Warning: Tax Collectors Around The World Are After You!
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Tax collectors are coming after you as never before. This is bad news for a sustainable global economic recovery from the pandemic.
U.S. Treasury Secretary Janet Yellen is proposing that countries around the world enact a global minimum corporate tax rate and this idea is just for starters. Plans are being developed to have global tax laws for individuals as well. No matter where you live or have a business, politicians want more money from you.
U.S. Treasury Secretary Janet Yellen. (Photo by SAUL LOEB/AFP)
NZ dollar steady ahead of Consumer Sentiment
March 15, 2021SharePrint
The New Zealand dollar is in positive territory in the Monday session. Currently, NZD/USD is trading at 0.7186, up 0.17% on the day.
NZD looked strong throughout last week, but surrendered most of these gains on Friday, as the pair slid 0.74 per cent. It was a combination of economic data and US Treasury yields that sent the pair sharply lower to end the week. The BusinessNZ Manufacturing Index slowed to 53.4 in February, down from 57.5 beforehand. This points to weaker growth in the manufacturing sector. In the US, UoM Consumer Sentiment jumped to 83.0 in February, up from 76.2 a month earlier. The reading was much stronger than the estimate of 78.5 and was its highest level in 12 months. According to Surveys of Consumers chief economist Richard Curtin, the strong reading was a result of the increasing number of vaccinated Americans, as well as anticipation over the Biden stimulus package. Meanwhile, US 10-year
Inflation genie returned to its bottle
March 12, 2021SharePrint
The buy-everything animal spirits refused to be caged any longer overnight as financial markets returned the inflation genie to its bottle. Technology was back, the S&P 500 and Dow Jones closed at record highs, US yields held steady, bitcoin rose, and the US dollar fell, with markets partying like it was 2020.
ECB to accelerate pace of bond purchases
Earlier in the evening, the European Central Bank remained unchanged and signalled it would accelerate the pace of QE buying to cap yields. The euro gained a pass mark, it seemed, because the ECB did not increase the size of the QE programme; instead, they chose to front-load it.
Oil takes breather, gold falls
March 12, 2021SharePrint
Oil pauses for breath after Thursday’s jump
After some descent swings across the week, oil is heading into the weekend on a calmer note. Oil prices surged 2.4% on Thursday, boosted by President Biden signing off on the largest fiscal stimulus package in US history and his promise to vaccinate all American adults by 1
st May. Expectations for future demand have risen sharply in line with what is now expected to be a faster US economic recovery. The fact that the US driving season could be back on is an added bonus.
In the monthly oil market report OPEC revised lower its estimates for oil in the first half of the year, which, with hindsight makes the OPEC+ group’s decision last week less surprising. The cartel also upwardly revised its demand estimates for H2, turning more bullish in the second half of the year.
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