Trish Regan’s Market Notes: Futures Fluctuate, Treasury Yields Inch Higher as Investors Digest “Taxing the World”

Biden just might get his way on taxing the world and the economic and the market consequences could be severe.

The G-7, the group of seven wealthy Western democracies, are backing Biden’s controversial and historic 15% global tax on corporations.

The proposal is aimed at multinational companies operating in high-tax countries while being headquartered in low-tax countries. Member of the G-7 include Canada, France, Germany, Italy, Japan, the U.K., and the U.S.

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While some say these companies should pay more, the move will undoubtedly raise prices for consumers thereby threatening the global economic recovery. The other alternative is that these companies will find new places to release

U.S. stock futures still slightly higher as investors took the news of Joe Biden’s global minimum tax rate in stride — perhaps believing that internal struggles in Europe and the U.K. will ultimately prevent the tax from taking place. For example, in the EU there is a significant variant in taxes. In Ireland corporate taxes are 12.%, compared with 31% in France. Meanwhile, the U.K. has yet to publicly applaud the deal.

Premarket

U.S. stock futures mixed ahead of Monday’s open

  • S&P 500 futures: 4,231.75, +0.08%
  • Nasdaq futures: 13,758.75, -0.07%
  • DOW futures: 34,818.00, +0.22%

U.S. Dollar and Treasuries

Treasury yields inched higher as Treasury Secretary Janet Yellen said that “slightly higher interest rates” would be a good thing for the economy. (Imagine that!) The dollar was mostly flat (but, at least stopped its slide.)

  • U.S. Dollar Index (DXY): 90.11, -0.02%
  • 10-year Treasury yield: 1.570%
  • 2-year Treasury yield: 0.1520%

Stocks To Watch

The Food & Drug Administration (FDA) approved Ryplazim, developed by Liminal BioSciences. The drug will be used in the treatment of plasminogen deficiency type 1, a rare genetic disorder. The shares of Liminal BioSciences surged 40% in premarket trading.

The FDA is also expected to decide whether Biogen‘s Aducanumab drug is suitable for the treatment of patients with Alzheimer’s. The company’s stock spiked ahead of the anticipated decision.

Macquarie Infrastructure has announced it will sell its Atlantic Aviation business to KKR for $4.475B. The company’s share price surged 12% on the news.

Bluebird bio received a positive opinion from a European pharmaceutical regulator CHMP for its Skysona drug gene therapy. The drug will be used as one-time treatment for patients with cerebral adrenoleukodystrophy who are younger than 18.

  • LMNL Liminal BioSciences Inc. $5.63, +40.05%, 1.37M (volume)
  • BIIB Biogen Inc. $298.00, +4.14%, 40.8K (volume)
  • MIC Macquarie Infrastructure Corp. $39.50, +12.86%, 163K (volume)
  • BLUE bluebird bio Inc. $34.00, 9.96%, 34.7K (volume) 

Commodities To Watch

Oil saw volatile pre-market trading, after this week’s surge on news of a potential shortage. Gold dropped below $1,900, but with inflation data still rising may soon recover. Much will depend on the role of the Fed in the coming months and whether or not Jerome takes Janet’s advice to up rates.

  • WTI crude: $69.48, -0.23%
  • Brent crude: $71.47, -0.58%
  • Gold: $1,886.60, -0.18%

Crypto

The global crypto market cap increased by 2.53% in the last 24 hours.

  • BTC: $36,538.23, +1.47%
  • ETH: $2,823.34, +3.89%
  • XRP: $0.9628, 3.24%
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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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