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Asia stocks mixed after Wall St falls on Biden tax report

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Asian stock markets were mixed Friday after Wall Street fell following a report that U.S. President Joe Biden will propose raising taxes on the wealthiest investors.

Wall Street's benchmark S&P 500 index lost 0.9% overnight after Bloomberg News, citing unidentified sources, said Biden will propose raising taxes on people who make more than US$1 million on stock trades.

The Shanghai Composite Index rose less than 0.1% to 3,466.68 while the Nikkei 225 in Tokyo lost 0.8% to 28,960.35. The Hang Seng in Hong Kong gained 0.9% to 29,014.32.India's Sensex opened up less than 0.1% at 48,096.32. New Zealand and Jakarta rose while Singapore and Bangkok retreated.According to Bloomberg, it would raise the capital gains tax to 39.6% for investors who make more than $1 million, or more than double the current rate for Americans in that income bracket.

The last round of U.S. government stimulus helped to lift retail investors in the biggest global market. Now, investors are weighing other proposals out of Washington, including tax changes and Biden's proposed $2.3 million infrastructure spending package. China, the world's second-largest economy and a major importer, rebounded late last year and the United States is showing solid signs of recovery. Europe and other parts of the world lag behind.

 

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