In this week’s recap, we found that almost all global markets ended higher, with an all-time high in the Dow and S&P 500, as U.S. Treasury yields fell after softer-than-anticipated labor market data, boosts tech & other growth stocks.
New York City & state plan to increase taxes on the most affluent residents, despite top business leaders insisting the increases will backfire, by driving away top earners. Marginal income tax rates could be nearly 52% the highest in the nation, which would mean the city’s wealthiest residents could end up giving more of their paychecks to federal, state & local governments than they keep for themselves.
PayPal co-founder & billionaire investor Peter Thiel is warning that Bitcoin could actually be a Chinese financial weapon that will be used to take down the U.S. dollar’s monetary & global reserve status. Cryptocurrencies can threaten fiat money. It must be noted that Peter Thiel’s foundation was key to the creation of Ethereum.
U.S. President Biden’s $2.3T infrastructure investment plan has helped drive U.S. stock markets even higher, yet ironically, it is Chinese equities that are scoring some of the biggest increases in valuation. The proposed tax revisions could spur U.S. firms to retain their profits in China, which in turn, will encourage Chinese companies to invest overseas, to relieve the appreciation pressure on the yuan.
Oil prices for May/June plunged on Monday; Indian government froze ByteDance bank accounts; Credit Suisse lose $4.7 billion from dealings with Archegos; Australia’s public debt grew to 77% of GDP during the pandemic; Russia may experience a new wave of protests in favor of Alexei Navalny; US shopping malls are increasingly empty; Credit Suisse to lose $4.7 billion from dealings with Archegos.