25 Dec 2011: Payroll tax-cut extension sparks debate in US

INDICES POINTS CHANGE
FTSE 100 5513 Up 102bp
S&P 500 1265 Up 90bp
NIFTY 50 India 4714 Down 42bp

Major Stories

  • Payroll Tax-cut extension causes tension in the US
    • Congress passed a two-month payroll tax-cut extension and they’re trying to negotiate a longer-term agreement
    • A Nevada-democrat says that a surtax for millionaires might be a part of the debate
    • Major debate is whether higher taxes for the wealthy will help cover the plan’s costs
    • Republicans want the govt to cut on the federal state staff as a part of the spending-cuts
  • France telecom to sell Orange-Switzerland to Apax
    • France telecom all set to sell Orange-Switzerland part of its business to Apax in a complete Euro 2.1bn buyout
    • France telecom looking to shed its assets in Europe to position itself for the rapidly growing Asian & African markets
    • Apax also took over wound-treatment company Kinetic Concepts (~ $6.5bn) in another one of its 20 deals earlier this year
  • European Stocks climb all week
    • European stocks have been on an upward trend throughout the week
    • This has come following the news which claims a reduction in unemployment in the US
    • Credit Agricole SA has rallied more than 7%
    • FTSE 100 is up 300bp in the last 5 days, while France’s CAC is biggest gainer at 440bp at close
    • Automobile shares gained 6.1% over the week, while construction shares added 5.2%
    • Durable goods orders have gone up 3.8% during the month of November alone
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One thought on “25 Dec 2011: Payroll tax-cut extension sparks debate in US

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