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DEATH, TAXES, THE DEVIL AND THE DETAILS (0648 GMT)
The jury is still out as to how the G7 deal to tax a minimum
out of global behemoths such as Amazon and Google will impact
EPS metrics and balance sheets but it seems that in the meantime
investors are not running to the hills.
The consensus view seems to be that while one big component
of the two certainties in life – death and taxes – is soon to
hit big U.S. tech firms, the devil and tax lawyers are expecting
to have fun playing with the details.
Futures for European bourses and Wall Street are just
slightly in the red, much in sync with the session in Asia
which saw stock benchmarks perform a very orderly retreat.
There’s a lot of uncertainty out there on the implementation
of a minimum global corporate tax rate of at least 15%, notably
how keen the rest of the world outside the richest nations are
willing to play ball.
Meanwhile, the name of the game remains…
