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S&P/ASX 200 slips as Biden plans to double capital gains tax for wealthy Americans

Brent crude futures rose 0.3% to US$65.61 a barrel on hopes of a fuel demand recovery in the US and Europe as economic growth picks up and lockdowns ease.

Bardoc Gold Ltd - S&P/ASX 200
Gold gained 0.2% to US$1,787.11 per ounce on Friday and was poised for a third straight weekly rise.

S&P/ASX 200 (INDEXASX:XJO) fell 0.24% to 7,038.8 by 12.54 pm following losses on Wall Street overnight as investors reacted to news that US President Biden could almost double the capital gains tax rate for wealthier Americans.

Locally, consumer sectors fell the most while IT, materials and energy also added to broader losses.

AMP demerger

AMP Limited (ASX:AMP) gained 5% in early trading after announcing that it will end discussions with Ares Management regarding a potential sale of AMP Private Markets.

The company will instead pursue a demerger in which AMP Private Markets would become a stand-alone, global private markets investment manager, focussing on asset classes of infrastructure equity, infrastructure debt and real estate.

Capital gains tax increase

Bloomberg News reported that Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans.

The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more, up from 20% currently, according to Bloomberg.

Top gainers

Today’s top gainers on the ASX include Bardoc Gold Ltd (ASX:BDC) (+8.33%), Blue Star Helium Ltd (ASX:BNL) (+8.57%), Emperor Energy Ltd (ASX:EMP) (+11.43%), Great Boulder Resources Ltd (ASX:GBR) (+19.44%), Legend Mining Limited (ASX:LEG) (+8.33%) and Platina Resources Limited (ASX:PGM) (+14.81%).

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