is set to falter, following setbacks in negotiations w over healthcare, the Financial Times has reported. 40% of investors surveyed do not expect tax reforms to be passed before 2018, the Bank of America survey said.