Wednesday, June 27, 2018
What to watch today
On the calendar for Wednesday, U.S. investors will have a decent flow of economic data to digest, though nothing should be market moving as pending home sales, durable goods orders, and wholesale inventories for May will all be released in the morning. And on the earnings calendar, results from Paychex (PAYX) and General Mills (GIS) will be the highlights.
Trump signals shift from imposing China investment limits: President Donald Trump is suggesting his administration may back away from previously announced plans to impose limits on Chinese investment in American technology companies and high-tech exports to China, instead choosing to call upon Congress to act. [AP]
Companies hope to beat a new tax: Multinational companies are trying to beat a new tax called the BEAT, the Base Erosion and Anti-Abuse Tax. The complex minimum tax is meant to prevent the world’s biggest corporations from shifting profits from the U.S. to other countries. BEAT turned from idea into law last year as part of the tax-code revamp and is now frustrating corporate executives and spurring fresh tax-avoidance strategies. [The Wall Street Journal]
Facebook eases ban on cryptocurrency ads: Facebook Inc. (FB) on Tuesday decided to allow certain ads promoting cryptocurrency and related content from pre-approved advertisers, but would continue its ban on those tied to binary options and initial coin offerings. [Reuters]
Spotify hires Conde Nast exec to manage content: Spotify Technology SA (SPOT) hired Dawn Ostroff as its chief content officer, tapping a Conde Nast entertainment executive to oversee music, audio and video partnerships. Ostroff will work in the Swedish company’s New York office. [Bloomberg]
New tax form is a sign of shift toward TurboTax: The IRS’s new 1040 tax form doesn’t exactly fit on a standard postcard as Republicans promised, but it’s smaller and simpler than before — and it may push more filers to use software rather than in-person tax preparers. [Bloomberg]
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