Wednesday, January 10, 2018

Today's Headlines

Bloomberg:
  • World Bank Raises Outlook as Growth Hits Fastest Pace Since 2011. The World Bank lifted its forecast for global growth, predicting the global recovery will continue to gain steam after reaching the fastest clip in six years. The development lender raised its estimate for global economic growth for this year to 3.1 percent, up 0.2 percentage point from an estimate in June, it said Tuesday in its latest Global Economic Prospects report. The world economy probably expanded 3 percent last year, which would be the fastest pace since 2011. Global growth is expected to last for at least the next couple of years, as conditions improve for commodity exporters hurt by the oil crash, said the Washington-based lender. Increased investment and manufacturing activity is driving a broad cyclical recovery, aided by benign financial conditions, loose monetary policy and improved confidence, it said.
  • Bitcoin Could End Up Using More Power Than Electric Cars. The global power needed to create cryptocurrencies this year could rival the entire electricity consumption of Argentina and be a growth driver for renewable energy producers from the U.S. to China. Miners of bitcoin and other cryptocurrencies could require up to 140 terawatt-hours of electricity in 2018, about 0.6 percent of the global total, Morgan Stanley analysts led by Nicholas Ashworth wrote in a note Wednesday. That’s more than expected power demand from electric vehicles in 2025.
Wall Street Journal:

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