- Worldwide coronavirus cases surpass 128.777 million with over 2.814 million official deaths
- BNP expects global growth to increase from 5.6% to 6.1% this year, as vaccinations support GDP forecasts
- Fourth quarter US GDP predictions look to be “pie in the sky” talk from the IHS at the moment. January’s forecast of 4% for the fourth quarter has been adjusted to 6.3% after a 1.9T economic relief package and over 100M coronavirus vaccines administered. if this updated prediction comes true this would mark the fastest fourth quarter – fourth quarter jump since 1983, sure the relief package and possibly more relief in the pipeline has and will create more growth- but really 6.3% more?
- Archegos Capital or should I say Bill Hwang is behind the massive selling of a handful of stocks including ViacomCBS. He has been forced to sell out of his long 15-20B dollar position, making the liquidation one of the largest in history. Hwang and his company Archegos Capital Management is now at the centre of one of the world’s biggest margin calls after Hwang has been trading at dangerously risky margin levels. After many of his stocks were sold by major banks the stock prices had plummeted in recent days.
- The Suez Canal which has been blocked off by a Japanese container ship has been re floated and the Canal reopened
- Japan’s Kuroda has been on the wires talking up Japan’s economy saying it’s close to bottoming out.
- A former RBA board member has publicly said he expects the AUD/USD to trade to 0.8000 in the coming weeks/months which indicates more bond buying for quite some time.