'Mutti' is seemingly alone in admitting any blame for the EU's farcical approach to the pandemic (and China)...
Hopes for a European recovery grow slimmer with every misstep...
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Europe's woes continued...
Reuters reported that some 29 million doses of AstraZeneca vaccines were found at a plant in Italy over the weekend and checks werestill needed to assess whether they were export-bound (according to a French official)
Should it be confirmed that these doses were to be exported, the question of blocking the shipment should be on the table, the official at the French presidency said.
Oooooh, the SCANDAL.
It turned out that the shipment was actually for Belgium...
Still, the EU farce is definitely helping with the ECB's goal of getting the euro lower...
Just how badly will this whole saga impact future economic prospects...?
Only a few weeks ago, many European countries were hoping their more affluent citizens would by now have started spending nest eggs built up during the pandemic to trigger a consumer-led recovery in the region’s economy.
But with the spread of COVID-19 prompting new lockdowns across the continent and vaccine campaigns behind schedule, it is still unclear when - or indeed if - record levels of private savings will finally convert into a much-needed spending boom.
Daniel Krupka, managing director of a technology think tank based in Berlin, is a case in point. After Germany on Monday extended its lockdown, he cancelled a one-week family holiday on the Baltic Sea island of Hiddensee booked for April.
“We probably would have spent up to 2,000 euros, but this won’t happen now,” Krupka said.
“Maybe we can spend a week on Hiddensee later in the year, but I’m also thinking about using the money now for bringing down our mortgage with an extra repayment to the bank.”
Barclays Research cited the lost consumption effect, the fact that excess savings were held by high-income earners and the “wild card” unknown of how the pandemic will transform consumer behaviour in the long run.
“This underpins our cautious outlook for private consumption, which we do not see returning to pre-crisis levels before the end of 2022,”
🔥 Hot and 🚫 Not
Intel Corp will greatly expand its advanced chip manufacturing capacity as the new chief executive announced plans to spend as much as $20 billion to build two factories in Arizona and to open up its factories to outside customers.
The company plans a 'massive manufacturing expansion' with a focus on future sites in the United States and in Europe.
Government leaders on both continents have become concerned about the risks of a concentration of chipmaking in Taiwan given tensions with China.
The market hasn't taken it well...
GameStop said it would boost the speed of delivery services, expand product offerings and hire people experienced in e-commerce.
The company notched a ninth straight quarterly decline in overall sales, but investors were encouraged by a nearly three-fold jump in global e-commerce sales in 2020.
Wedbush analysts downgraded the stock to “underperform” from “neutral” after the quarterly results, saying the short squeeze has boosted the share price to levels that are completely disconnected from the fundamentals of business
Jefferies were far more enthusiastic, upgrading their price target to $175 from $15...
Anyone want to recklessly speculate what their motivations could be? 😇
Want to learn more about trading a 'wrong' market?
David's got you covered 👇