Italy has doubled the flat tax on foreign income for wealthy new residents who have been flocking here to take advantage of it.
The €100,000 a year payment — which exempts people moving to the country from taxes on overseas earnings, gifts, and inheritance for 15yrs — will rise to €200,000. The previous €100,000 tax incentive was popular w/wealthy individuals but controversial among Italians, particularly in Milan, the business capital. The recent influx of the super-rich has been blamed for significantly increasing real estate prices and living costs. The increaed flat tax for the billionaires is still set at a level that would remain interesting to wealthy foreigners, FinMin Giorgetti said. Source: Bloomberg, HolgerZ
US bond vigilantes managed to turn the stockmarket around.
Investors shunned a $42bn auction of benchmark 10-year US securities, which drew a yield that was well above the pre-sale indicative level. That horrible bond auction pushed stocks lower. Source: Bloomberg, @johnauthers, HolgerZ
This is what triggered a global-scale sell-off of every major asset class...
A harsh remainder how shaky the global financial system is... Source: Bank of Japan, Sina 21st Capital on X
This is the ultimate reason why the Bank of Japan ‘needs to maintain monetary easing.’ DEBT
i.e the yen carrytrade is likely to resume sooner rather than later Source: Jeroen Blokland
JPMorgan: 75% Of Global Carry Trades Have Been Unwound
(yesterday they said that the unwinding was only half completed...) Source: www.zerohedge.com
Interesting to see insiders with the most bearish flows in a decade.
Maybe just profit taking, or maybe they realize that current pricing is extreme relative to conditions. Source: Bob Elliott
Liquidity has been deteriorating in August, which is known to be the largest month of the year for outflows.
Source: David Marlin, Soc Gen
Super Micro Computer stock, $SMCI, just swung from UP +20% to DOWN -20% in 24 hours.
The stock rose to an after hours high of $729.00 yesterday and is trading at $486.00 in after hours today. $SMCI is now down 60% from its high seen just 5 months ago. Source: The Kobeissi Letter
