Qualcomm (QCOM) is using a major portion of its $30 billion overseas cash to acquire Netherlands-based NXP Semiconductors (NXPI).
Apple (AAPL) has $223.0 billion of unrestricted cash held overseas, and Qualcomm (QCOM) has ~$30.0 billion in cash held overseas.
Among the 35 OECD countries, the US has the highest corporate tax rate of 35%. This tax rate puts US companies at a disadvantage compared to their foreign rivals.
The US tech sector could see tax reforms that would improve its competitive stance. The proposal would reduce the corporate tax from 35% to 20% and introduce a territorial tax system.
The United Kingdom’s FTSE 100 Index started this week on a mixed note. It started lower on October 17 and traded near the opening prices in the morning.
After rising last week, China’s Shanghai Composite Index fell on Monday and started this week on a weaker note. The index opened lower on October 17.
Following a rally for five consecutive trading weeks, the S&P 500 maintained its strength and opened higher this week.
The Japanese yen (JYN) managed to close higher against the US dollar after posting four consecutive weekly losses.
The British Pound (FXB) appreciated by more than 2% against the US dollar last week. The pound (GBB) closed for the week at 1.3288, appreciating by 1.69% against the US dollar (UUP).
The euro-dollar (FXE) pair closed the week ending October 13 at 1.1822 against the US dollar (UUP). The shared currency managed to rebound from an 11-week low the week before, affected by political turmoil in Spain.
US bond markets (BND) saw some recovery last week. Overheated expectations for a December rate hike cooled off after the FOMC meeting minutes were reported.
The US Dollar Index (UUP) turned lower again in last week after a surprise rally following the October jobs report on October 6.
For the week ending October 13, the S&P 500 index (SPY) closed at 2,553, recording gains of 0.15%. The S&P 500 Index has appreciated in six out of the last eight weeks.
China imported 430,000 metric tons of unwrought copper and copper products in September 2017, in contrast to 340,000 metric tons in September 2016.
China exported 370,000 metric tons of unwrought aluminum in September, compared to 410,000 metric tons in August.
The Chinese steel industry, which has been cited for the disruption in global steel markets (MT), is outperforming most other regions this year.
On October 13, China released its trade data for September. In dollar terms, the country’s exports rose 8.1% year-over-year, and its imports rose 18.7%.
The S&P 500 started last week on a weaker note. On October 13, the S&P 500 closed the day higher and ended the week with gains.
According to research estimates, US adults will spend about 12.08 hours per day on media in 2017, compared with 10.18 hours per day in 2007.
Investors in the bond market remain anxious that there has been no clear signal from the Fed.