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FT Alphaville

Blue-state Americans should worry less about the state and local deduction

Despite the lack of even the most basic details, feathers were ruffled when economic adviser Gary Cohn and Treasury Secretary Steve Mnuchin reiterated the tax policy priorities of the Trump administration on Wednesday. Particularly galling — to some — was the suggestion that taxes paid to states and local governments would no longer be deductible from federal income taxes. The concern seems to be that the change would raise the tax burdens of people who live in places such as New York City...

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Now Wall Street thinks tax reform will pass?

This seems like kind of a change right?Before the Trump Administration’s presentation of the one-page tax plan yesterday, many strategists were warning that wholesale reform wasn’t likely this year. And markets responded. But now, Citigroup analysts are reminding us that they “continue to expect Congress to pass tax reform (implying a moderately large fiscal stimulus) in late Q4/Q1.”And then there’s the macro team at Goldman Sachs, which just happens to be the former employer of Messrs...

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Snap AV: Was this reckless bravado or just messing with market bots?

Afarak is a Finnish metals miner, busy in the steel sector. It’s listed in Helsinki and London, valued at just over €200m.Midday London time on Thursday it issued a statement, which began…BE…wot? Below? Belt-tightening? Better luck next year? Oh…PROFIT WARNING: AFARAK EXPECTS SIGNIFICANTLY BETTER QUARTER ONE RESULTSSo first shares in Afarak went down on that news, and then they went up, dramatically.The Helsinki quote was 23 per cent higher at €1.02 at pixel.The chaotic market pricing looked...

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Markets Live: Thursday, 27th April, 2017

11:02 am PM11:02amMorning Soundbuy Morgen.... PM11:02amWelcome to Markets Live PM11:02amHopefully JoPro Servus, morgen! OnYourRight Morning all Krapps last tape is it good? is it morning? again? 11:03 am PM11:03amWe've had one or two tech probs over the past 15 hours or so Boncoeur GBPUSD at...

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FT Opening Quote: Lloyds – a boring, non-state-backed profitable bank

Lloyds – a boring, non-state-backed profitable bank. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Lloyds Banking Group is a national treasure: a state-backed cash dispenser to the people, injecting £17bn worth of payment protection insurance compensation into the economy, stimulating post-crisis consumer spending, and making the government’s austerity measures that bit more politically bearable. It’s a...

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Further reading

Elsewhere on Thursday,– US trade deficits and a reminder “that action on the financial side will be more effective and less distortionary than action on the trade policy side, such as tariffs, duties, and quotas.”– Setser: Using fiscal policy to drive trade rebalancing turns out to be hard.– “In summary, the governmental budget constraint used within mainstream macro has very serious flaws.”– “All the best people left banking years ago”?– Today in minor paraphrasing of shareholder meetings:...

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It seems Google and Facebook really are taking ALL the growth in ad revenue

It’s a big day in American digital ad land, with the publication of the Interactive Advertising Bureau’s year-end report for 2016.You’ll find it here.But before you delve into that, consider this tweet from Jason Kint.so @IAB just dropped 2016 #s. Duopoly in full force -> takes 89% of growth. "Everyone Else" loses more share courtesy of Facebook. @dcnorg pic.twitter.com/urglxDrooM— Jason Kint (@jason_kint) April 26, 2017Kint runs a thing called Digital Content Next, which is the key trade...

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How to tap into that humanised pet market

It’s an investment case! Not just that, a decade-long opportunity!Yes really.From Citi’s David Driscoll and team on Tuesday:Huge Decade Long Opportunity Awaits Pet Food Category – Our deep dive analysis into the 164 million dog & cat, U.S. pet market shows huge opportunities await the pet food category driven by the humanization of pets, which in turn is driving premiumization of the category toward natural pet foods. Today, the pet food category stands at $28B, growing at a 5% CAGR over...

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Markets Live: Wednesday, 26th April, 2017

11:00 am PM11:01amMorning PM11:01amWelcome to Markets Live DutchBrat Happy Hump Day PM11:01amSeems I wasn't fired yesterday, since I'm here today Soundbuy Morning all 11:01 am PM11:01amAnd yes, I was at a Reuters training session Patience Good morning. Otter Hello nice net friends PM11:01amYou know ive been using...

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FT Opening Quote: GSK’s Emma Walmsley’s first 25 days

GSK’s Emma Walmsley’s first 25 days. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Twenty five days is barely enough time to unpack one’s office-move crates and order new business cards, let alone make one’s mark as the leader of a multinational organisation. Even desk-tidying US presidents are allowed 100 days. And I am still surrounded by the dusty boxes of colleagues several months into their new...

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