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January 9th - UK government bonds surged at the start of the year as the British government reduced long-term borrowing and weak inflation fueled market bets on a Bank of England rate cut. UK bonds rose across the board, with 10-year bonds poised for their biggest weekly gain since October, significantly outperforming less volatile German and US bonds. Craig Inches, head of rates and cash at Royal London Asset Management, said the prospect of a rate cut, coupled with reduced sales of long-term bonds, made UK bonds "very cheap" compared to similar assets. He stated, "UK bonds are an excellent place to put your money." The money market currently estimates a near 90% probability of another 25-basis-point rate cut by the Bank of England in April. The probability of a second rate cut by December has risen from less than 50% two weeks ago to 70%. He added, "We believe the Bank of England will have to cut rates again in February, which, combined with supply shortages, will lead to lower yields, a flattening yield curve, and allow UK bonds to outperform their global counterparts."Italys retail sales rose 1.3% year-on-year in November, up from 1.30% in the previous month.Italys seasonally adjusted retail sales rose 0.5% month-on-month in November, compared with 0.50% in the previous month.January 9th - Analysts point out that US job growth may slow in December due to companies remaining cautious about hiring amid import tariffs and increased investment in artificial intelligence. However, the unemployment rate is expected to fall to 4.5%, which could support market expectations that the Federal Reserve will keep interest rates unchanged this month. The non-farm payroll report, expected to be released tonight, is anticipated to show that the US labor market remains in what economists and policymakers call a "no hiring, no laying off" mode. This would also confirm that the US economy is in a phase of jobless expansion. In the third quarter of last year, economic growth and worker productivity surged, partly attributed to a surge in AI spending. Sal Guatieri, senior economist at BMO Capital Markets, stated, "This isnt entirely due to weak demand, as the economy appears to be performing well, but companies are very cautious about hiring new employees. This could be related to a willingness to control costs, perhaps due to tariff pressures, or perhaps because many companies believe that AI-driven automation will lead to productivity gains."On January 9th, Jefferies analysts wrote that Ferraris valuation is likely to remain passive in the short term. The companys valuation has contracted from a peak of 46.3 times its 2026 earnings at the end of February last year to the current 32.5 times. Ahead of the full-year earnings report and the setting of 2026 guidance in February, Jefferies believes that market consensus expectations may be slightly revised downwards. Earnings revisions will keep investor discussions cautious. Jefferies maintains a "hold" rating on Ferrari with a target price of €310. Ferraris share price fell 0.3% to €320.60.

Plastic Consumption Is Projected to Nearly Double by 2050, According to Studies

Haiden Holmes

Feb 27, 2023 14:08

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According to research published on Monday, plastic consumption in G20 nations is on track to nearly double by the middle of the 21st century unless a comprehensive and legally binding global treaty to reduce consumption is drafted.


According to Back to Blue, a research group operated by the Economist Impact think-tank and the Nippon Foundation, existing initiatives to increase recycling or reduce single-use plastic consumption have "barely scratched the surface" and a more comprehensive global plan is required.


In Uruguay, the United Nations began negotiations on an agreement to combat plastic pollution in November, with the goal of drafting a legally binding treaty by the end of the following year. 175 countries have joined up for the negotiations.


Nonetheless, if negotiations fail, annual plastic production in G20 nations could reach 451 million tonnes by 2050 based on current development rates, according to Back to Blue - an increase of nearly 75 percent from 2019.


The research group stated, "There should be no illusions that the treaty negotiations will be anything but difficult and treacherous." "The likelihood of failure is high, both in terms of no treaty emerging and a treaty that is insufficient to reverse the plastic tide."


It called for a stricter ban on single-use plastic, as well as increased production taxes and mandatory programs to hold companies accountable for the entire lifecycle of their products, including recycling and disposal.


Back to Blue stated that the combined measures could limit annual consumption to 325 million tonnes by 2050, but that would still be a 25 percent increase from 2019 and the equivalent of 238 million garbage vehicles.


Brazil, the United States, Indonesia, and Turkey are among the G20 countries that have yet to introduce national prohibitions on single-use plastic products, according to the report.


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