Economists polled by German research institute Ifo expect global inflation to avg 7% in 2023, before slightly easing to 6% in 2024.
The avg expectation of 4.9% for the long term until 2026 is still high, Ifo said, though marginally below the 5% estimate in Q1. Lowest level of inflation expectation was recorded in Europe, yet economists do not expect the rate to return to ECB's 2% target by 2026. Source: HolgerZ, Bloomberg
Corn and Wheat are top crops shipped under the deal
Russia ended the agreement that ensured the safe passage of almost 33 million tons of crop exports almost a year into its run, heightening uncertainty over global food supplies. Source: Bloomberg
In China, the unemployment rate among young people ages 16 to 24 was 21.3% in June
A new record.
Bitcoin is currently the 12th most valuable asset on planet Earth, and this is after only 14 years of life and a 74% bear market decline.
Source: Oliver L. Velez
Wheat futures jump 3.5% as Ukraine grain deal collapses w/Russia refuses to extend it
The move jeopardizes a key trade route from Ukraine, one of the world’s top grain and vegetable oil shippers, just as its next harvest kicks off. Source: Bloomberg, HolgerZ
Bitcoin Lightning Network is now supported by Binance
Crypto exchange Binance enabled deposits and withdrawals on Bitcoin’s Lightning Network on Monday. Lightning is now alongside other options including Bitcoin mainnet, BNB Smart Chain and Ethereum. Lightning serves as a layer-2 scaling solution for Bitcoin. The network is intended to speed up transactions and reduce fees, reminiscent of Ethereum layer-2 protocols like Optimism.
Source: Blocworks
Saudi Arabia is exploring plans to raise $2.7 billion for its futuristic mega-city in an effort to complete most of the construction by 2030
Saudi Arabia is seeking a $2.7 billion loan from local lenders for its Neom project, per Bloomberg. The planned city is a central part of the kingdom's plans to diversify its economy.It aims to accommodate 9 million people in a mirror-like structure that's 170 km in length. The Neom development is expected to include two huge buildings as part of a project known as The Line. It aims to be a "civilizational revolution that puts humans first," The Wall Street Journal first reported, citing a video in which Crown Prince Mohammed bin Salman discussed the project source : yahoo!finance
The EV industry comprises three essential components: lithium producers, parts manufacturers, and EV manufacturers.
Looking ahead, it is likely that electric motors and lithium batteries will become prevalent in all cars. Source: Genuine Impact
