0930 GMT - The implication of the French budget for the country's financial companies are likely to be benign, JP Morgan says in a research note after France's Prime Minister unveiled his plan to tame the deficit. The impact on French financials from the tax surcharge for large corporates would be limited given infrastructure costs are booked in the French entity, meaning that the taxable income base is low. They would only contribute to 0.9 billion euros out of the 8 billion euro target, analysts say. The impact from the tax on share buybacks would only amount to a few millions given extremely low par value of the shares, they add. The taxes on the wealthiest incomes could negatively affect investor sentiment but asset manager Amundi shouldn't be too exposed given its retail network distribution channel, they note. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
October 11, 2024 05:30 ET (09:30 GMT)
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