China Struggling To Recover From Covid-19

Market Overview

Year To Date Performances:

1. China continues to struggle to recover from Covid 19. Five months ago, President Xi Jinping announced China's triumph over Covid, setting the stage for a robust economic rebound. However, this recovery is yet to kick into gear as China grapples with stagnant growth. In response to these economic challenges, China's central bank initiated a series of interest rate cuts this week, and the Beijing government is now contemplating fiscal stimulus actions. Options under consideration include ramping up infrastructure spending, introducing incentives to stimulate consumption, and easing regulations in the property sector to stimulate investment.

2. Retail sales in the US are rising which is a positive sign for the health of the economy. Despite significant uncertainty in the market consumers continue to spend big with sales up 0.3%. Core sales were up 0.4%. The continued strength of the retail and labour markets is complicating the Federal Reserve’s fight against inflation.

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4. Headlines

   1. Alphabet is selling Google Domains to Squarespace. The deal is estimated to be worth $180M.

   2. Binance is cutting its staff and exiting markets like the Netherlands as it saves funds to fight regulators.

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