🚀 IMF Raises Chinese Economic Outlook

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Year To Date Performances:

1. The International Monetary Fund (IMF) has raised its 2024 growth forecast for China to 5%, up from 4.6%, citing strong first-quarter performance and recent policy measures. The IMF projects China's growth will slow to 4.5% in 2025 and further decelerate to 3.3% by 2029 due to an aging population and declining productivity growth. This revision follows China's better-than-expected 5.3% growth in Q1, driven by strong exports despite sluggish consumer spending. Recent government measures to support the struggling real estate sector, including easing mortgage rates, were welcomed by the IMF but more comprehensive actions were recommended. IMF's First Deputy Managing Director, Gita Gopinath, emphasized the need for structural reforms and policies to support domestic demand and high-quality growth. During her visit to China, Gopinath met with key financial officials to discuss these issues, while Chinese President Xi Jinping highlighted the importance of promoting high-quality employment, particularly for young people and recent graduates.

2. Shares of U.S. Cellular surged over 12% on Tuesday following T-Mobile's announcement of its $4.4 billion acquisition deal, which includes most of U.S. Cellular’s stores, spectrum assets, and customers. The deal comprises cash and up to $2 billion of debt, with an additional $100 million contingent on certain financial and operational metrics being met before closing. T-Mobile shares also rose, hitting an intraday high. T-Mobile will acquire 30% of U.S. Cellular’s spectrum to enhance rural coverage and connectivity, while U.S. Cellular retains 70% of its spectrum and towers, leasing space on at least 2,100 towers to T-Mobile. This agreement ensures U.S. Cellular customers can maintain their current plans or switch to T-Mobile plans, with U.S. Cellular retaining a strong tenant for 15 years post-deal. The transaction, expected to close by mid-2025, follows T-Mobile's recent acquisition of Mint Mobile's parent company and its 2020 merger with Sprint.

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4. Headlines

   1. Ryan Salame, the top lieutenant to Sam Bankman-Fried at FTX has been sentenced to 7.5 years in jail.

   2. Hubspot shares are rising on the news that Google has discussed acquiring the company.

   _{* This is sponsored content.}

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