The U.S. consumer confidence index unexpectedly rose in October
The U.S. consumer confidence index unexpectedly rose in October, and concerns about the epidemic eased:
As people’s concerns about the epidemic eased, the US consumer confidence index rose for the first time in four months in October. The World Large Enterprise Research Council released data on Tuesday that the consumer confidence index rose to 113.8 from 109.8 after the revision in September. Economists surveyed by Bloomberg had expected 108. Data shows that the recent decrease in new coronavirus cases has begun to increase consumer confidence in the economy. However, rising prices of household goods may curb further improvement in consumer confidence in the future.
Sales of newly built homes in the United States rose to the highest in six months in September, exceeding expectations:
The sales of new homes in the United States rose to the highest level in six months in September, highlighting strong potential demand. Government data released on Tuesday showed that the sales of new single-family houses increased by 14% month-on-month, reaching an annual rate of 800,000 units. Economists surveyed by Bloomberg expected a median of 756,000 units. These data show that in recent months, demand for home purchases is stabilizing after high housing prices and insufficient housing have pushed the number of contracts to fall below pre-epidemic levels. However, due to the continued supply chain and labor shortages, housing construction has slowed down, coupled with rising mortgage interest rates putting pressure on home buyers, hindering factors still exist.
The Democratic senator proposed to impose a minimum income tax of 15% on U.S. companies with a profit of more than $1 billion:
Three key US senators disclosed a legislative proposal that would require some US companies to pay an income tax rate of at least 15% on profits reported to shareholders. This is the latest move by lawmakers to find tax sources for Biden’s economic agenda. The proposal was jointly proposed by Senator Ron Wyden, Chairman of the Senate Finance Committee, Senator Elizabeth Warren, and Angus King. It will require companies that report profits of more than $1 billion to shareholders to pay at least a 15% income tax rate, even if they qualify for a lot of taxes discount.
The US billionaire’s US$5 trillion wealth may become a tax target, and the Democratic Party aims at huge unrealized investment income:
According to the latest tax proposal, the U.S. Democratic Party is aiming at an elusive goal: American billionaires and their accumulation of investment income that has not yet been taxed. According to the Bloomberg Billionaires Index, Americans with a net worth of at least $1 billion have assets totaling more than $5 trillion. This group-the index currently tracks more than 800 American billionaires-has more than doubled its total net worth in the past five years. However, as the wealth of American billionaires has soared, their tax burden has not risen in the same proportion. Because according to regulations, investment income is taxed only when assets are sold, and the wealthy have the flexibility to seldom need to sell assets.
Co-founder of Blackstone: The global energy shortage is serious, which may cause social unrest:
Stephen Schwarzman, co-founder of Blackstone, said that the global energy shortage is so serious that it may trigger social unrest. “We will eventually face a severe shortage of energy,” he said at a conference in Saudi Arabia. “When there is a shortage, the price will rise, possibly a lot. In this case, people around the world are very dissatisfied, especially in emerging markets.”
Russia wants natural gas prices to fall by 60% in order to maintain its grip on the European market:
Two officials familiar with Russia’s energy policy revealed that Russia hopes that European natural gas prices will fall by about 60% in the longer term, because long-term price increases will undermine the largest buyer’s demand for Gazprom’s supply. An official said that Russia hopes that the price of European natural gas will be around US$300 to US$400 per thousand cubic meters. This sweet spot will help Gazprom maintain control of the European market, even though countries from the UK to Poland are transitioning to clean energy. Another official mentioned that the price range is between 200–400 US dollars, and the low end of the price is an unacceptable situation.