Mainland Chinese stocks were up by the early morning. The Shanghai Composite was down by 0.97% to 3,441.16. Hong Kong’s Hang Seng Index was down about 1.71% to 28,807.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.74 per cent at 28839.06 on Friday, while the Australian Index S&P / ASX 200 rose 0.27 per cent to 7,084.71. South Korea’s Kospi was down by 0.73% to 3,151.91.
The FTSE MIB climbed down by 0.74% to 24,278.46 In the cash markets, the DAX futures Germany was trading 0.90% lower at 15,154.25. CAC 40 futures in France climbed down by 0.07% to 6,302.57, while the FTSE 100 futures in the U.K fell by 0.03% to 6,961.97, at the time of writing.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.71% up at 34,060.38 the S&P 500 was up 0.68% to 4,211.29 and the Nasdaq 100 was up 0.22% at 14,082.03.
In the Forex market, GBPUSD rose 0.01% at 1.3941. The USDJPY was down 0.12% at 108.78. The USDCHF was up 0.02% at 0.9085. EURUSD was down 0.03% at 1.2113, EUR/GBP was up 0.01% at 0.8691, at the time of writing.
In the commodity market, U.S. Gold futures rose 0.14% at $1,770.85. Elsewhere, Silver futures fell 0.24% to $25.983 per ounce, Platinum rose 0.42% at $1,207.05 per ounce, and Palladium was up 0.10% at $2,961.50.
Brent crude oil was down 0.48% to $67.73 barrel while U.S. West Texas Intermediate (CLc1) fell 0.63% at $67.75.
In the Cryptocurrency Markets, BTCUSD is at $54,281 fell 0.69%, Ethereum at 2,776.41 up 4.32%, Litecoin at 263.670 up 2.97%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
Daimler down 2.05% at 73.740, Apple Inc. down 0.07% at $133.48, Amazon.com up 0.37% at $ 3,471.31, TESLA Inc down 2.51% at $677.00, SAP down 0.58% at 118.100, Microsoft down 0.81% at $252.51 , Unilever up 3.32% at 4213.96.
U.S. President Joe Biden’s plans to raise taxes on corporate America could put an end to a four-decade global drop in corporate taxation levels.
Governments worldwide are desperate to raise extra revenue to rebuild their pandemic-ravaged economies and corporate taxation is becoming an obvious target after decades of decline.
To finance a multi trillion-dollar infrastructure investment plan, Biden wants to lift the U.S. corporate tax rate from 21% to 28% and scale back loopholes that companies can use to cut their tax bills.
Though there is no assurance that Congress will approve a rate that high, 28% would be well above the current average of 21% for member countries of the Paris-based OECD group of industrialised nations.
However, it would be well below the 46% U.S. companies faced in the 1980s before the free-market Reagan and Thatcher revolutions fired up competition between governments worldwide to cut their corporate tax rates lower.
“It’s time for corporate America and the wealthiest 1% of Americans to pay their fair share – just pay their fair share,” Biden told a joint session of Congress on Wednesday.
The United States will not be alone as Britain is planning its first rise in corporate tax since 1974, which will see big, profitable companies pay 25% from 2023, up from 19%.
Meanwhile, 140 countries are negotiating at the OECD to agree by mid year a global minimum corporate tax rate to stop multinationals from simply booking profits in low-tax countries like Ireland, which has a 12.5% corporate tax rate.
The Biden administration has suggested the minimum rate should be 21%, which has found some traction with big European countries like France and Germany, even though it is well above the 12.5% which had been the centre of discussion until then.
British trade minister Liz Truss will on Friday press the case for sweeping World Trade Organization (WTO) reforms aimed at countries who distort trade with state subsidies when she meets the trade body’s new head in Geneva.
The meeting will be her first face-to-face encounter with recently-elected WTO chief Ngozi Okonjo-Iweala, who has committed to reform the organisation.
As Truss looks to remodel post-Brexit Britain as a guardian of free trade and the rules-based international system, she has repeatedly called for a tightening of WTO rules and stricter enforcement.
Truss has been an outspoken critic of Chinese trade practices, previously citing unfair industrial subsidies and intellectual property theft, and warning that without action the West may lose its place in the global order.
“The WTO needs to modernise and tackle big global issues like climate change and technological advancement,” a trade department spokeswoman said ahead of Friday’s meeting.
“We need a new set of digital trade rules for the 21st century, and more needs to be done to tackle pernicious practices like industrial subsidies so trade is fair as well as free.”
TRADE SUGGESTION- BUY AT 1.2120, TAKE PROFIT AT 1.2160 AND STOP LOSS AT 1.2100.
TRADE SUGGESTION- Sell AT 1.2280, TAKE PROFIT AT 1.2240 AND STOP LOSS AT 1.2300.
TRADE SUGGESTION- BUY AT 1.3950, TAKE PROFIT AT 1.4000 AND STOP LOSS AT 1.3925.
TRADE SUGGESTION- BUY AT 13,970.50, TAKE PROFIT AT 14970.50 AND STOP LOSS AT 13470.50.
TRADE SUGGESTION- SELL AT 1770.30, TAKE PROFIT AT 1690.30 AND STOP LOSS AT 1810.30
TRADE SUGGESTION- SELL AT 53,970.50, TAKE PROFIT AT 52970.50 AND STOP LOSS 54,470.50 .