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SolarEdge ran past a 298.91 buy point on a big day for solar stocks. Tried to break out Friday, unable to close above that official entry, but did move above a downward-sloping trend line.
SolarEdge ran past a 298.91 buy point on a big day for solar stocks. Tried to break out Friday, unable to close above that official entry, but did move above a downward-sloping trend line.
(Bloomberg) -- Zimbabwe is considering penalizing domestic banks, telecommunications operators and other businesses over what the government describes as profiteering off the hard currency it makes available at auctions.Lenders could face fines and suspensions, while companies that charge a premium for foreign exchange may be banned from participating in the auctions, central bank Governor John Mangudya said in a phone interview from the capital, Harare.“All the malpractices will be targeted,” he said. “There’s no need to chase foreign currency as if it will run out.”President Emmerson Mnangagwa on Monday threatened unspecified actions against “sharks in the financial sector,” according to the state-owned Herald newspaper, which said unidentified entities are profiteering at the public’s expense. The president’s comments were made during a wide-ranging interview he gave to state-owned television that will be aired on April 17 on the eve of Independence Day celebrations, the paper said.Exchange ClosedMnangagwa has previously issued warnings to private companies he blames for undermining his efforts to turn around an economy plagued by annual inflation of 241% and foreign-currency shortages.Last year, his government closed the Zimbabwe Stock Exchange for five weeks and singled out the largest mobile operator, Econet Wireless Zimbabwe Ltd., for undermining the nation’s currency through its mobile-money service. Econet denied the allegations.The impending action is an attempt to prevent manipulation of the foreign-currency auction system, according to the Herald. The system has provided over $800 million to companies since its introduction in June, though high demand for U.S. dollars by importers means that there is only a limited supply.Monetary authorities met with the Bankers Association of Zimbabwe on April 12 to discuss “due diligence and know-your-customer requirements” in order to ensure economic stability, Mangudya said.Ralph Watungwa, president of the Banker’s Association of Zimbabwe, didn’t immediately answer two calls to his mobile phone seeking comment.Zimbabwe reintroduced its own currency in 2019 after a 10-year hiatus and has been battling bouts of high inflation and shortages of everything from foreign currency to food. The local unit, which was pegged at parity to the U.S. dollar as recently as February 2019, has plunged to 84 per U.S. dollar.The gap between the official exchange rate and parallel market has widened by 36%, with a U.S. dollar selling for 115 Zimbabwean dollars on the streets of Harare.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China’s economy strengthened in the first quarter of the year as consumer spending rose more than expected, putting it on course to join the U.S. as twin engines for a global recovery in 2021.Gross domestic product climbed 18.3% in the first quarter from a year earlier, largely in line with the 18.5% predicted in a Bloomberg survey of economists, though that record-breaking figure was mainly due to comparisons with a year ago when much of the economy was shut due to coronavirus. Retail sales beat expectations while industrial output growth moderated.The latest data puts China on course to grow well above its annual target of more than 6%, supporting the view that China and the U.S., where economists predict 6.2% growth, will both outperform other major nations this year. China’s recovery hasn’t yet plateaued after it became the first major economy to contain the spread of coronavirus and return to growth, with GDP rising 0.6% in the first three months of 2021 from the previous quarter.How Much of China’s GDP Was Made in America?: Daniel MossThe recovery last year was led by strong investment in real estate and infrastructure spurring demand for industrial goods, while overseas orders for medical goods and electronic devices fueled exports. Consumer spending had lagged, but the latest figures showed a turnaround. Retail sales growth was 6.3% in March when calculated on a two-year average growth basis -- which removes distortions created by last year’s lockdowns -- up sharply from the rates seen last year.“We are seeing a bit more balanced recovery in the Chinese economy,” Wang Tao, chief China economist at UBS AG, said in an interview with Bloomberg TV. “That early pickup in construction industry is going to give way to more household consumption,” she added. Consumer spending at restaurants and sales of discretionary goods such as jewelry, alcohol and tobacco led the growth of retail sales in March.The economy was also boosted by a jump in investment from overseas. Inbound investment into China rose almost 40% to $45 billion in the first three months of 2021, according to data from the Ministry of Commerce released Thursday. That was the highest for that period in comparable data back to 2002.Markets were choppy following the data release but ended the day little changed, with the benchmark CSI 300 Index paring an earlier loss of as much as 0.6% to finish up 0.35% for the day. The yield on benchmark 10-year sovereign debt fell slightly to 3.16%. The onshore yuan was unchanged on the day at 6.5226 per dollar.Broadening out the recovery remains a work in progress with growth in the first quarter still reliant on the property sector. Fixed-asset investment in real estate rose 7.6% on a two-year average growth basis and infrastructure spending increased roughly in-line with pre-pandemic rates. Quarterly steel production of 271 million tons suggests that annual output is on course to top 1 billion tons for the second year running.What Bloomberg Economics Says...The undershoot in GDP growth relative to expectations and lopsided nature of the recovery do not warrant any economy-wide shift in monetary policy, in our view.Looking forward, production is poised to start peaking, while demand should pick up further. This should add more balance in what looks to be a steady recovery ahead.Chang Shu, chief Asia economistFor full report, click hereAlthough Beijing has promised “no sharp turns” in monetary and fiscal support this year, some prominent economists have warned that premature tightening could still put the recovery at risk. The central bank has asked banks to curtail loan growth in coming months as it seeks to control credit to curb asset bubbles. Alongside the investment data, data showing home prices grew at the fastest pace in seven months in March will likely prompt more action by Chinese policy makers to rein in the sector.“Considering the robust recovery, we certainly do not expect Beijing to step up easing measures, but it is also unlikely to make a sharp shift in its policy stance,” Nomura economists led by Lu Ting wrote in a note. Authorities have learned lessons from a “forceful deleveraging campaign” in 2017-18, which led to bond defaults, a stock market selloff and weaker growth, they said.The statistics bureau said Friday inflation is expected to remain in a moderate range this year, and while rising commodity costs could boost domestic prices, there’s no basis for prices in upstream sectors to rise significantly.“The economy is far from overheating,” said Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong Ltd. “The consumer sector doesn’t have a solid basis for overheating, and I don’t think the central bank will take a faster turn for monetary policy.”Bloomberg Economics forecasts global GDP growth of 6.9% in 2021, rapid enough to bring output substantially back onto its pre-Covid path. Data released Thursday showed the U.S. economy’s comeback is firing on all cylinders, with retail sales exceeding pre-pandemic levels in all categories except restaurants. Production at U.S. factories increased in March by the most in eight months.China has rapidly accelerated its vaccination campaign over the past month in a move that should help bolster spending on services. A recovery in major economies fueled by vaccine roll-outs and the Biden administration’s massive fiscal stimulus is expected to sustain rapid growth in Chinese exports this year.Economists have upgraded their forecasts for China’s growth in recent days: Bloomberg Economics expects 9.3% expansion, ING Groep NV economist Iris Pang predicts 8.6% and Nomura sees 8.9%.“We expect the economy to continue to gain momentum in the second quarter, with a rotation in terms of the drivers of growth compared to last year,” said Louis Kuijs, head of Asia Economics at Oxford Economics Ltd. in Hong Kong. “Less generous fiscal and monetary policy will weigh on infrastructure and real estate investment, while improved profitability and confidence should buoy corporate investment and consumption.”(Updates with foreign investment data.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- British industrialist Sanjeev Gupta’s companies seemed to be prospering until his main lender, Greensill Capital, imploded last month. But long before Greensill collapsed, several banks had cut off the commodity trading business of Gupta’s Liberty House Group.Four banks stopped working with Gupta’s commodity trading business, starting in 2016, after they became concerned about what they perceived to be problems in bills of lading – shipping receipts that give the holder the right to take possession of a cargo – or other paperwork provided by Liberty, according to interviews with 18 people directly involved in the trades, as well as internal communications seen by Bloomberg News. The banks include Sberbank PJSC, Macquarie Group Ltd., Commonwealth Bank of Australia and ICBC Standard Bank. Goldman Sachs Group Inc. also stopped working with Gupta’s companies around that time.In 2018, Sberbank sent a team to scour the brightly colored containers stacked in the port of Rotterdam, looking for the ones full of nickel that the bank had financed on behalf of Liberty. Yet each time investigators located one of the containers, they found it had already been emptied, according to two people involved in the matter. After checking about 10 of them, they gave up, the people said. Sberbank confronted Gupta at a meeting weeks later. He promised that his company would pay back the roughly $100 million it owed, the people said.“At some point certain discrepancies were spotted within documentation and logistical data, which made Sberbank discontinue all operations with the company,” the bank said in an emailed statement. “The issue was settled in pre-trial format. Thanks to the existing control systems, we incurred no financial losses through these operations and managed to unwind all transactions in the spring of 2019.”GFG Alliance, which is made up of the companies controlled by Gupta and his family, including Liberty, said in an emailed statement sent by a spokesman that it refutes any suggestion of wrongdoing.“An internal investigation was conducted in 2019 by Liberty Commodities Limited (LCL)’s external legal advisors following enquiries regarding alleged rumours of double pledging,” GFG Alliance said in the statement. “The investigation found no evidence to substantiate the rumours, nor was LCL ever subject to further complaints or proceedings.”Double pledging is the practice of improperly raising funds more than once using the same collateral. As several banks dropped Gupta’s commodity trading unit, GFG Alliance came to rely more on Greensill Capital for loans – ultimately racking up debts of nearly $5 billion to Lex Greensill’s trade finance company by March 2021, according to a presentation seen by Bloomberg News. Gupta’s commodity trading business alone has $1.04 billion of debt, of which $846 million is owed to Greensill, according to the presentation. “LCL has ongoing banking relationships with separate financial institutions,” GFG Alliance said in the statement. “Its reliance on Greensill was a natural consequence of the competitive nature of the trade finance market, which has been hugely challenging for all but the very largest commodities traders in recent years.”Now, with Greensill in insolvency and its German subsidiary under a criminal complaint after the regulator said it found irregularities in how the banking unit booked assets tied to GFG Alliance, Gupta is trying to find new financing. But it’s been tough. After Gupta searched for would-be financial backers for weeks, Credit Suisse Group AG – which became a major lender to Gupta’s companies by buying debt packaged by Greensill – moved last month to push Liberty Commodities Ltd. into insolvency. Gupta said in interviews on BBC Radio 4 and Sky News on April 1 that the action made no sense and that he’d litigate it if needed.Lending RisksTraders in the world of commodities have long relied on banks to help finance the flow of goods on their journey from origin to destination. From the banks’ point of view, this type of financing is generally considered low risk. Should the trader run into financial difficulties, the bank can seize its collateral – the cargo – and easily recoup its money. That holds true so long as the shipping paperwork used, such as a bill of lading, is accurate.ICBC Standard Bank stopped financing Liberty’s commodity trading unit by early 2016, after discovering it had presented the bank with what seemed to be duplicate bills of lading, according to two people with direct knowledge of the matter. Commonwealth Bank of Australia pulled the plug on lending to Gupta’s trading business the same year after the bank financed a cargo of metal for Liberty, only to be presented with what appeared to be the same bill of lading a short time later by another trader seeking a loan, according to three people directly involved.Then, in late 2016, Goldman Sachs, which had extended a credit line of about $20 million to Liberty to finance its nickel trade, stopped dealing with Gupta’s trading company after being warned of alleged paperwork problems by a contact in the warehousing industry, according to three people familiar with the matter.Spokespeople for Goldman Sachs, Commonwealth Bank of Australia and ICBC Standard Bank all declined to comment.“No financial institution has been left out of pocket as a result of lending money to LCL,” GFG Alliance said in the statement, referring to Liberty Commodities Ltd. “On the contrary, they have received substantial commercial returns.”By 2016, Liberty had already become one of the world’s largest traders of nickel, according to an interview with Gupta in Metal Bulletin. Still, Liberty’s containers of nickel would sometimes take an unusually long time to travel between Europe and Asia – instead of the normal sailing time of about one month, the voyage would take several months, stopping off at ports along the way for weeks at a time, six people said.Metals trader Red Kite Capital Management, which also cut ties with Liberty, did so because it had become “uncomfortable” with some of the trades, said Michael Farmer, the company’s founder who is also a member of the U.K’s House of Lords. “It was difficult to work out the commercial sense of some of the shipments, which resulted in our decision to err on the side of caution and discontinue such trades,” said Farmer, who is one of the world’s best-known metal traders. “We had no proof of any misdoings.”Savior of SteelGupta was born in Punjab, India, the son of a bicycle manufacturer. He moved to the U.K. as a teenager to attend boarding school and set up Liberty House, his commodities trading business, in 1992 while he was still an undergraduate student at Trinity College, Cambridge. He first hit the headlines in Britain in 2013 when he bought a troubled steel mill in Newport, South Wales, and restarted production at a time when many other steel plants were being closed down. He went on to buy a string of other struggling steelworks, earning him the nickname “the savior of steel.”Gupta’s GFG Alliance isn’t a consolidated group, but a loose conglomerate of more than 200 different entities. The common thread running through both sides of his business, according to six former employees, was a chronic shortage of cash and intense pressure to find new ways to generate financing.On the industrial side of the business, that meant buying one asset after another in rapid succession, including unloved aluminum and steel plants in Yorkshire, England, northern France and South Australia, then borrowing against the business’s own inventory, equipment and customer invoices, often from Greensill.On the trading side of the business, that often meant nickel. Used as an alloying element in the production of stainless steel, nickel is among metals deliverable on the London Metal Exchange, which means that its price can easily be hedged and that banks are usually willing to lend against it; and nickel is expensive, meaning a relatively small amount of space in a ship can hold a valuable cache of metal.The commodity trading business grew rapidly. Revenue rose to $8.41 billion in the 15 months to March 2019, from $1.67 billion in 2012, according to the accounts of Liberty Commodities Group Pte, a Singapore holding company for the trading operations.Delayed DeliveryMacquarie became concerned about the paperwork underpinning some of Liberty’s trades some four years ago, according to four people with direct knowledge of the events as well as written communications seen by Bloomberg News.In one instance, the bank realized that nickel that it was supposed to have received in Antwerp, according to the shipping documentation, wasn’t at the port, according to two people. Liberty eventually delivered the nickel to Macquarie, but at a different port and about two weeks later than was listed in the paperwork.It wasn’t the only time Macquarie’s team had discovered discrepancies in Liberty’s paperwork, the people said.At a meeting in Macquarie’s London offices, executives from the bank grilled Gupta and his top lieutenants about the inner workings of the commodity trading business, three of the people said. Macquarie remained unsatisfied with the explanations, and by mid-2017, the bank had made the decision to stop all financing for Liberty, the people said.A spokesman for Macquarie declined to comment on the matter.After that banking relationship ended in acrimony, Gupta’s companies turned to Sberbank. When that link, too, soured, they became even more reliant on Greensill.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Euro zone politicians, courts and policy hawks will pose a stiff challenge this year to the ECB's resolve to pin down the bloc's borrowing costs, precisely at a time when higher U.S. Treasury yields are tempting investors away from European markets. The European Central Bank has held sovereign debt yields low through bond purchases, and recently increased buying in its 1.85 trillion-euro ($2.22 trillion) emergency stimulus scheme, known as PEPP. And it is no longer battling alone to support the euro economy, as the pandemic induced governments to spend more and to create an 800 billion-euro Recovery Fund, seeded by joint European Union borrowing.
(Reuters) -The S&P 500 and the Dow posted fresh highs on Friday as investors pushed the benchmark indexes toward weekly gains on the back of strong economic data, falling Treasury yields and positive earnings from big U.S. banks. Information technology was one of the laggards, off 0.1% after closing at a record high the previous day, while the energy index dipped 0.6% on oil prices slipping. The S&P 500 and the blue-chip Dow Jones Industrial Average are on course for their fourth straight week of gains, while the technology-heavy Nasdaq is less than a percent below its own all-time closing high achieved on Feb. 12.
Stocks traded mixed Wednesday afternoon, with traders digesting a slew of earnings results from big banks that largely topped expectations. The Dow set a fresh record high as shares of Goldman Sachs advanced after the company reported better-than-expected quarterly results.
Stocks traded higher Friday in another record-setting day on Wall Street, with a batch of stronger-than-expected economic data and corporate earnings results helping fuel a risk rally.
(Bloomberg) -- Russian markets trimmed losses as investors speculated that the impact of long-awaited U.S. debt sanctions would be milder than feared.Benchmark ruble bonds pared declines, leaving the yield up the most since September. The White House barred U.S. financial institutions from buying new Russian bonds, a step that potentially leaves the secondary market unaffected. The ruble and stocks also clawed back losses.The growing threat of bond sanctions had been weighing on investor confidence in Russia for months and Thursday’s announcement came after a massive troop buildup on the border with Ukraine. JPMorgan Chase & Co. cited Russia’s spiraling tensions with the West as one of the reasons for cutting its recommendation on emerging-market currencies to underweight.“Some of the uncertainty has gone,” said Dmitry Polevoy, an analyst at Locko-Invest. “Ultimately, it all depends how it’s interpreted by the compliance departments of U.S. banks and, more importantly, investors in other jurisdictions.”A senior Russian official, speaking on condition of anonymity to discuss matters that aren’t public, called the new debt restrictions the least painful option since they don’t affect the secondary market.Despite a sharp selloff when markets opened in Moscow, the ruble and local bonds are still stronger in the week. Markets rallied after U.S. President Joe Biden proposed a face-to-face meeting in a phone call with Russia’s Vladimir Putin on Tuesday.Russian officials have long said debt curbs won’t seriously hurt the government’s ability to fund itself as local banks and non-U.S. investors could step in to replace those forced to sell. State lender VTB Bank PJSC bought more than 70% of the local notes on offer in Wednesday’s debt sales, which saw a record placement equivalent to almost $3 billion.Foreigners now hold about a fifth of the so-called OFZ debt, worth roughly $37 billion.By targeting the primary market for government ruble debt, the U.S. has found “a way to test the waters,” said Elina Ribakova, deputy chief economist at the Institute of International Finance in Washington.“There is a lot of plumbing we do not understand, so even if there is a plan to move to the secondary market, one wants to do so gradually”Market Snapshot:Yields on Russia’s 10-year ruble bonds were up 13 basis points at 7.17% as of 4:31 p.m. in Moscow, set for the biggest increase since SeptemberThe ruble traded 0.9% weaker at 76.5350, paring a drop of as much as 2.1%Russia’s benchmark MOEX stock index retreated 0.7%For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
In a new interview, BNY Mellon Wealth Management CEO Catherine Keating tamped down concern about inflation, saying the price hikes will be temporary. She pointed to two trends that predate the pandemic: an aging population and rising debt.
Citibank has hinted there won't be any possible layoff and closure of physical branches in the countries it is exiting.
Coinbase is known for its expensive trading fees yet it's still not listing doge, one of the most traded tokens.
(Bloomberg) -- U.S. stocks retreated after climbing to an all-time high. Treasuries fell with the dollar. Oil rallied.PayPal Holdings Inc. and Nvidia Corp. paced losses among tech companies in the S&P 500, which had fluctuated for much of Wednesday’s session as traders sifted through earnings from some of the world’s biggest banks. Bitcoin slid in the wake of the debut by cryptocurrency company Coinbase Global Inc. on the Nasdaq.Read: Goldman, JPMorgan Traders Show the Reddit Crowd How It’s DoneWith equities lingering near a record, investors are looking to the earnings season for further catalysts. Expectations of a strong profit rebound have helped markets rally, setting the bar high as reporting gets underway. More broadly, investors are monitoring vaccine developments for any threats to the economic recovery. The Federal Reserve said in its Beige Book that activity has picked up pace amid an improvement in consumer spending.“You’re going to see this tug-of-war continue within markets as investors weigh the prospects of a strengthening economy with the risk of rising inflationary pressures,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors.A quarter that began with retail investors declaring the end of the status quo on Wall Street just ended with big banks tallying surprisingly massive hauls. Goldman Sachs Group Inc. and JPMorgan Chase & Co. -- two of the most gilded names in finance -- kicked off bank earnings season with revenue windfalls from trading and dealmaking, defying warnings from within the industry that good times couldn’t last.Goldman Sachs’s stock jumped, while JPMorgan’s slipped -- undermined by concern over weak demand for loans.Some key events to watch this week:U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksThe S&P 500 fell 0.4% at 4 p.m. New York time.The Stoxx Europe 600 Index gained 0.2%.The MSCI Asia Pacific Index advanced 0.7%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%.The euro climbed 0.3% to $1.1979.The Japanese yen appreciated 0.2% to 108.89 per dollar.BondsThe yield on two-year Treasuries rose less than one basis point to 0.16%.The yield on 10-year Treasuries rose two basis points to 1.63%.The yield on 30-year Treasuries climbed two basis points to 2.31%.CommoditiesWest Texas Intermediate crude gained 4.5% to $62.89 a barrel.Gold weakened 0.5% to $1,736.65 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Most U.S. stocks rose, pushing major indexes to all-time highs, as Chinese growth data added to optimism for a global economic recovery. The dollar slipped.The S&P 500 Index headed for its sixth weekly advance in the past seven as strong economic data and a solid start to the corporate earnings season bolstered optimism. Tech shares lagged behind. Chinese stocks outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index was poised for a seventh week of advances, its longest streak since May 2018.The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended Thursday’s gain. Morgan Stanley became the latest American bank to post record first-quarter results.Along with healthy corporate earnings, China’s first-quarter gross domestic product numbers are giving fresh impetus to the reflation trade. In the U.S., Thursday’s retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with around 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.“As the economic reopening accelerates in the coming months, we believe the bull market remains on a solid footing,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We maintain a cyclical bias and prefer U.S. consumer discretionary, energy, financials and industrials.”Elsewhere, copper remained on course for the best week in about two months and oil was poised for its biggest weekly advance in five. Bitcoin slipped.These are some of the main moves in financial markets:StocksThe S&P 500 Index climbed 0.2% as of 2 p.m. New York time.The Stoxx Europe 600 Index jumped 0.9%.The MSCI Asia Pacific Index increased 0.3%.The MSCI Emerging Market Index gained 0.5%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro jumped 0.1% to $1.1979.The British pound gained 0.3% to $1.3823.The onshore yuan was little changed at 6.52 per dollar.The Japanese yen weakened 0.1% to 108.84 per dollar.BondsThe yield on 10-year Treasuries was little changed at 1.58%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield advanced three basis points to -0.26%.Britain’s 10-year yield jumped three basis points to 0.764%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude lost 0.4% to $63.20 a barrel.Brent crude increased 0.1% to $66.85 a barrel.Gold futures strengthened 0.7% to $1,779.10 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The IRS chief tells Congress the child tax credit payments will arrive on time after all.
The IRS sent out COVID-19 relief checks to nearly 2M more Americans, including over 700,000 'plus-up' payments for people eligible for more money.
China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support global gold prices after months of declines. China is the world's biggest gold consumer, gobbling up hundreds of tonnes of the precious metal worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up. With China's economy rebounding strongly since the second half of last year, demand for gold jewellery, bars and coins has recovered, driving domestic prices above global benchmark rates and making it profitable to import bullion.
Warren Buffett's famous economic measurement shows Orman might be onto something.
China's GDP expanded by a dizzying 18.3% in the first three months of 2021 from a year earlier, sealing its status as COVID-19's "first in, first out" economy. It was the only major economy that showed an increase in gross domestic product (GDP) last year after successfully controlling the spread of the coronavirus pandemic at home. HOW BIG IS CHINA'S FIRST-QUARTER GDP GROWTH EXACTLY?
Federal tax returns are due May 17, but many people still need to pay their first quarter 2021 estimated tax payments April 15. Plus more tax tips.
Lawmakers and advocacy groups are pushing the president to take immediate action.