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Week in a Glance: Biden & Taxes, ECB, Bank of Canada, Crypto
The past week was one of the worst for the cryptocurrency market in recent years. The following reasons were mentioned: a sharp drop due to power outages in some regions of China, rumors about possible fines from the US Treasury of financial institutions for money laundering using cryptocurrencies, the cryptocurrency use ban in Turkey, as well as information about the flight of the head of Thodex, the Turkish cryptocurrency exchange, who was said to have fled with $2 billion in customer funds. Well, the week ended with the information that the Head of the Financial Regulation Agency of South Korea said that all cryptocurrency exchanges in the country could be closed in September.
The rest of the week was comparatively not rich in significant and fundamental events. India continued to churn out anti-records and drag the whole world down (already more than a third of global cases of diseases occur in India), which showed an increase in the number of cases for the 9th (!) week in a row.
The ECB and the Bank of Canada expectedly left the monetary policy parameters unchanged.
Biden, however, unpleasantly surprised buyers in the US stock market. Capital tax is planned to be drastically increased (almost doubled). The current rate is 20%, and Biden proposes to raise it to 39.6%. Taking into account the additional tax of 3.8%, in total, according to the results of the reform, investors may find themselves with a burden of 43.4%. The Republicans added negativity with their version of the infrastructure plan, which is almost 4 times less than the one proposed by Biden.
The coming week will be interesting primarily because of the FOMC Fed meeting, as well as preliminary GDP data for the first quarter in the US and the Eurozone. Earnings season peaks this week. Almost all titans will report - Apple, Microsoft, Amazon, Google, Facebook and Tesla. Speaking of Tesla, recently, the news background has been very negative: either the Chinese are accused of low product quality and are harassing in the media, or a fatal car accident, with nobody is driving Tesla, and the fall of Bitcoin, taking into account the 1.5 billion invested in it, also does not contribute to growth of optimism
The rest of the week was comparatively not rich in significant and fundamental events. India continued to churn out anti-records and drag the whole world down (already more than a third of global cases of diseases occur in India), which showed an increase in the number of cases for the 9th (!) week in a row.
The ECB and the Bank of Canada expectedly left the monetary policy parameters unchanged.
Biden, however, unpleasantly surprised buyers in the US stock market. Capital tax is planned to be drastically increased (almost doubled). The current rate is 20%, and Biden proposes to raise it to 39.6%. Taking into account the additional tax of 3.8%, in total, according to the results of the reform, investors may find themselves with a burden of 43.4%. The Republicans added negativity with their version of the infrastructure plan, which is almost 4 times less than the one proposed by Biden.
The coming week will be interesting primarily because of the FOMC Fed meeting, as well as preliminary GDP data for the first quarter in the US and the Eurozone. Earnings season peaks this week. Almost all titans will report - Apple, Microsoft, Amazon, Google, Facebook and Tesla. Speaking of Tesla, recently, the news background has been very negative: either the Chinese are accused of low product quality and are harassing in the media, or a fatal car accident, with nobody is driving Tesla, and the fall of Bitcoin, taking into account the 1.5 billion invested in it, also does not contribute to growth of optimism
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