US markets modestly weaker, with investors largely unfazed by news that US special prosecutor Robert Mueller had indicted the former campaign manager of President Trump, Paul Manafort, and his associate Rock Gates - Dow down -85-points or -0.36% and the broader S&P500 -0.32% (with Telecommunications down -1.5% the worst performing sector). The technology-centric NASDAQ dipped -0.03% but did touch a fresh record intra-day high earlier in the session. Investors were more focussed on a Bloomberg report that suggested that the Trump administration's proposed corporate tax reform will be phased in over 5-years (via a schedule that would see the corporate tax rate reach 20% by 2020). The small capitalisation Russell 2000 index fell -1.1%, its biggest fall since 17 August, with investors citing the greater sensitivity of small cap companies to any domestic tax cuts (given they are more likely to be US-domiciled).
