US Equities reversed their gains late on Tuesday to end the session broadly unchanged. The S&P ended 0.17% lower. This morning, most Asian shares trade in positive territory, led by Chinese ones. The IMF cut its forecasts for global growth to 4% and warned of severe repercussions to the global economy unless the euro zone nations strengthen their banking system and the US gets its fiscal affairs in order.
US President Obama will outline today his blueprint to return the US to fiscal health in a speech. According to administration officials, Obama will unveil a tax reform plan that is tilted against the wealthiest and will cut health programmes for the elderly and save money through the withdrawal of troops from Afghanistan and Iraq.