Musk's Swing, Japan GDP and China Retail Sales
Traditionally, the most interesting thing in the financial markets happened yesterday in the cryptocurrency market. Elon Musk continued to mock its members. Monday kicked off with massive crypto sales amid information that Tesla may have sold all of its Bitcoins. True, on Monday, Musk said that the company had not sold a token. But his words raised little confidence, because Bitcoin continued to trade below 45K. Common sense suggests that it is unlikely that a person sitting on 1.5 billion in bitcoins will actively contribute to reducing their value.
And in general, the general fundamental background is not so that it contributes to the growth of demand for risky assets. That is, they already habitually continued to buy them (see the dynamics of stock markets), but the data on Japan's GDP and retail sales in China reminded the markets that it is not worth trying too early to discount for something that does not yet exist and may not exist (meaning record economic growth rates).
China has, as usual, demonstrated double-digit growth rates of retail sales in the country. It would seem a success, but analysts expected growth by almost 25%, but in fact it turned out to be 17.7%.
Well, Japan once again reminded that the first quarter for the world economy as a whole turned out to be a very disastrous one. Despite all those trillions of incentives, both fiscal and monetary, the country's GDP at the end of the 2020 fiscal year decreased by 5.1% (experts had expected a decline of 4.6%). In relation to the previous quarter, GDP also showed a decline and also turned out to be worse than analysts' estimates.
Meanwhile, the pandemic in India continues to rage and demand for oil in the country, one of the largest oil consumers in the world, continues to fall. Automotive fuel sales in the period from May 1 to May 15 fell by a fifth compared to the previous month and by about 28% compared to the same period in 2019. So the current $ 70 a barrel of Brent oil is a bit too much. This means that the asset can be sold.
And in general, the general fundamental background is not so that it contributes to the growth of demand for risky assets. That is, they already habitually continued to buy them (see the dynamics of stock markets), but the data on Japan's GDP and retail sales in China reminded the markets that it is not worth trying too early to discount for something that does not yet exist and may not exist (meaning record economic growth rates).
China has, as usual, demonstrated double-digit growth rates of retail sales in the country. It would seem a success, but analysts expected growth by almost 25%, but in fact it turned out to be 17.7%.
Well, Japan once again reminded that the first quarter for the world economy as a whole turned out to be a very disastrous one. Despite all those trillions of incentives, both fiscal and monetary, the country's GDP at the end of the 2020 fiscal year decreased by 5.1% (experts had expected a decline of 4.6%). In relation to the previous quarter, GDP also showed a decline and also turned out to be worse than analysts' estimates.
Meanwhile, the pandemic in India continues to rage and demand for oil in the country, one of the largest oil consumers in the world, continues to fall. Automotive fuel sales in the period from May 1 to May 15 fell by a fifth compared to the previous month and by about 28% compared to the same period in 2019. So the current $ 70 a barrel of Brent oil is a bit too much. This means that the asset can be sold.
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