US stocks futures fell amid European tax concerns on technology companies
2019-03-12 01:26 pm | Resource: News | No Views : 83
New York stocks fell from Tuesday's low, as US consumer inflation fell to 1.5 percent last month, while core reading fell 0.1 percentage points to 2.1 percent. A regular survey showed that sentiment among small businesses improved marginally.
Traders mostly focused on the fate of the UK exit package from the European Union, which has been changed in the UK Parliament. Attorney General Jeffrey Cox referred to the shortcomings of support for the proposed Northern Ireland, but called on lawmakers to adopt the package. The pound trimmed some of its losses after falling after its legal opinion.
The EU failed to agree on a digital tax
Romania's Finance Minister Eugene Teodorovichi said on Tuesday that European Union finance and finance ministers had not agreed to impose a federal digital tax on major technology companies. Instead, Member States plan to advocate for the reform of the global digital tax.
Talks continued on a 3 percent tax on technology companies operating in the European Union, which has generated more than 750 million euros globally for months, with strong differences among member states. After it became clearer, it would be difficult to reach the agreement, the French government proposed the new tax last week, which is now awaiting parliamentary approval. Italy, Spain and the UK are also planning to apply the tax at the national level.
US Treasury: European Digital Tax "discriminatory"
A senior international tax official at the US Treasury Department, Chip Harter, said in Paris on Tuesday he felt the proposals to impose a digital tax on technology giants in some EU member states were "poorly conceived" and "highly discriminatory against US companies." The official stressed that the United States opposes the proposals regardless of the country in which it is submitted.
"Different parts of our government are considering whether this discriminatory influence will give us rights under trade agreements, WTO and treaties," Hatter said. "It would be better to push for tax reform at the international level, at the level of the Organization for Economic Co-operation and Development (OECD).
Wall Street indices were mixed ahead of the opening
- Gold rose 0.38% at 9:07 am EST to $ 1,298.57 an ounce, following the $ 1,300 psychological level as investors favored safe havens including US Treasury bonds.
- The euro was up 0.3% at $ 1.12782 and fell 0.43% to hit $ 1.30943.
- The Nasdaq 100 rose 0.2%.
- The Standard & Poor's 500 Index gained 0.14%.
- The Dow Jones Industrial Average fell just 0.09% as Boeing led the way down. The giant aerospace giant sank 2.75% before trading officially started after the analyst's downgrade and the establishment of its 737 MAX 8 fleet by many airlines and national regulators.
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