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  • Hi, this is Jeff Kleintop with 90 seconds on what we're watching this week. Janet

  • Yellen, U.S. Treasury Secretary, heads to London for a meeting of her G7 counterparts

  • to work on a global minimum corporate tax rate. If a deal can be reached by finance

  • ministers in advance, then the G7 leaders can formally and publicly agree to it at the

  • G7 meeting in mid-June, and it can then act as a template for a deal among 139 nations

  • in formal negotiations taking place at the OECD. And this could lead to the largest shakeup

  • in international corporate taxation in a century, severely curtailing the ability of companies

  • to shift profits to low-tax jurisdictions and ensuring that U.S. FAANG stocks pay more

  • tax in countries where they make sales. Now, another hot reading on inflation in the U.S.

  • this past Friday turns the calendar to Europe this week as they deliver an early read on

  • inflation for May, and we get the May jobs report of course here in the U.S. on Friday.

  • Those readings will test to see whether labor shortages and the rise in import prices will

  • be passed on to consumers. We'll also be watching to see if Korean exports reveal its

  • supply bottlenecks are improving. Surging semiconductor exports out of Asia can help

  • these supply shortages that have resulted in production cuts and rising prices. Now,

  • oil prices may be volatile this week as OPEC meets to review oil production plans, lifting

  • output as global demand recovers from the pandemic, but they may rethink a July supply

  • increase amid Iranian nuclear talks, and those talks could officially bring Iranian crude

  • back to the market. So, that could introduce some volatility. Also, June 1st is the start

  • of what forecasters are predicting will be an above-average Atlantic hurricane season,

  • which could mean periodic rig shutdowns in the Gulf of Mexico this summer. Thanks for

  • watching.

Hi, this is Jeff Kleintop with 90 seconds on what we're watching this week. Janet

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B1 US g7 tax iranian june supply inflation

Weekly Market Outlook | June 1st, 2021

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    洪子雯 posted on 2021/06/02
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