Thursday afternoon's $23 billion auction of 30-year bonds came in "soft" and produced a modest selloff in the longest-dated maturities, according to BMO Capital Markets. It is the first time in more than a year that the annual headline rate has gone up again, though the report was in line with the expectations of traders. inflation data, and remarks by San Francisco Fed President Mary Daly. Treasury yields extended gains, as traders assessed a weaker-than-expected 30-year bond auction, the latest U.S. Traders are pricing in a roughly 90% probability that the Fed leaves rates unchanged in its September meeting, up from 72% a month ago, according to federal-funds futures. However, San Francisco Fed President Daly said the FOMC has more work to do and shouldn't declare victory yet on inflation, CBA added. July CPI data released overnight matched expectations and bolstered the case for the FOMC to keep rates unchanged at its September meeting, said CBA. dollar was mixed in Asia amid conflicting signals. Economists were expecting 230,000 initial claims. Initial claims, a proxy for layoffs, increased to a seasonally adjusted 248,000 in the week ended Aug. "At this point, it's all eyes on the labor market," said Girard, a wealth advisory firm backed by Univest. However, some market participants are worried that Thursday's higher-than-expected jobless claims could signal weakness ahead. "The recent numbers point towards being on a steady-as-she-goes, sustainable path for the economy and that is good for markets." "The grounds are there for the Fed not to have to hike at the next meeting," said Hirtle Callaghan & Co. The slowdown in price pressures may be enough to deter the Federal Reserve from raising interest rates at its September meeting. CPI rose a mild 0.2%, the same as in June, while core prices also increased just 0.2% in both months. July inflation report and an uptick in weekly jobless claims. In Asia, stock benchmarks were mostly in the red Treasury yields advanced the dollar was mixed while oil edged down and gold retreated.Įuropean stocks could venture into negative territory on Friday, with investors digesting a benign U.S. Shares could stumble in Europe on Friday as investors weigh U.S. We have a single European headquarters in Luxembourg with hundreds of employees to manage this complex operation.Germany balance of payments France CPI Italy foreign trade UK industrial production, trade, GDP first quarterly estimate, GDP monthly estimates, index of services, business investment in the UK IEA oil market report ILO unemployment trading updates from Sberbank, Pandora The Guardian concluded that Amazon is "pushing definitions close to breaking point" in regard to tax law and that HM Revenue and Customs "could take a much tougher line".Īn Amazon spokesman said: "Amazon pays all applicable taxes in every jurisdiction that it operates within. Margaret Hodge, chair of the public accounts committee, said the firm could be called back to face MPs over "a discrepancy between some of the evidence in this report about its activities in the UK and what the committee was told by Amazon when they appeared before us last year". The report also found that some Amazon trade deals purportedly negotiated on behalf of Luxembourg company Amazon EU Sarl were in practice negotiated by staff in its Slough office.Īmazon had already been accused of being "evasive" about its UK tax affairs, and was grilled by MPs over claims it paid no tax on three-year sales of £7.6 billion.
It claimed to have earned £320 million last year in its UK accounts, but told US investors that the figure was actually £4.2 billion. In addition, the online retailer, which processes its earnings through tax-friendly Luxembourg, claimed £2.5 million in government grants - as well as significant tax breaks for building new warehouses. Amazon UK has come under fresh scrutiny regarding its tax arrangements.Īn investigation by The Guardian found that the company paid just £3.2 million in corporation tax on 2012 sales of £4.2 billion.
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