Bloomberg’s Galaxy Crypto Index, which includes Bitcoin, Ethereum and three other digital assets, has rallied from a 52-week low of 177 last March to a high of 1,650 in January — its highest point since January 2018. The index measures the performance of the largest cryptocurrencies traded in U.S. ... READ MORE >
coronavirus
U.K. financial conditions, growth and the pandemic
Despite a surge in new cases of coronavirus infections in Britain, the RSM UK Financial Conditions Index remains 0.1 standard deviations above neutral as investors focus on what is expected to be a strong economic rebound this year. We expect growth to expand at 4.2% this year and 7% next year. It ... READ MORE >
CHART OF THE DAY: Manufacturing upturn strongest since 2014
Driven in part by new orders, U.S. manufacturing output growth accelerated in January at the second-fastest rate in almost six years, according to the IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index. The index posted a reading of 59.1 in the first half of January, up from 57.1 in ... READ MORE >
The changing holiday shopping season
For many retailers, the recent holiday shopping season was unlike any other as they contended with the disruption of the pandemic and its effect on consumer behavior. The result was a more extended holiday shopping season this year by design. While the Commerce Department’s recent headline figure for ... READ MORE >
5 things to know in life sciences: Week of Jan. 18
Now that President Joe Biden has taken office, there will soon be a host of new faces in positions with significant influence over the life sciences industry, as the first item in our roundup this week explains. These include new leaders at the Centers for Disease Control and Prevention and the Department ... READ MORE >
CHART OF THE DAY: Housing activity continues to surge
Home builders remain active as the housing market closed out last year in a strong fashion. Housing starts rose by 5.8% to an annualized rate of 1.67 million in December, ending the year as one of the strongest in a decade, the Commerce Department reported on Thursday. And housing permits, an indicator of ... READ MORE >
First-time jobless claims remain elevated
Initial jobless claims declined to 900,000 for the week ending Jan. 16, down from 965,000 the week before but well above the pre-pandemic high established in 1982. Roughly 423,000 people applied for first-time federal Pandemic Unemployment Assistance, which implies that more than 1.3 million people ... READ MORE >
CHART OF THE DAY: The SPAC boom accelerates
Activity among special purpose acquisition companies has continued so far this year at its breakneck pace of 2020. With January more than half over, announced listings for SPACs have already surpassed the combined total for the first five months of last year. At this pace, January will match or ... READ MORE >
CHART OF THE DAY: Major economies to bolster spending in 2021
Pandemic-induced fiscal operations and monetary accommodation have pushed nominal and real policy rates into negative terrain, while aid to offset lost jobs and income has soared into the trillions around the G-7 economies. With Joe Biden set to be inaugurated as the 46th president of the United States ... READ MORE >
Biden outlines next round of fiscal aid
President-elect Joe Biden put forward an ambitious $1.9 trillion fiscal aid plan to address the public health crisis, the damage caused to the economy by the pandemic and the rollout of a national vaccination program. If enacted as proposed, which is highly unlikely, the plan would imply $2.9 ... READ MORE >