The IMF has revised its estimates of global GDP growth from 3.2% this year to 2.7% in 2023, a 0.2% point reduction from the prediction made in July. According to the IMF, “2023 will feel like a recession” to many people since more than a third of the global economy is predicted to contract this year or next, and “the worst is yet to come.”
Google selects Coinbase to take cloud payments with cryptocurrencies and will use its custody tool
A limited number of users will be able to pay for Google’s cloud services using digital currencies according to a new agreement the company announced with Coinbase.
The internet giant is to investigate using Coinbase Prime, a custodial service for holding and trading cryptocurrency, according to CNBC.
In return, Coinbase announced that it will move some of its data-related applications, which were initially stored using Amazon Web Services, over to Google Cloud.
Energy Stocks continue to significantly disconnect from the rest of the market.
Let’s not forget:
– At 11% FCF yield, the overall sector remains cheap;
– It remains a low weight in main benchmarks and is underinvested by most fund managers;
– Yes it is not ESG friendly but many oil majors are now becoming more responsible and are investing into renewables (+ you still need fuel in your tank).
Source chart: Tavi Costa, Crescat Capital, Bloomberg
