Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.48% to 3,424.86. Hong Kong’s Hang Seng Index was up about 0.23% to 28,658.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.10 per cent at 29,360.63 on Friday, while the Australian Index S&P / ASX 200 rose 0.20 per cent to 7,075.71. South Korea’s Kospi was up by 0.64% to 3,199.98.
The FTSE MIB climbed up by 0.13% to 24,495.46 In the cash markets, the DAX futures Germany was trading 0.17% higher at 15,196.25. CAC 40 futures in France climbed up by 0.28% to 6,357.57, while the FTSE 100 futures in the U.K rose by 0.52% to 7,076.97, at the time of writing.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.93% up at 34,548.38 the S&P 500 was up 0.82% to 4,201.56 and the Nasdaq 100 was up 0.37% at 13,632.03.
In the Forex market, GBPUSD rose 0.12% at 1.3902. The USDJPY was up 0.09% at 109.19. The USDCHF was up 0.11% at 0.9080. EURUSD was down 0.06% at 1.2058, EUR/GBP was down 0.16% at 0.8673, at the time of writing.
In the commodity market, U.S. Gold futures rose 0.18% at $1,819.85. Elsewhere, Silver futures fell 0.21% to $27.418 per ounce, Platinum fell 0.32% at $1,253.05 per ounce, and Palladium was up 0.55% at $2,964.50.
Brent crude oil was up 0.51% to $68.47 barrel while U.S. West Texas Intermediate (CLc1) rose 0.51% at $65.06.
In the Cryptocurrency Markets, BTCUSD fell 0.75% at $56,129.9 , Ethereum at 3,444.41 up by 1.60%, Litecoin at 365.791 up 11.36%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
Unilever up 1.97 at 4,304.5 Apple Inc. up 1.28% at $129.74 , Amazon.com up 1.10 % at $ 3,306.31, TESLA Inc up 1.10% at $663.54, SAP down 0.81% at 115.720, Microsoft down 0.53% at $246.18 , Barclays up 0.19% at 177.10.
U.S. President Joe Biden said a corporate tax rate between 25% and 28% could help pay for badly needed infrastructure, suggesting he could accept a lower rate than what he has proposed in his search for Republican support for the funding.
“The way I can pay for this, is making sure that the largest companies don’t pay zero, and reducing the (2017 corporate) tax cut to between 25 and 28” percent, Biden said during a visit to Lake Charles, Louisiana.
In his $2.3 trillion infrastructure plan, the Democratic president initially proposed raising the corporate tax rate from 21% to 28%. Tax experts and congressional aides told Reuters in April that a 25% rate would be a likely compromise.
“What I’m proposing is badly needed” and will be paid for, said Biden, dismissing the “trickle down” theory that helping businesses and the wealthy will benefit those farther down the economic ladder. “We’ve got to build from the bottom up and the middle out.”
Behind Biden as he spoke was the Calcasieu River Bridge, a structure built in 1952, which he said was 20 years past its expiration date. Bumper-to-bumper traffic crawled across it.
“That’s a recipe for disaster,” Biden said of the crowded bridge.
Later, he stopped in New Orleans to tour the Sewerage & Water Board’s Carrollton Water Plant and discuss the need for spending on water infrastructure.
The U.S. corporate tax rate dropped to 21% from 35% after the 2017 tax cut pushed by then-President Donald Trump and his fellow Republicans, but many big U.S. companies pay much less.
Biden’s visit to storm-battered Louisiana, which has backed Republican presidential candidates for the past 20 years, is part of his “Getting America Back on Track Tour” to promote a $2.25 trillion infrastructure spending plan and a $1.8 billion education and childcare proposal.
His push to spend more federal money on schools, roads, job training and other public works, and to tax the wealthiest Americans and companies to pay for it, is popular with voters of both parties. But the plans face stiff opposition from Republican lawmakers.
The French government will take a decision in September on whether to top up its 100 billion euro ($120 billion) economic stimulus plan, French Finance Minister Bruno Le Maire said on Thursday.
President Emmanuel Macron eluded last week to a “second period of recovery” that would see investment accelerated, triggering speculation in the press and among economists that a second round of stimulus was in the pipeline.
His European Affairs Minister Clement Beaune, formerly a close advisor to Macron, has been even more explicit about calling for a second Europe-wide stimulus plan.
However, Le Maire has been more circumspect and had so far emphasised that the most important thing was to ensure that already budgeted stimulus projects get rolled out.
“Time for decisions will come in September. In September, we will see what sort of economic situation France and Europe are in and we will see whether some budgets need extra spending because the economic situation merits it,” Le Maire told a news conference.
France has already disbursed 30 billion euros from its recovery plan since it was launched last September with spending focused on a range of public investments in environmentally friendly projects and measures to boost French firms competitiveness.
Le Maire said that the money had helped France see stronger economic growth than most other euro zone economies in the first quarter when the French economy grew 0.4% despite various COVID restrictions.
He added that that gave him confidence that a growth target of 5% for this year could be met.
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TRADE SUGGESTION- Sell AT 1.2165, TAKE PROFIT AT 1.2205 AND STOP LOSS AT 1.2145.
TRADE SUGGESTION- BUY AT 1.3900, TAKE PROFIT AT 1.3950 AND STOP LOSS AT 1.3875.
TRADE SUGGESTION- BUY AT 15,255.50, TAKE PROFIT AT 15,455.50 AND STOP LOSS AT 15,155.50.
TRADE SUGGESTION- BUY AT 27.270, TAKE PROFIT AT 27.470 AND STOP LOSS AT 27.170
TRADE SUGGESTION- BUY AT 3,460.50, TAKE PROFIT AT 3,660.50 AND STOP LOSS 3,360.50 .