The US bull market isn't dead yet, as investors refocus on tax reform. And while there are still a lot of details to be ironed out within the tax plan, specifically the potential adoption of a border tax adjustment, there seems more general consensus on cutting taxes than anything else. The latest drama in Washington appears set to open the door for a refocus on tax reform, a key element of Mr Trump's pro-growth economic plans and his stated preferred legislative priority. ASX futures followed, pointing to a flat open of local sharemarket trade on Monday. In a sign of the enduring enthusiasm for equities, Wall Street's key benchmarks rebounded on Friday following news that the Obamacare replacement bill was being pulled to end the session little changed.
The failed Republican effort to repeal Obamacare may have cast doubts on US President Donald Trump's talents as negotiator but it's unlikely to end the eight-year bull market.
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