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WASHINGTON (Reuters) - The U.S. federal government ran a $14 billion budget deficit in December as revenues sagged following last year’s tax cuts even as the economy appeared strong, Treasury Department data showed on Wednesday. Analysts polled by Reuters had expected an $11 billion deficit for the month and the gap was the latest sign of deterioration in the government’s fiscal position. A strong U.S. job market has appeared to power economic growth this year, an economic setting that tends to help fiscal revenues. Economists suspect some of the economic strength draws from tax cuts that came into effect at the beginning of 2018.
But Washington’s accounts have run $319 billion into the red since the fiscal year began in October, compared to a $225 billion deficit over the same rolex watch movement cufflinks period a year earlier, Corporate taxes collected for the October-December period have fallen 17 percent from a year earlier, while taxes collected from individuals have fallen about 4 percent, The fiscal deterioration began well before the tax cuts, however, The 12-month sum of fiscal deficits has been on a widening trend since early 2016, Washington collected nearly $900 billion less than it spent in the 2018 calendar year..
(GRAPHIC: Budget gap - tmsnrt.rs/2E8eM2Z). Wednesday’s data was released about a month behind schedule due to a 35-day partial shutdown of the government in December and January. The Treasury said federal spending in December was $326 billion, down 7 percent from the same month in 2017, although outlays were slightly higher than a year earlier when accounting for calendar effects. Receipts during the month were $313 billion, down 4 percent from a year earlier. When taking into account calendar effects, receipts were down 6 percent from a year earlier.
NEW YORK (Reuters) - Hopes for a resolution in a prolonged trade spat between the United States and China helped extend a week-long rally in world stock markets on Wednesday, and bond yields also climbed, European shares rose 0.6 percent following broad gains in Asia, MSCI’s gauge of stocks across the globe gained 0.44 percent, Bond yields climbed as investors sold safe-haven government bonds in favor of riskier assets rolex watch movement cufflinks like equities, Benchmark 10-year notes last fell 7/32 in price to yield 2.7075 percent, from 2.684 percent late on Tuesday..
U.S. President Donald Trump said on Tuesday he could let a March 1 deadline for a trade deal with China “slide” if the two sides were not close on agreement. But he added he was “not inclined” to delay raising tariffs. “There’s still a level of uncertainty there but at least the rhetoric does not show he is digging his heels in, so the market has quite rightly taken it as a positive,” said Justin Onuekwusi, fund manager at Legal & General Investment Management.
On Wall Street, the Dow Jones Industrial Average rose 117.51 points, or 0.46 percent, to 25,543.27, the S&P 500 gained 8.3 points, or 0.30 percent, to 2,753.03 and the Nasdaq Composite added 5.76 points, or 0.08 percent, to 7,420.38, The rise in U.S, benchmark Treasury yields came after data showed core consumer prices rose in January, The core Consumer Price Index, excluding food and energy components, rolex watch movement cufflinks gained 0.2 percent, rising by the same margin for a fifth month, “The Fed’s new reaction function is they need to see inflationary pressures before they hike again, and clearly we’ve seen those inflationary pressures aren’t there,” said Mohammed Kazmi, portfolio manager at UBP in Geneva..
China’s blue-chip CSI 300 rose around 2 percent to a four-month high, with tech shares leading gains. Progress on another issue unnerving markets - a deal to fund the U.S. government and avoid another possible government shutdown - also provided a boost to risk appetite. The Cboe Volatility Index, Wall Street’s so-called “fear gauge,” dropped overnight to 14.95, its lowest since October. Emerging market stocks faltered, trading flat on the day. Bank of America Merrill Lynch said on Tuesday investors saw emerging markets as the “most crowded” trade for the first time ever.
RIO DE JANEIRO/HOUSTON (Reuters) - The FBI is investigating energy trading firm Vitol’s top two executives in the Americas in connection with a Brazil bribery case, two sources with rolex watch movement cufflinks direct knowledge of the matter said, deepening the U.S, role in a probe of foreign oil firms’ dealings with state-controlled Petrobras, The FBI’s targeting of the Vitol executives is the second recent sign that U.S, authorities are stepping up their involvement in the trading fraud case, the latest twist in Brazil’s sweeping “Car Wash” corruption probe..