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Markets Balk at Billionaire Tax

  • The Democrats released further details on a possible billionaires tax, with asset price gains seen being charged at a rate of 23.8% on an annual basis - a report which sent equity markets into negative territory ahead of the opening bell. This sentiment was reinforced by a solidly hawkish turn from the Bank of Canada, who brought forward the potential timing of the beginning of a tightening cycle.
  • In cash equity markets, tech outperformed, helping boost the NASDAQ to outstrip both the S&P 500 and the Dow Jones thanks to solid earnings updates from Microsoft and Alphabet, which both added over 4% apiece following their reports.
  • Earnings remain a focus through the end of the week, with reports due from Caterpillar, Merck, Mastercard and Amazon among others. Full timetable with analyst expectations here:
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