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Markets digest US tax overhaul, Catalonia election

The pan-European STOXX 600 reversed early morning losses to end the day’s trading up over 0.5 percent, with all sectors except utilities moving up. Oil and gas was the best performing sector, finishing over 1.4 percent higher.

The U.K.’s FTSE 100 closed at a record high, up over 1 percent.

Markets, in general, offered something of a muted reaction to the passage of the tax bill in the U.S., following a modest rally earlier this week. However, U.S. markets were trading higher Thursday after some companies said that they would reinvest savings from lower corporate taxes into higher wages and construction projects.

The sweeping changes to the tax code will see the corporate tax rate drop from 35 percent to 21 percent but the bill’s critics say it favors the wealthy and analysis shows it will add nearly $1.5 trillion to the U.S. deficit. The bill is now set to go to President Donald Trump’s desk to be signed into law, although the exact timing of that ceremony is unclear.

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