On Wednesday, a major hurdle surrounding overhauling the U.S. tax code was conquered after House Republicans voted to approve tax reform, consequently meaning that the legislation can be sent to President Donald Trump's desk for a signature by Christmas.
This comes after Republicans had to fix the bill on Tuesday afternoon, due to violations concerning the Byrd rule.
The overhaul is expected to become law for 2018, with the bill set to cut corporation tax rates while temporarily trimming the tax burden for the majority of people.
Even though the legislation was passed by a 224-201 margin in favor, U.S. stocks were fairly muted by the close on Wednesday — a move which was reflected by markets worldwide on Thursday morning.
In other news, the U.S. economy grew at its fastest pace in more than two years in the third quarter, but fell just short of expectations. Gross domestic product expanded at a 3.2 percent annual rate last quarter, said the Commerce Department, slightly below the 3.3 percent rate anticipated.