LBLV Dogecoin to surge over Musk's talk show appearance 2021/05/05

LBLV provides an overview of economic news.


The main economic news for Wednesday, May 5:

0:00 Dogecoin to surge over Musk's talk show appearance
0:58 Stocks decline due to tech downturn, US stabilizes
1:55 Hugo Boss sees second quarter sales to skyrocket
2:46 Asia receives first foreign investment this year

1. Dogecoin to surge over Musk's talk show appearance
Dogecoin cryptocurrency has risen more than 30% in the last 24 hours and more than 11,000% since the beginning of the year. The token's rally began in February 2021, thanks to a series of tweets from Elon Musk. Experts say the digital currency, created as a meme token, will soar even higher thanks to an appearance by Tesla founder Elon Musk on the Saturday Night Live. The TV show with the billionaire as host is scheduled to air on May 8. Dogecoin is rising in value as many crypto traders don't want to miss the hype surrounding Musk's appearance on SNL. BlockTower Capital CEO Mike Busella said Dogecoin's value to the supporter community has a "higher likelihood of persisting in the long term."

2. Stocks decline due to tech downturn, US stabilizes

3. Hugo Boss sees second quarter sales to skyrocket
Hugo Boss, known for its smart men's suits, said Wednesday that it is confident that sales will nearly double in the second quarter and hopes to make a positive operating profit for the period. German fashion house also nearly doubled sales in mainland China in the first quarter, and its casual wear business returned to growth, predicting a rebound in the rest of the business during 2021 as the COVID-19 lockout eases. Compared to the first quarter of 2019, the year before the coronavirus pandemic hit the region, currency-adjusted sales in mainland China were up 29% in the quarter and online sales jumped 72%. Overall, the group's sales fell 10% to 497 million euros, while Hugo Boss managed to post an operating profit of 1 million euros, beating analysts' average forecasts.

4. Asia receives first foreign investment this year
In April, foreign investors became net buyers of Asian stocks for the first time this year, helped by signs of economic recovery as the region saw a strong rebound in manufacturing activity and exports. According to stock exchanges, foreigners bought shares in South Korean, Taiwanese, Filipino, Thai, Vietnamese, Indonesian and Indian companies last month for a total of $367 million. That compares with an average monthly inflow of $3.7 billion in the second half of last year. South Korea, Taiwan, Indonesia and Vietnam showed an increase in manufacturing activity in April, helped by a surge in demand for their goods overseas as developed economies recover quickly from the effects of the pandemic. However, inflows were modest as investors maintained a cautious stance amid risks posed by the coronavirus pandemic.