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Baker Tilly economic snapshot - May 2021 edition

There was a lot of discussion on environmental matters in April as President Biden hosted a Climate Change Summit towards the end of the month. India saw a major uptick in the spread of the coronavirus and now many countries are offering aid as well as vaccines. Repercussions of the Suez Canal blockage resulted in massive hikes in freight rates, benefitting companies like Maersk. Bitcoin reached new highs by breaching the $63,000 mark, but it also saw its biggest drop in two months! U.S. banks like Goldman Sachs, J.P. Morgan and Bank of America announced strong results, and fund manager BlackRock saw record inflows. Chinese regulators continued with a crackdown on the antitrust behaviour of its Big Tech companies by imposing a massive $2.8 billion fine on Alibaba followed by a probe into fellow tech giant Meituan at the end of the month. Economists are increasingly optimistic that the U.S. and UK economies are going to hit record GDP growth levels.

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