Markets & Industries
JPMorgan states fair value of Bitcoin - 02/10/2022
JPMorgan strategists estimated the fair value of Bitcoin at $38,000. This is 14% less than the cryptocurrency's current market price. Strategists at investment bank JPMorgan Chase estimated the fair value of Bitcoin at $38,000, Bloomberg reports. In calculating the fair value of Bitcoin, they assumed that it is about four times more volatile than gold, Bloomberg wrote, citing a research note it...
Aluminum price hits its highest since 2008 - 02/09/2022
The price of aluminum in trading on the London Metal Exchange (LME) rose by 3.3% to 3.236 thousand dollars per ton, which is the highest since 2008, according to Bloomberg. Thus, metal prices have surpassed their October peak and are now closer to their historic high, which, as the agency points out, is $3.38 per ton. The rise in the cost of commodities such as industrial metals, gas and oil in...
China expects low inflation in 2022, counts on rising rates abroad - 02/07/2022
China expects low inflation in 2022, counting on monetary tightening in other countries to slow the rise in commodity prices. Inflation in China was 0.9% last year. China's inflation will remain low in 2022 if monetary policy changes in other countries dampen the rise in global commodity prices, Bloomberg reported, citing an official statement from China's National Development and Reform...
Study: Developing-country zoomers and millennials prove to be the most conscious shoppers - 02/03/2022
According to a study by Credit Suisse, emerging-market zoomers and millennials are more likely to choose environmentally friendly and sustainable products than young shoppers from developed countries. A new study by Credit Suisse has found that millennials and zoomers from emerging economies are buying sustainable products more often than young people in developed countries. According to the...
Goldman Sachs: OPEC+ may accelerate oil production due to higher prices - 02/02/2022
Oil at $90 a barrel could encourage OPEC+ to step up production, Goldman Sachs analysts say. The price of oil at $90 a barrel may lead to an acceleration of production by OPEC+ countries, said Goldman Sachs analysts. This is reported by Bloomberg. In their view, such a decision of the alliance will lead to a short-term jump in oil prices. However, Goldman Sachs notes that despite the rise in...
IMF warns of risk of destabilising emerging economies due to cryptocurrencies - 02/01/2022
Sharp fluctuations in the value of cryptocurrencies threaten to destabilise developing economies, an IMF official has warned. Earlier, the organization called on El Salvador to refuse to stop recognizing Bitcoin as a means of payment, calling it a major obstacle to the allocation of a $1.3 billion loan to the country. The sharp fluctuations in the price of cryptocurrencies can destabilize the...
Counterfeiting of euro banknotes hits the lowest in 2021 - 01/31/2022
The number of detections of counterfeit euro banknotes last year was the lowest in the history of the currency, the European Central Bank (ECB) said. "In 2021, 347,000 counterfeit euro banknotes were withdrawn from circulation, a historically low level relative to the number of banknotes in circulation... For every 1 million genuine banknotes in circulation, 12 counterfeits were detected," it...
Experts wait for record increase in global renewable energy capacity - 01/27/2022
Installed capacity of renewable energy (RE) power plants will increase by 295 GW in 2022, marking a record second consecutive year of growth, according to the World Economic Outlook 2022 by international consultancy PwC. Experts noted that in 2022 a third of the world's electricity could come from renewable sources, while coal consumption will continue to decline. "Capacity projections suggest...
US new home sales rise better than forecast in December - 01/27/2022
New home sales in the US rose 11.9% in December from the revised November figure to 811,000, data from the US Commerce Department's Census Bureau showed. Analysts polled by DailyFX expected the figure to rise to 760,000 from the previous month's initial level of 744,000. The November figure was revised up to 725,000. Compared to December 2020, when sales stood at 943,000, the month under review...
Global steel production up 3.6% in 2021 - 01/26/2022
Global steel production in 2021 was 1.912 billion tonnes, up 3.6% from 2020, according to the World Steel Association (WSA). CIS countries, according to preliminary data, increased steel output by 5.6% to 105.6 million tonnes. The EU countries produced 152.5 million tonnes of steel (up 15.4%), including Germany with 40.1 million (up 12.3%). The remaining European countries increased steel output...
