November 17, 2021

Shares in U.S. tech giants a notch lower after landmark G7 tax deal

FILE PHOTO: The logos of Amazon, Apple, Facebook and Google in a combination photo

Shares in U.S. technology giants were down slightly in premarket trading after the world’s richest nations agreed on a landmark global minimum corporate tax deal.

The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15%.

Shares of Facebook (FB.O), (AMZN.O), Apple (AAPL.O), Microsoft (MSFT.O) and Google-parent Alphabet were all down between 0.1% and 0.5%. Europe’s tech stocks index (.SX8P) was down 0.2% in early trades.

“…the immediate market implications are likely to be minimal,” said Ian Williams, economics & strategy research analyst at Peel Hunt.

“No G7 nation currently charges that low a rate and the details, including agreement from numerous smaller countries, require plenty of work.”

The focus now shifts to the G20 countries…

Read full article here: