Unhedged podcast episode: ‘The billionaires’ tax’[MUSIC PLAYING]Robert ArmstrongThe G20 group, which represents the world’s largest economies, is discussing a billionaires’ tax for the first time. Today on the show, why are the very, very rich so very, very rich? Is it a problem and what should we do about it? This is Unhedged, the finance … Read more
Eurozone business activity expanded at its quickest rate in a year in May as growth in the bloc’s dominant services industry outpaced contraction in manufacturing, according to a private survey, which also showed price pressures easing.HCOB’s composite Purchasing Managers’ Index (PMI) for the currency union, compiled by S&P Global and seen as a good gauge … Read more
USDJPY bulls are further encouraged by a weakening Japanese Yen following data that shows real wages declining for the 25th straight month in April, as domestic inflation in Japan continues to outpace wage growth. The data will make it harder for the Bank of Japan to normalise policy, as it hopes to lift the bank’s … Read more
House Republicans hoping to extend the 2017 tax cuts are beginning to systematically examine tax provisions in the Democrats’ landmark climate law. Whether those climate provisions will land on the chopping block remains to be seen. On Wednesday, a Ways and Means Committee “tax team” focused on manufacturing and energy will meet for the first … Read more
The Chancellor, Jeremy Hunt, has said that a future Conservative Government will not increase any rate of income tax or National Insurance for the duration of the next Parliament. He has confirmed that income tax thresholds will remain frozen until 2028 as already legislated, but that the freeze would not continue beyond this point. One … Read more
Revenue collections for April were 1.4 million above estimates, with corporate income taxes contributing the most to the increase. The state received .32 billion in corporate income taxes, nearly 0 million above projections. Sales taxes also exceeded estimates, while insurance premium taxes fell below expectations. Overall, net revenues for the year have nearly hit .15 billion, about 9.3 million above estimates and 6 million above last year’s revenues at the same period.
The drop in crude oil prices is attributed to OPEC+ announcing a gradual plan to ease some of their oil production cuts.
The eurozone manufacturing Purchasing Managers’ Index (PMI) rose to 47.3 in May from April’s 45.7, showing new orders declined at their slowest pace in two years.
President Biden is proposing a tax hike on savings, including a 45% tax on capital gains, which would negatively impact retirement savings for millions of Americans. Biden’s proposed tax increases on investment are driven by the government’s addiction to spending, with a proposed federal budget of .3 trillion and .9 trillion in future tax hikes. These taxes will result in lower spending and reduced savings for families, affecting their ability to save for retirement. Biden’s policies are seen as detrimental to individuals and the economy, as they will hinder investment and economic growth.
– Markets remain subdued on the first trading day of June
– S&P Global will release revisions to May Manufacturing PMI data for Germany, Eurozone, UK, and US
– US Bureau of Economic Analysis reported inflation rose 2.7% on a yearly basis in April
– US Dollar struggled to preserve its strength following PCE inflation data
– EURUSD edged higher and closed the week virtually unchanged
– GBPUSD failed to make a decisive move in the previous week
– Bank of Japan has no plans to immediately unload its ETF holdings
– China’s Caixin Manufacturing PMI edged higher to 51.7 in May
– AUDUSD pair showed no reaction to China’s PMI data
– Gold continues to move sideways above ,320