Hints and tips:
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...The Mag 7 is up 29 per cent (when cap-weighted, like the S&P) better than the index, but not in a different universe. The S&P 493, up 22 per cent, has had a hell of a solid run, too....
...GDP per capita, which matters for living standards, is 1.2 per cent below its level on the eve of the pandemic, compared with a 5.4 per cent expansion in the four-year period up to the end of 2019....
...“In the 21 years I’ve been at the company, as we’ve changed administrations and as we’ve seen changes in Congress, we’ve never seen a change or repeal of tax credits — no matter what form they’ve taken,”...
...If the law does pass as proposed, it would represent a second retrograde step for Italian markets in a matter of months. Last August, bank shares tumbled after a chaotic announcement of a bank tax....
...Stability in the headline tax rate would also be helpful. Second, a wider range of capital investments should qualify for full expensing....
...Such a scenario is highly unlikely in the absence of a full-fledged reversal of globalisation and a reversal of US corporate tax rates back to 40 per cent....
...For comparison, payouts (which include buybacks) only account for 20 per cent of total returns for the S&P 500....
...A study by the Fed’s Michael Smolyansky shows lower interest expenses and corporate tax rates explain more than 40 per cent of the real growth in corporate profits from 1989 to 2019 for S&P 500 non-financial...
...Companies in Wall Street’s benchmark S&P 500 index spent $175bn buying back shares in the three months to June, according to preliminary data from S&P....
...It’s the likes of Amazon and Microsoft and Alphabet. So they have such weight on the indices. And so the Nasdaq and the S&P 500....
...Hopes last week of a ceasefire deal ahead of the start of Ramadan this coming Sunday — or for that matter Biden’s State of the Union address on Thursday — have fizzled....
...David Tepper, the billionaire founder of Appaloosa Management, didn’t mince words on the matter: “If this is left to stand, how can you trust any debt security issued in Switzerland, or for that matter wider...
...But even that is a matter of debate in polarised Georgia....
...So is the big gap in valuation between big and small caps justified (the S&P 600 is at a discount of nearly 50 per cent to the S&P 500)?...
..., people familiar with the matter said....
...In contrast, the success of Japanese workers in securing pay rises might push the BoJ to begin raising interest rates again....
...For instance, just one tech company’s recent gains added the equivalent of the market capitalization of the bottom 100 companies in the S&P 500, and the size of the crypto market doubled since last fall....
...Selling Mayfair: The new owner of the Sotheby’s London real estate franchise aims to disrupt the business of selling multimillion-pound homes in the city....
...While we’re on the subject of the IRS, the tax agency was blasted by bankrupt exchange FTX this week for chasing billions of dollars in tax liabilities from the collapsed trading venue....
...At the moment, readers with money in sustainable funds pay the same tax on any dividends and capital gains as those invested in S&P 500 or commodity ETFs. That cannot be....
...Excluding the adjustment, pre-tax profits of $1.1mn came in about 28 per cent below analysts’ expectations. Credit Suisse alone lost $2.3bn in the period, almost half in its investment bank....
...Robin Monro-Davies was also the father of Fitch — today the number three credit rating agency after Moody’s and S&P....
...But the talks with Skydance were the most advanced, according to one person familiar with the matter....
...Here’s why S&P is making the U-turn....
International Edition