Trump's tax cut bill will set tone for markets

IT is the week before Christmas, when throughout the bourses around the world investors are all astir, thanks to the US tax reform.

Progress of one of the biggest US tax rewrites since 1986 will take centrestage this week as Republican lawmakers and President Donald Trump try to score their first major legislative victory, following a string of failures including attempts at repealing Obamacare.

Working in Mr Trump's favour is the locking in of two previously wavering Republican senators Marco Rubio and Bob Corker, who have pledged support to the reform over the weekend, sending Wall Street to fresh highs.