In this week’s Recap, Marcello talks about how President Biden confirmed that food shortages due to Ukraine’s conflict are going to be real; Warren Buffet invested in a Brazilian digital bank that invests in Crypto; Opensea daily volume dropped 72% to $70M from $250M.
Business activity in Germany, Europe’s largest economy, dipped in March as output price inflation hit a new record high & the war in Ukraine impacted demand as well as supply chains. In France business activity accelerated unexpectedly to an 8-month high, as easier COVID restrictions boosted the service sector & eclipsed concerns about the Ukraine crisis’ impact on manufacturing. In the U.K. the private-sector services PMI hit its highest in 9 months, but manufacturing output was reported at its lowest in 5 months.
Hong Kong-listed shares of Russia’s Rusal world’s 2nd largest aluminum company by primary production output dropped -5.4% on Monday. The firm stated that it was evaluating the impact of a ban announced Sunday, by the Australian government on exports of alumina & aluminum ores to Russia.
According to a local poll by a research institute, over +90% of Ukrainians believe their country will win the war with Russia, even as the survey of 1,000 respondents also found that +74% support direct talks with Russian leader Vladimir Putin. The United Nations now says 10 million Ukrainians have fled their homes, including those who have left the country & others who still remain within the borders of the country.
China’s aviation authority has now confirmed that a China Eastern Airlines Boeing 737 passenger plane crashed on Monday, with 132 people on board. Contact became lost with the flight over Wuzhou, in the Guangxi region. It was scheduled to fly from Kunming to Guangzhou. Shares of U.S. aircraft maker Boeing, fell well over -7% in the U.S. pre-market.
A solar storm is now expected to hit Earth sometime on Monday, March 28. The storm is a disturbance in particles, thrown out by the electromagnetic eruptions of the sun. When solar winds hit Earth’s magnetic field, the interaction causes the atmosphere to fluoresce. This is known as the aurora polaris, or the Northern Lights in the northern hemisphere.
Singapore to ease most of its Covid restrictions including outdoor mask mandates starting March 29; Former President Donald Trump sued former Democrat presidential candidate Hillary Clinton & ex-British spy Christopher Steele; China has introduced broad & sweeping new rules across its technology industry.