Asian stocks mixed after Wall St came across Biden’s tax report

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A forex trader walks near a screen showing the Composite Korean Equity Price Index (KOSPI) in the forex trading room at KEB Hana Bank headquarters in Seoul, South Korea. Asian stock markets were mixed on Friday April 23, 2021 after Wall Street fell following a report that President Joe Biden will propose to raise taxes for high net worth investors. – AP

BEIJING, April 23 (AP): Asian stock markets were mixed on Friday after the fall of Wall Street following a report that President Joe Biden will propose to raise taxes for the wealthiest investors. Shanghai, Hong Kong and Seoul are advancing while Tokyo and Sydney are falling. Wall Street’s benchmark S&P 500 fell 0.9% overnight after Bloomberg News, citing unidentified sources, said Biden would propose to raise taxes on people who earn more than a million of dollars on stock transactions. This has added to a mix of better corporate and hiring profits in the United States, unease that inflation and interest rates could rise, and new coronavirus infections that have prompted some governments to tighten. anti-disease checks. Investors are struggling “to navigate very confused global outlook” and earnings reports that “took into account a slow return to pre-pandemic life,” Oanda’s Edward Moya said in a report . The Shanghai Composite Index rose less than 0.1% to 3,466.68 while the Nikkei 225 in Tokyo lost 0.8% to 28,960.35. The Hang Seng in Hong Kong gained 0.9% to 29,014.32. The Kospi in Seoul advanced 0.2% to 3,183.58 while the S & P-ASX 200 in Sydney lost 0.1% to 7,045.60. India’s Sensex has opened. less than 0.1% at 48,096.32. New Zealand and Jakarta increased while Singapore and Bangkok declined. The sale on Wall Street was widespread following Biden’s tax plan report. According to Bloomberg, this would increase the capital gains tax to 39.6% for investors who make over $ 1 million, more than double the current rate for Americans in that income bracket. He said a separate surtax on investment income could raise the total tax rate for high net worth investors to 43.3%. Tech stocks, banks and companies that depend on consumer spending accounted for much of the slippage. Yields on Treasury bills have remained largely stable. The S&P 500 fell to 4,134.98. It is down 1.2% for the week after peaking on Friday. The Dow Jones Industrial Average fell 0.9% to 33,815.90. The Nasdaq composite slipped 0.9% to 13,818.41. The latest round of US government stimulus has helped lure retail investors into the world’s largest market. Now, investors are evaluating other Washington proposals, including tax changes and Biden’s proposed $ 2.3 million infrastructure spending program. Investors are also looking for signs of possible economic improvement, as most companies in the S&P 500 publish quarterly results. Also on Thursday, the Department of Labor reported that the number of Americans claiming unemployment benefits fell again last week to its lowest level since the start of the pandemic. China, the world’s second-largest economy and major importer, rebounded late last year and the United States is showing strong signs of recovery. Europe and other parts of the world are lagging behind. In energy markets, benchmark US crude rose 50 cents to $ 61.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract advanced 8 cents Thursday to $ 61.43. Brent crude, used to set the price of international oils, gained 42 cents to US $ 65.82 per barrel in London. It added 8 cents the previous session to US $ 65.40 a barrel. The dollar fell to 107.89 yen from 108.10 yen on Thursday. The euro rose to $ 1.2029 from 1,2008. – AP

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