Biden sets out to export vaccines, GOP counter-offers and IEA says it’s time to stop drilling for oil.
President Joe Biden said the United States would share at least 20 million doses of Covid-19 vaccines authorized in the United States with the rest of the world by the end of June. It is in addition to the 60 million doses of the AstraZeneca Plc vaccine that the Food and Drug Administration has not approved for use in the United States, which was already promised. Biden also signaled that he intended to increase the share of the US manufacturing sector in the global vaccine market. The 20 million doses count as less than a day of global supply, according to the latest vaccine tracking data from Bloomberg.
Republican senators are on track to deliver their infrastructure counter-offer later today, with growing signs that they will come up with a bigger package than their original five-year, $ 568 billion proposal. The group opposes tax increases to fund spending, with some favoring public-private partnerships to help pay for the plan. The Biden administration hopes to strike a bipartisan deal and could split the whole stimulus package to achieve this.
The International Energy Agency said the world must immediately stop developing new oil and gas fields for a chance of achieving net zero emissions by 2050. No new coal-fired power plants should be built and electric cars are expected to account for 60% of the world’s fleet. by 2030. Oil prices are expected to fall to $ 25 a barrel by mid-century depending on their scenario. For oil traders, 2050 is obviously a long way off as they push the price of a barrel of Brent above $ 70 this morning.
The markets are going up
The pendulum of sentiment oscillating between economic optimism focused on reopening and pessimism caused by the outbreak of Covid is firmly on the side of optimism today. Overnight, the MSCI Asia Pacific index rose 1.7% while Japan’s Topix index closed up 1.5%. In Europe, the Stoxx 600 Index had gained 0.3% by 5:50 a.m. EST, with energy and mining stocks leading the gains. S&P 500 futures contracts point to a lot of green at the open, the 10-year Treasury yield was at 1.645% and gold gained.
To come up …
The data for housing starts and building permits in the United States for April is at 8:30 a.m. Dallas Fed Chairman Robert Kaplan will speak later. Investors and economists will be keeping an eye on the income reports of major retailers today. Walmart Inc., Macy’s Inc. and Home Depot Inc. are all reporting, with updates likely to be watched closely for consumer behavior and any signs of increased costs resulting from higher commodity prices. .
What we read
Here’s what caught our attention over the past 24 hours.
And finally, here’s what interests Joe this morning
End of last month, I wrote an article on where the cryptocurrency world is heading. We are living in the golden age of Ponzis, pumps and dumps and pyramid systems.
There are a few things that make this moment unique in crypto. The key element is the rise of so-called decentralized exchanges, where literally anyone can create a token and have it listed. In the past, for a token to be listed on a legitimate exchange, it had to be shown that it was a serious project. Or he had to pay a large fee to an exchange like Binance, in exchange for the listing. No more. With decentralized exchanges where trading takes place directly on a blockchain itself, there is no gatekeeper. And in many cases, it doesn’t take a lot of development to create a coin. (Just copy and paste the code somewhere else and change a few things, like the name.)
Add to that TikTok and other social media platforms that influencers can pump the coin on, and you have a recipe for transparent games. Everyone knows it’s a joke, but nobody cares because as long as they get into the joke early enough and sell before the peak, they’re happy. That’s the game.
Anyway, Dave Portnoy did something on Twitter yesterday where he announced his support for a piece of shit, and he picked one out called SafeMoon, and then he said the magic words: “If it’s a ponzi, go downstairs.” Like I said on April 28, the great thing about the parts right now is “you can get in on the next Bernie Madoff early” and I thought that maybe that was a little harsh. But he just went to say it!
Joe Weisenthal is Editor-in-Chief at Bloomberg
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