May 2024
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May 30
It’s global. From developed to underdeveloped nations, economies are slowing down and/or contracting. Many businesses, banks and especially vehicle makers continue to announce job cuts as demand slows.
Experts say, investment in local economies is the long term answer to jobs.
May 28
COPPER FUTURES PRICES SET RECORD On 15 May, the price of copper for July delivery in New York shot past $5 a pound, or more than $10,000 a ton, gaining 11 percent over just the previous week to set a record on U.S. markets.
May 24
Around the world, lawmakers & regulators are setting new fees and taxes on electric vehicles to make up for the loss of taxes on gasoline & diesel fuel as more drivers opt for electric mobility Measures include road use fees, registration fees, & taxes at public charging stations.
May 22
The Daily Mail reported that the largest office building in Fort Worth, Texas sold at a foreclosure auction for $12.3M just three years after it was sold for more than $137.5M. The report said alongside “Texas, other states have also seen an increase in commercial foreclosures.”
May 20
World Debt in this year’s first quarter, nations took on another $1.3 trillion in debt, pushing the worldwide total to $315 trillion, the Institute of International Finance reported.
The figure is $55 trillion more than in 2014. New borrowing was led by China, Mexico, & India.
May 16
EUROPE’S CARMAKERS REPORT FALLING SALES, REVENUE, AND PROFITS.
Stellantis, the conglomerate that owns Alfa Romeo, Dodge RAM, Fiat, and Peugeot, among other vehicle brands, posted first-quarter revenue below expectations after its sales shrank across Europe.
May 14
Shipping giant AP Moeller-Maersk reported a sharp drop in first-quarter profits due to continued attacks on freighters in and near the Red Sea by Yemen’s Houthi militants in support of Hamas in its war with Israel.
May 9
Microsoft has said it will spend $14 billion a quarter on property and equipment in response to demand for its AI and cloud services.
Investors were cheered; the company’s share price rose from $390 at the end of April to almost $407 on 3 May.
The Israeli #economy lost an estimated $56 billion to its current conflict in Gaza over the last six months—straining an already fragile economy that faces a budget deficit and unprecedented increase in public debt.
Israeli economy facing collapse experts says.
Should you be preparing for continuing volatility in the markets? many market experts think so and warn of a possible black swan event in the coming months.
A new poll finds that the people of Sweden are REJECTING the cashless agenda, with a major reason being FREEDOM.
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May 31
Gold’s price has rocketed up 33 percent since 2023 began, recently topping $2,450 an ounce last week.
The big buyers have been central banks, grabbing about 2,200 tons, valued at around $170 billion at current prices, since the third quarter of 2022, according to the (WGC).
May 29
IMF warned last week that the western push to confiscate Russian assets or the interest on these funds could dramatically undermine the global monetary system.
The U.S. State Department posted on X that Congress has given the department power to “seize Russian assets” in the U.S.
May 27
An old technology called “magnetization switching” could cut computers’ electricity consumption a thousand fold, developers say.
Using magnetic fields to store data as ones and zeros in computer memories is widely known to be much more power-efficient than using transistors.
May 23
On May 7th, a Russian court allowed the seizure of €12.4 million, remaining in Russia & belonging to a partnership of JPMorgan & Commerzbank.
The court suit was brought by Transkapitalbank, a Russian lender that came under Western sanctions after Russia's invasion of Ukraine.
May 21
Sweden’s Riksbank cut a quarter of a percentage point from its key interest rate, dropping the rate to 3.75%. It was the first time this century the bank has cut its rate before the U.S. Federal Reserve did.
The Czech, Hungarian & Swiss national banks had cut their rates earlier.
May 17
German luxury clothier Hugo Boss reported a first-quarter net profit of €38 million, beating analysts’ expectation of €36 million.
Gross profit rose 5 % and operating profit by 6 %, year on year. The company has focused on cutting costs while revamping its product line.
May 15
In April, a robust services sector more than outweighed a deepening slump in manufacturing in Europe. A strong dollar promises a good summer tourist season.
However, manufacturing’s slump will continue, dragging the region’s economy back down when tourists go home in Autumn - TJ
May 13
In April, the BoE told commercial lenders to stress-test their exposure to the $8-trillion private equity industry (PE) to ensure the lenders are insulated from risks PE might pose to the larger economy.
FCA, is “not yet convinced” the risk is systemic or merits special concern.
May 10
Compensation packages for CEOs of S&P 500 grew 9% this year compared to last,while average worker pay is up 4.2%,ISS reported.
The average chief executive is now paid $15.7M. About $1.3M is in cash,2.8% more than in 2023. However, compensation in stock jumped 10% to more than $12M
The global #economy will expand by 3.2 % this year, due largely to the U.S. economy’s resilience, the International Monetary Fund (IMF) said in its new World Economic Outlook report.
The outlook is brighter than last autumn when the IMF foresaw global growth at 2.9 % in 2024.
Experts say, there are two key signs to watch to determine the strength & durability of China’s recovery the real estate market and the consumer economy.
Until those both show steady recovery over a period of several months, China’s economy will not be poised for sustained growth.
India in 2025 will overtake Japan in nominal GDP and become the 4th largest economy in the world with a GDP of $4.34 trillion. (IMF)