Forecasts revisions, US closing again, Novavax
Yesterday, the financial markets were relatively calm. In the morning, the euro was under pressure. The reason was the revision of forecasts for the Eurozone economy by the European Commission. Traditionally, for the last time, the revise goes for the worse: a reduction of 8.7% is expected.
It is difficult to disagree with these forecasts, especially if you look at the statistics on industrial production in Germany, also published yesterday. With forecasts of industrial production growth in May by 11.1% m / m, the fact of growth was only 7.8% m / m. Why is it bad? Well, because this is a figure relative to last month, when the fall was 17.5%. If you look at what is happening relative to the same period last year, we have a decline of almost 20% (!). This is about the quick recovery of the economy (Germany in May actively reopened).
Meanwhile, more cities and the United States are turning off plans for re-opening and closing again. Yes, so far we are not talking about a complete lockdown, but the restrictions are increasing every day. There are enough reasons for this: the number of cases is close to 3 million people, and the new daily cases are above 55K. At the same time, an increase in the number of cases is observed in 41 US states.
Against this background, the statements by the head of the Atlanta Federal Reserve Bank that the US economic recovery is in trouble look more than logical and appropriate.
Novavax pulled out a lucky ticket in the form of a reward from the US Government in the amount of $ 1.6 billion for the development and manufacture of the vaccine. The government wants to see the result in the form of an established production process by January. This is a question about the timing when the vaccine may appear on the shelves.
The rally in the Chinese stock market continues, as, indeed, the rampant growth of Tesla shares. Well, the harder they would fall.
It is difficult to disagree with these forecasts, especially if you look at the statistics on industrial production in Germany, also published yesterday. With forecasts of industrial production growth in May by 11.1% m / m, the fact of growth was only 7.8% m / m. Why is it bad? Well, because this is a figure relative to last month, when the fall was 17.5%. If you look at what is happening relative to the same period last year, we have a decline of almost 20% (!). This is about the quick recovery of the economy (Germany in May actively reopened).
Meanwhile, more cities and the United States are turning off plans for re-opening and closing again. Yes, so far we are not talking about a complete lockdown, but the restrictions are increasing every day. There are enough reasons for this: the number of cases is close to 3 million people, and the new daily cases are above 55K. At the same time, an increase in the number of cases is observed in 41 US states.
Against this background, the statements by the head of the Atlanta Federal Reserve Bank that the US economic recovery is in trouble look more than logical and appropriate.
Novavax pulled out a lucky ticket in the form of a reward from the US Government in the amount of $ 1.6 billion for the development and manufacture of the vaccine. The government wants to see the result in the form of an established production process by January. This is a question about the timing when the vaccine may appear on the shelves.
The rally in the Chinese stock market continues, as, indeed, the rampant growth of Tesla shares. Well, the harder they would fall.
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