China Daily: China fiscal revenue up 6.3% in first two months
Netease: 财政部:1-2月财政收入增6.3% 证券印花税降9.9%
January-February revenue up 6.3%, spending up 12%.
Revenue items:
stamp duty on stocks down 9.9%; real estate transaction taxes up 20.2%; resource taxes down 24.8%; personal income tax up 20.2% due mainly to year-end bonuses falling in February. Last year, a later Spring Festival pushed the tax hit into March.
auto purchase taxes down 19.6% due to 50% cut in tax on smaller cars
local govt taxes (land use, local VAT, deed tax) rise between 5% and 14.2%
Spending items: affordable housing up 30.7%
Import VAT down 18.7%; customs duties down 22.9%. Export duties down 8.5% (blamed on unfavorable yoy comparison).
Scenario Analysis For Friday’s Trading Session
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The S&P is currently in a range between 4950 and 5250. After blowout
earnings from Google (GOOG/GOOGL) and excellent earnings from Microsoft
(MSFT) Thursda...
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