Multipolar Market

Tesla announced the start of construction of a gigafactory in China The plant will produce Megapack energy storage units with a capacity of 3.9 MWh. This will be Tesla's first project for manufacturing energy storage units outside the United States. According to the management committee of the new Lingang area of the Shanghai Pilot Free Trade Zone, the new plant will cover an area of about 200,000 square meters, and the total investment in this project will be approximately $204 million. Mass production of the Megapack is expected to begin in the first quarter of 2025. In the initial phase, the production volume will be 10,000 Megapacks per year, which is equivalent to about 40 GWh of electricity. Follow us on Telegram

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West Trust Issues The EU does not trust the US regarding the confiscation of Russian assets. Europe suspects that the funds, if confiscated, will not go to Ukraine but will instead be used to address the internal problems of the US. Politico reports that many within the EU are grumbling that America is solving its internal problems at the expense of Europe (LOL). There is a suspicion that the money from the confiscation, which the EU supposedly will receive while bearing all the associated risks, will flow to the US under a noble and beautiful pretext. This is why the EU is in no hurry with the confiscation. After two years, it has dawned on the EU that the US has not spent anything and is only benefiting from the current conflict, happily accepting businesses fleeing the high prices in the EU, and providing loans to Ukraine and the EU itself. Naturally, the confiscated Russian assets, if the EU decides to commit economic suicide, will also be taken over by the US under the guise of payments for Ukraine's national debt, weapon expenditures, or simply because they can. Follow us on Telegram

Nancy Pelosi Earns Over $2,500,000 from Nvidia Trade Nancy Pelosi has already made a profit of over $2,500,000 from her deal with Nvidia. She bought shares right before they began to rise sharply, earning a 110% return since the purchase. This profit is equivalent to 14 of her annual salaries. Follow us on Telegram

Market and Elections: How the S&P 500 Index Has Performed in Election Years Over the past nearly 100 years (from 1928 to 2016), the S&P 500 index has shown an average growth of 11.28% in election years. Here's a breakdown based on which party won: Republican victories: On average, the S&P 500 grew by 15.3%. Democratic victories: The index saw an average growth of 7.6%. Notably, the year 2020 is not included in the table, but it ended with approximately 16% growth. Current Year Performance: As of now, in this election year, the S&P 500 has increased by about 10.8%. Follow us on Telegram

Problems in the United Kingdom The International Monetary Fund (IMF) is urging the United Kingdom to stabilize its national debt levels through either tax increases or budget cuts. The IMF has cautioned London against introducing new tax reduction initiatives ahead of the parliamentary elections scheduled for the second half of 2024. Specifically, the institution criticized the previous decision by Prime Minister Rishi Sunak's government to reduce the national insurance contribution rate for employees from 12% to 10% starting in 2024. According to the IMF's forecasts, given the slow economic growth, the ratio of national debt to GDP is projected to approach 100% by 2029. This figure excludes the Bank of England's quantitative easing (QE) program, which amounts to nearly £895 billion. Since 2022, the UK Treasury has spent almost $64 billion to cover losses caused by the reduction of assets on the central bank's balance sheet. According to IMF calculations, to overcome the budget crisis by the end of the decade, London will need to reduce annual government spending by approximately $38 billion, or 1% of GDP, or significantly increase taxes, including VAT, carbon emission levies, utility tariffs, as well as property and inheritance taxes. IMF Managing Director Kristalina Georgieva stated that the fund is "genuinely concerned" about the budgetary situation not only in the UK but in all countries that implemented stimulus policies to recover their economies. The IMF's recommendations were published shortly before the release of negative inflation data for the UK. In April, the annual consumer price growth rate was 2.3%, exceeding the Bank of England's forecast of 2.1%. Additionally, economists point to ongoing price pressures in the services sector and high wage growth rates, highlighting the structural nature of the inflation crisis and reducing the likelihood of an imminent easing of monetary policy. This is another blow to the Conservative Party led by Sunak: in March, the party's rating reached 20% — the lowest since 1978, and the results in the early May local elections were among the worst in 40 years. Follow us on Telegram

EU to Tighten Restrictions Against Belarus The European Union is concerned about the flow of goods into Belarus that cannot be exported to Russia, reports the Financial Times. For example, monthly shipments of cars and car parts from the EU to Belarus have increased fivefold over two years, reaching $268 million. The EU plans to tighten sanctions against Minsk to synchronize them with anti-Russian restrictions. Specifically, the EU may tighten the conditions for supplying luxury cars, dual-use goods, and liquefied natural gas (LNG) to Belarus. Additionally, Brussels plans to ban the import of diamonds from Belarus. These measures aim to eliminate one of the channels used to circumvent sanctions. Follow us on Telegram

⚡️SEC Approves Ethereum ETF

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Tourist Boom in Spain According to a United Nations tourism agency ranking published on Wednesday, Spain experienced a surge of 13 million tourists in 2023, bringing the total to a new high of over 85 million, nearly double its population. Spain overtook the USA and became the second most visited country in the world in 2017 and has since been trying to close the gap with France. The French government positions the country as the "world's leading tourist destination," with the number of incoming tourists increasing by 7 million to 100 million last year. A chart of international tourist arrivals (in millions) shows that Spanish tourism reached a new record in 2023. The Spanish boom represents an economic upturn for a country where tourism accounts for 12-13% of GDP. Jordi Hereu, Spain’s Minister of Tourism and Industry, stated that 2023 was an "undisputed success" for the country, with foreign visitors spending 108 billion euros. However, not everyone is pleased. Last month, the Canary Islands became a focal point for anti-tourism sentiment, with tens of thousands of residents protesting under the slogan "The Canary Islands are exhausted." The Balearic Islands have tightened their alcohol consumption laws, and the government of Mallorca is reducing the number of tourist places on the island by 18,000, or 4% of the total. In San Sebastián, a decree now limits tourist groups to no more than 25 people. In Catalonia, the regional government has introduced water usage restrictions in hotels for the first time. Meanwhile, in the Catalonian capital of Barcelona, new mayor Jaume Collboni has declared that the city is at its capacity and promised to eliminate tourist apartments in the old town. Follow us on Telegram