WORLD BANK CUTS 2022 GLOBAL GROWTH FORECAST TO 2.9% VS APRIL'S 3.2%, SAYS DANGER OF STAGFLATION IS CONSIDERABLE TODAY.
WORLD BANK: UKRAINE WAR WILL REDUCE PER CAPITA INCOME IN DEVELOPING ECONOMIES BY 5% FROM PRE-COVID TREND. RISK OF STAGFLATION, UKRAINE WAR AND CHINA LOCKDOWNS HAMMERING GROWTH, RECESSION WILL BE HARD TO AVOID FOR MANY COUNTRIES.
WORLD BANK: GROWTH IN ADVANCED ECONOMIES TO DECELERATE TO 2.6% IN 2022 VS JANUARY FORECAST OF 3.8%. GROWTH IN EMERGING MARKET, DEVELOPING ECONOMIES TO SLOW TO 3.4% IN 2022 FROM 6.6% IN 2021, WELL BELOW ANNUAL AVERAGE OF 4.8% FROM 2011-2019.
Yellen: US committed to market-determined USD exchange rate. It's understandable that the dollar has risen. Strong dollar is a concern for other countries. USD-denominated debt payments harder for other nations. #US $USD
Yellen: China lockdowns affecting production, supply chains. China tariffs under discussion in Biden administration. #US#China
Yellen: On tariffs, some of the Trump tariffs seem to have imposed more harm on US consumers. I see a case that some relief could come from cutting some of the tariffs. #US#China
⚡China's Premier Li Keqiang says to support platform economy and digital economy's domestic and overseas listing and financing. #China $ASHR $KWEB $FXI
European Commisison Unveils Plan to End Reliance on Russian Gas, Oil and Coal by 2027. #OOTT#ONGT#EU#Russia
European Commission: EU Needs 210 Billion Euros in Extra Investments by 2027 to Exit Russian Gas, 300 Billion Euros by 2030. Ask Countries to Revise Plans to Spend More Covid-19 Recovery Funds on Quitting Russian Gas. #OOTT#ONGT#EU#Russia
European Commission: Those Investments Include 113 Billion Euros for Renwables and Hydrogen Infrastructure, 29 Billion Euros for Power Grids, 56 Billion Euros for Energy Savings and Heat Pumps, 10 Billion Euros for Lng and Gas Investments, 1.5 to 2 Billion for Oil by 2030. #ONGT
#Tencent's 1Q:
Revenue 135.5 billion yuan, consensus 141.06 B
Net income 23.4 billion yuan, consensus 29.31 B
Net other income gains 13.1 billion yuan, consensus 13.06 B
Online advertising revenue 18 billion yuan, consensus 18.59 B