Business

Arizona ends taxation on purchase & exchange of gold and silver coins
Arizona ends taxation on purchase & exchange of gold and silver coins
The Governor of Arizona Doug Ducey has signed into law a bill which removes all state income tax on precious metals coins. The measure was passed in the Arizona Senate on May 10 by a margin of 16-13.

Business snaps

  • Stocks recover despite China downgrade; Fed minutes due

    World stock markets recovered on Wednesday from initial losses after Moody’s first credit downgrade of China in 30 years, with investors turning their attention to US Federal Reserve minutes. Asia stocks and emerging markets initially skidded after Moody’s Investors Service’s cut China’s sovereign debt to A1 from Aa3. But dented markets mostly recovered. Japan’s Nikkei rose 0.66 percent and emerging market stocks rose 0.05 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.05 percent lower. The Dow Jones Industrial Average rose 20.59 points, or 0.1 percent, to 20,958.5, the S&P 500 gained 1.15 points, or 0.05 percent, to 2,399.57 and the Nasdaq Composite added 7.18 points, or 0.12 percent, to 6,145.89. (Reuters)

  • Dollar hovers above 6-1/2-month lows ahead of Fed minutes

    The dollar hovered just above 6-1/2-month lows on Wednesday, as investors’ focus shifted from US politics to monetary policy ahead of the release of the minutes of the US Federal Reserve’s meeting in early May. The dollar index, which tracks the greenback against six major rivals, was down 0.08 percent to 97.273. The dollar was marginally lower against the euro, which has enjoyed a bull run this month on factors including an ebb in French political concerns and upbeat euro zone data. The euro was up 0.1 percent against the greenback at $1.1193. (Reuters)

  • Iran, Spanish company sign $615mn deal for oil pipes

    Iran on Wednesday signed a deal worth $615 million with a Spanish-Iranian consortium under which the group will provide pipes used in Iran’s oil industry. It was the first major deal for Iran’s oil industry since President Hassan Rouhani’s re-election last week to another term in office on a platform of reform and greater openness to the international community. The consortium, which includes Spain’s Tubacex S.A. and Iran’s Foolad Isfahan Company, will produce pipes made of a corrosion resistant alloy for a network of 600km over three years. (AP)

  • British stocks edge up helped by M&S but miners weigh

    UK blue chips rose on Wednesday, helped by gains in Marks & Spencer following results and stronger healthcare stocks though weaker miners kept a lid on the British market. The FTSE rose 0.2 percent to 7,500.04 points by 0959 GMT, while the mid-cap FTSE 250 index was up 0.15 percent, just shy of a fresh record high hit on Tuesday. Gains were capped by fall in basic resources stocks after a sell-off in commodities following Moody’s debt downgrade on China, a big global metals consumer. (Reuters)

  • Hong Kong stocks hit 22-month high

    Hong Kong stocks rose for a fourth day on Wednesday to a fresh 22-month high, shrugging off Moody’s downgrade of China’s sovereign credit rating. The Hang Seng index ended up 0.1 percent at 25,428.50 points, while the China Enterprises Index was unchanged at 10,390.87. Moody’s Investors Service cut China’s credit ratings by one notch to A1 from Aa3, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. Mainland Chinese stocks fell on the news, but investors in Hong Kong were more sanguine. (Reuters)

  • Big oil helps European shares edge up

    European shares, stuck just below 21-month highs for more than a week, fought for direction in early deals on Wednesday as weakness in mining and autos sectors were offset by strength in oil producers. The pan-European STOXX 600 index edged up 0.1 percent, underpinned by a rise in European oil & gas stocks. Britain’s FTSE 100 rose 0.1 percent while Germany’s DAX fell 0.3 percent as firms going ex-dividend weighed. European auto stocks were among the biggest sectoral fallers, down 0.9 percent and led lower by a 2 percent drop in Fiat Chrysler’s shares. (Reuters)

  • China stocks steady, small-caps offset Moody’s downgrade

    China’s main stock indexes recouped earlier losses to end roughly flat on Wednesday, as strong gains in small-caps partially offset Moody’s downgrading of China’s debt ratings. The blue-chip CSI300 index was unchanged at 3,424.17 points, while the Shanghai Composite Index added 0.1 percent to 3,064.08 points. Moody’s Investors Service downgraded China's long-term local and foreign currency issuer ratings on Wednesday, citing expectations that the country’s financial strength would erode in coming years as economic growth slows and debt continues to mount. (Reuters)

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