Biden’s tax plans, it’s PMI day and travel without quarantine.
15%The United States has proposed a minimum global corporate tax rate of 15%, alreadythat negotiators seek to sign an international agreement in the middle of this year. The rateproposal is below the 21% level that the Biden government has as a target for revenueforeign companies. There are other tax movements in progressin the United States, with proposals to strengthen compliance, including the requirement toreport cryptocurrency transfers of more than $ 10,000 to the IRS
PMI Day
There was good economic news in this morning’s survey data for the euro area and theUK. A recovery in services helped to push the Index of Service ManagersMay compound purchases for the euro area to 56.9, with factories seeing more and moremore scarcity of supply reducing production levels. In the UK, PMIs have reached thehighest level since the survey began in 1998 and retail sales have increased. YouUS PMI data is published at 10:45 am Eastern Time
Vaccine and travel
The European Union has put forward a plan for vaccination certificates across the EU, afterto announce that the bloc will reopen for trips without quarantine from countries consideredinsurance. Globally, more than 1.57 billion vaccines have already been administered, with the totalUS by 279 million. While India is seeing the number of new cases drop, the country issuffering some of the worst side effects of the virus, with a fungal infection reachingepidemic proportions
Markets rise
Better-than-expected economic data is helping stocks end avolatile week in a positive way. Overnight, the MSCI Asia Pacific index increased by 0.4%,while Japan’s Topix index closed 0.4% higher. In Europe, the Stoxx 600 Index gained0.5% at 6:50 am, with all sectors of the industry, except two, in the green. The S&P 500 futurespointed to a slight increase in the opening, the 10-year Treasury yield wasat 1.628%, oil rose and gold was higher
Coming
The April home sales data for April in the U.S. is at 11 am and theBaker Hughes’ latest platforms is at 2 pm. Four regional Fed presidentsspeak later. President Joe Biden meets Moon Jae-in from South Korea. Deere& Co., VF Corp. and Foot Locker Inc. are among the companies that reported results. The CEO ofApple Inc., Tim Cook, will take a stand today in Epic Games Inc.’s case against the App Store.
