Shares in U.S. tech giants a notch lower after landmark G7 tax deal
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), Amazon.com (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…