What’s would be the real result of a new millionaire tax in New York City? Billionaire Bill Ackman, founder and CEO of Pershing Square Capital Management, suggests the answer is that wealthy taxpayers will flee. In a post on X (formerly Twitter), Ackman lamented Zohran Mamdani’s Democratic primary win in the New York City mayoral race, by stating, “New York City under Mamdani is about to become much more dangerous and economically unviable.” Ackman’s post, which has garnered more than four million views, was a direct response to Mamdani’s surprise Democratic primary win in the Big Apple. The 33-year-old Democrat garnered…

Key News Asian equities closed mixed, as Japan and India outperformed and the US dollar weakened overnight. Hong Kong’s four-day winning streak and Mainland China’s three-day winning streak both came to an end with profit taking overnight. Both markets bounced around the room on volumes that were well above their 1-year averages. It was very interesting that Southbound Stock Connect volumes accounted for 64% of turnover in Hong Kong today. I can’t recall a percentage that high, as Mainland investors poured $673 million into Hong Kong-listed stocks and ETFs, net of selling. Does the high Connect percentage indicate a lack…