1127 GMT - France's proposed corporate tax increase could have an around 3% impact on the CAC 40's corporate earnings for 2024, Morgan Stanley says in a note after the Prime Minister outlined a draft budget pointing to a temporary surcharge for companies making more than 1 billion euros. The measure was already reported in the press but the new piece of information is that the initial year's tax surcharge would be based on 2024's earnings, analysts write. "Stock-level impacts range from immaterial to >10% of 2024 estimated earnings, with the highest French sector impacts to [aerospace and defense], food retail, luxury, transport, and construction," they calculate. The blue chip index's free-float market-cap-weighted revenue exposure to domestic France is only 14.2%, they add. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
October 11, 2024 07:28 ET (11:28 GMT)
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