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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107241466-1684194445176-gettyimages-1487089704-vcg111434684090-820x462.jpeg" alt="" class="wp-image-424825" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107241466-1684194445176-gettyimages-1487089704-vcg111434684090-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107241466-1684194445176-gettyimages-1487089704-vcg111434684090-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107241466-1684194445176-gettyimages-1487089704-vcg111434684090-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107241466-1684194445176-gettyimages-1487089704-vcg111434684090-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107241466-1684194445176-gettyimages-1487089704-vcg111434684090.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">YANGZHOU, CHINA &#8211; MAY 02: Aerial view of tourists visiting the Dongguan street during the May Day holiday on May 2, 2023. Vcg | Visual China Group | Getty Images</figcaption></figure>



China’s economic data for April broadly missed expectations as the economy continued to show an uneven path of recovery from the impact of its stringent Covid restrictions.



Industrial production for April rose by 5.6% year-on-year, compared to the 10.9% expected by economists surveyed in a Reuters poll. The figure was up 3.9% in March following a muted start to the year.



Retail sales rose by 18.4% – lower than economists’ forecast a surge of 21%



Fixed asset investment rose by 4.7%, against expectations of 5.5%. The reading rose 5.1% the previous month.



“China is in the stage of recovering, compared to last year, the numbers are positive as we just saw, but is the recovery good enough for the market, is the recovery good enough to meet investors’ expectations – that’s the big question here,” BofA Securities China equity strategist Winnie Wu told CNBC’s “Street Signs Asia.”



“It’s not good enough to meet with investors’ expectations – that’s a problem,” Wu said, adding that the momentum from China’s pent-up demand seems to be fading away.



“The recovery of income, of job security, and confidence will take time,” she said.



China stocks have pared most of the gains seen this year. The Shenzhen Component was down 4.67% quarter-to-date and up only 1.48% year-to-date, and notching a 9.5% drop from its peak in early February.



China’s latest data follows a mixed picture in the country’s growth trajectory, with services remaining a bright spot in the economy despite factory data falling into contractionary territory in April.



The Caixin China general manufacturing purchasing managers’ index fell to 49.5 in April, marking the first reading below the 50-mark in three months. The 50-point mark separates growth from contraction.



The National Bureau of Statistics’ manufacturing PMI also fell to 49.2 in April from March’s reading of 51.9.



Imports for the month also plunged further by 7.9%, missing estimates – exports rose 8.5%.



“Market sentiment remains very weak in our client conversations,” Goldman Sachs economist Hui Shan wrote in a Sunday report.



She expects more measures from the government rather than a change in interest rates to improve market confidence.



“Symbolic measures that aim at boosting confidence, such as RRR cuts, seem more likely to us, especially around quarter-end when liquidity demand is high,” she wrote, referring to banks’ reserve requirement ratio — the amount of funds banks need to hold as reserves.



<h2 class="wp-block-heading" id="h-record-high-youth-unemployment"><a></a>Record-high youth unemployment</h2>



The latest data included a 20.4% youth jobless rate, the unemployment rate between ages 16 and 24. The reading in April marked a record high.



“Many people, investors see this as a leading indicator. If the younger people are unable to get jobs, don’t have the income security, where is the confidence, where is the consumption recovery coming from?” said Wu.



She said the question of confidence is resonated in weakened markets sentiment as well as other high-frequency data, including new home sales.



Citi economists said youth unemployment “remains a headache” despite an overall steady labor market – the headline surveyed jobless rate dipped to 5.2% in April from 5.3% in March.



“With the graduate season approaching, the number could easily go up instead of going down,” Citi’s chief China economist Xiangrong Yu wrote in a Tuesday note.



Yu noted there is a likelihood of the government turning to “decisive” actions to boost the economy.



“With China now out of the sweet spot of reopening, hope of further sentiment repair could be diminishing in the absence of decisive government actions,” he wrote.



“We reckon that policymakers need to move from the wait-and-see mode to proactive easing and expect 20bps policy rate cut in the remainder of the year.”

107241466-1684194445176-gettyimages-1487089704-vcg111434684090

China’s economic data misses expectations as economy continues to show uneven recovery

How LVMH Became A $500 Billion Luxury Powerhouse

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg" alt="" class="wp-image-420644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-768x519.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-1536x1039.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



Cryptocurrency companies are playing a game of poker with the Securities and Exchange Commission, making bold threats to leave the U.S. as the regulator steps up pressure on the industry to toe the line.



Major players are hoping that the SEC and Washington takes, what crypto watchers see as bluffs, seriously and soften the hard line that regulators have taken on the industry.



Executives at firms including crypto exchange Coinbase and blockchain services company Ripple have piled on with comments laying into the SEC and signaling plans to shift business overseas, in a bid to rally support and send a message to U.S. politicians concerned that the country may miss out on a key technological innovation.



Coinbase CEO Brian Armstrong said last week that the SEC was on a “lone crusade” with its tough actions against certain crypto companies. He added that Chair Gary Gensler had taken an “anti-crypto view,” despite earlier being a supporter of the industry during his time as an economics professor at the MIT Sloan School of Management.



“The SEC is a bit of an outlier here,” Armstrong told CNBC’s Dan Murphy in an interview in Dubai. “I don’t think [Gensler is] necessarily trying to regulate the industry as much as maybe curtail it. But he’s created some lawsuits, and I think it’s quite unhelpful for the industry in the U.S. writ large.”



Brad Garlinghouse, CEO of Ripple, also tore into the SEC this week. When asked for his message to Gensler as the company announced an expansion into Dubai, he quipped, “Who?” before later saying Ripple will have spent $200 million defending itself against a lawsuit initiated by the regulator by the time it is over.



“I find it as a company that started in the United States and as somebody who is a U.S. citizen, it’s sad. I have sadness about this. The U.S. is getting passed not just by a little bit but by a lot,” Garlinghouse said.



“The tough thing about this is you have a country that I think has put politics ahead of policy and that’s not a good decision if you’re trying to invest in the economy.”



Dubai and Europe have proven to be much more favorable markets with their virtual asset regulatory frameworks, Garlinghouse said, adding: “The United States is definitely stuck.”



Garlinghouse, Armstrong and other crypto bosses have made threats to leave the U.S., highlighting concern from the industry that the SEC’s crackdown is becoming too harsh. The regulator has taken strong enforcement actions against companies including Ripple, Coinbase, Kraken and Paxos, accusing each of flouting securities laws.



The SEC’s contention is that most tokens in the market may qualify as securities, which would subject them to much stricter requirements around registration and disclosure. Crypto firms, naturally, have denied assets they issue or list on their platforms should be treated as securities.



Will they stay or will they go?



 The question is: could they actually leave? It looks pretty unlikely.



“The U.S. is one of the largest markets for crypto, and hence it is highly unlikely that they will leave,” Larisa Yarovaya, associate professor of finance at Southampton University, told CNBC via email.



“The biggest fear of crypto companies is that regulation will cause panic among crypto investors and prices will go down. To look confident (even arrogant) is a common tactic of crypto company CEOs. They think this will translate into investors’ confidence, overconfidence in some cases, and will encourage further irrational behaviour among investors, e.g. HODL [hold on for dear life] even when markets are falling.”



Ripple’s Garlinghouse has been threatening to move his company’s headquarters overseas since 2020. In October that year, he said the U.K., Switzerland, Singapore, Japan and the United Arab Emirates were under consideration for Ripple’s potential move abroad.



That hasn’t happened yet.



Coinbase’s chief, meanwhile, suggested at a London fintech conference in April that the firm would consider options of investing more abroad, including relocating from the U.S. to elsewhere, if the exchange doesn’t get regulatory clarity in the U.S.



A month later, Armstrong said Coinbase “is not going to relocate overseas.”



“We’re always going to have a U.S. presence … But the U.S. is a little bit behind right now,” he told CNBC.



The U.S. is a huge market for the industry, with over 50 million Americans saying they own some crypto, according to a survey conducted by Morning Consult for Coinbase.



“There’s a much greater focus on the international markets for those firms. But at the top end of the market, personally I just can’t see that ever happening that you leave the United States market completely,” Jonathan Levin, co-founder of Chainalysis, told CNBC in an interview in London.



“It’s more about how much do you invest in new international expansion where maybe that wasn’t as high up on the agenda, but now it’s let’s look at France, let’s look at the U.K.”



On top of this, the practicalities of moving these already large companies out of the U.S. would be tough.



“Although these industries are virtual by their nature, they still need people, and people have families, mortgages, and preferences on where they live. Replacing them with local talent in the new place may be easier said than done,” George Weston, a partner at global offshore law firm Harneys, told CNBC via email.



Regulatory certainty outside the U.S.



 Crypto bosses are playing up to some officials’ concerns that the U.S. has become shrouded in regulatory uncertainty while other jurisdictions, like the European Union and U.K., have charged forward with proposed regulatory frameworks for digital assets.



Hester Peirce, a commissioner at the SEC, said at a Financial Times conference last week that the U.S. was “shooting ourselves in the foot by not having a regulatory regime in the U.S.”



She praised the EU on its progress with waving through laws for the crypto industry.



The EU is expected to bring in the first comprehensive set of regulations for digital assets, known as Markets in Crypto Assets (MiCA), sometime in 2024.



“It’s really commendable that Europe was able to get that done so quickly,” Peirce said, according to Reuters. “If we built a good regulatory regime, people would come. I think you will see that with MiCA.”



Diego Ballo Ossio, a partner at law firm Clifford Chance, said other jurisdictions including the U.K. and EU are changing their legislative frameworks to create clear regulatory regimes for exchanges.



“This means that other countries are effectively providing US based exchanges an option – a place to move to. It is not unthinkable that a U.S. exchange decided to create operational hubs in non-U.S. jurisdictions where the product can be safely innovated and enhanced,” he told CNBC.



Binance, the world’s largest crypto exchange, recently said it has become more difficult for the company to operate into the U.S. and that it was minded to establish a regulated operation in the U.K.



Patrick Hillman, the company’s chief strategy officer, said the U.S. “has been very confusing over the past six months,” pointing to the SEC’s actions against Coinbase as a sign of how the country is in a “weird place.”



While the U.S. crypto industry might currently be throwing out empty threats right now, there could be a real issue if regulators in America don’t move forward with thoughtful regulation.



“My conclusion is that I think it is more sabre rattling than a genuine desire to up and leave the U.S., but if the SEC continues down the path it is on, many firms will have no choice but to try another way of doing business. It is existential,” Daniel Csefalvay, a partner at BCLP law firm, told CNBC via email.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107148377-1667950015739-gettyimages-1244619288-arriens-twittera221108_npnY6-820x462.jpeg" alt="" class="wp-image-424753" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107148377-1667950015739-gettyimages-1244619288-arriens-twittera221108_npnY6-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107148377-1667950015739-gettyimages-1244619288-arriens-twittera221108_npnY6-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107148377-1667950015739-gettyimages-1244619288-arriens-twittera221108_npnY6-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107148377-1667950015739-gettyimages-1244619288-arriens-twittera221108_npnY6-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107148377-1667950015739-gettyimages-1244619288-arriens-twittera221108_npnY6.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An image of new Twitter owner Elon Musk is seen surrounded by Twitter logos in this photo illustration in Warsaw, Poland on 08 November, 2022.  STR | Nurphoto | Getty Images</figcaption></figure>



Elon Musk said Thursday that Twitter is getting a new CEO and that he will move to a product and technical role. Musk said via Twitter that the new CEO, an unnamed woman, would start in about six weeks.



He added that he would transition “to being exec chair &amp; CTO, overseeing product, software &amp; sysops.”



Tesla shares jumped more than 2%, in a sign that investors were pleased about the move.



Several Tesla investors were concerned that Musk was too distracted by running Twitter and that he should redirect his time to steering the electric vehicle company, where he is also CEO. In April, a host of progressive Tesla shareholders publicly urged Tesla’s board to ensure that Musk would dedicate more time to the automobile company.



Musk, who is also CEO of the reusable rocket maker SpaceX, completed the $44 billion acquisition of Twitter in October and made his mark there immediately. He fired the company’s top executives and laid off hundreds of employees.



Under his leadership, Twitter’s core advertising business has suffered. Multiple companies halted their paid promotional campaigns as the social messaging service saw an increase in offensive speech and hateful rhetoric, several advocacy groups have documented.



Musk has tried to make up for the shortfall with a new subscription service, Twitter Blue, which offers features such as the ability to compose longer tweets. In April, the company removed so-called “legacy” blue checkmarks from non-paying users whose identities had been verified, opening the door to potential impostors. Government accounts and some corporate accounts will still maintain verification through a separate set of icons, in silver and gold, respectively.



He has also allowed previously banned users back on the platform and courted political controversy with statements such as saying that the media is racist against white and Asian people.



Twitter has also weathered several technical errors and outages during Musk’s tenure as CEO, some of which coincided with massive layoffs, which he pitched as necessary for the financial health of the company.



Earlier this week, right-wing TV talk show host Tucker Carlson announced he would be hosting a new show on the platform after being fired by his previous employer, Fox News.

107148377-1667950015739-gettyimages-1244619288-arriens-twittera221108_npnY6

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107238676-1683700429774-gettyimages-1244760150-arriens-twitteri221113_np1h7-820x462.jpeg" alt="" class="wp-image-424713" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107238676-1683700429774-gettyimages-1244760150-arriens-twitteri221113_np1h7-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107238676-1683700429774-gettyimages-1244760150-arriens-twitteri221113_np1h7-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107238676-1683700429774-gettyimages-1244760150-arriens-twitteri221113_np1h7-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107238676-1683700429774-gettyimages-1244760150-arriens-twitteri221113_np1h7-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/107238676-1683700429774-gettyimages-1244760150-arriens-twitteri221113_np1h7.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Twitter CEO Elon Musk announced changes to the platform’s direct messages feature including the introduction of encryption. STR | Nurphoto | Getty Images</figcaption></figure>



Twitter could launch encrypted direct messages on Wednesday, Elon Musk said, as the CEO outlined plans to boost communication features on the social media service.



Musk said in a tweet late Tuesday that the latest version of the Twitter app contains changes to direct messages or DMs — non-public messages users send to one another.



The CEO said that users can now reply to any message in a DM thread, not just the most recent, as well as use any emoji to react to a message. Previously, users would only be able to reply to the latest message in a DM thread and only react with specific emojis.



Musk also announced that encrypted DMs “should” be released on Wednesday.



Encryption in messages means that only the sender and receiver are able to see a message. In theory, Twitter and Musk would not be able to see or intercept direct messages between people.



“The acid test is that I could not see your DMs even if there was a gun to my head,” Musk tweeted.



Facebook parent Meta said in January that it was expanding testing for default end-to-end encryption for its Messenger service. WhatsApp, the other messaging app owned by Meta, has had end-to-end encryption for several years.



Encrypted messaging services have grown in popularity in the past few years as users focus more on privacy.



Musk also said that voice and video calls will be added soon to Twitter so users can “talk to people anywhere in the world” without giving them a phone number.



Since Twitter’s inception, the development of the direct messages feature hasn’t got much attention from previous CEOs. But Musk has signaled numerous times his intention to make Twitter into an “everything app” from messaging to financial services.



New Twitter features Musk promises are not always introduced on time. In February, he said Twitter would introduce a feature to share advertising revenue with creators on the platform. That hasn’t happened yet.

107238676-1683700429774-gettyimages-1244760150-arriens-twitteri221113_np1h7

Twitter to launch encrypted direct messages with voice and video chat to follow, Elon Musk says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/106228510-1573065003737rtx77mmt-820x462.jpg" alt="" class="wp-image-424708" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/106228510-1573065003737rtx77mmt-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/106228510-1573065003737rtx77mmt-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/106228510-1573065003737rtx77mmt-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/106228510-1573065003737rtx77mmt-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/106228510-1573065003737rtx77mmt.jpg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



NEW YORK — New York Federal Reserve President John Williams on Tuesday cautioned that interest rate increases will take a while to work their way through the economy before inflation returns to an acceptable level.



The central bank official gave no forecast for where he sees policy headed but said he doesn’t expect inflation to return to the Fed’s 2% goal until the next two years. Should inflation not come down, he said the Fed always has the option to raise rates.



He added that unemployment is likely to rise to a 4%-4.5% range, from its current 54-year low of 3.4%.



“Because of the lag between policy actions and their effects, it will take time for the [Federal Open Market Committee’s] actions to restore balance to the economy and return inflation to our 2% target,” Williams said in prepared remarks at the Economic Club of New York.



Williams spoke six days after the FOMC voted to raise its benchmark rate another quarter percentage point to a target range of 5%-5.25%. In its post-meeting statement, the committee hinted it could pause rate hikes, though it said officials will be taking a variety of factors into account when determining how to proceed.



The committee removed a key phrase from the statement that had indicated additional rate hikes would be appropriate. Williams, an FOMC voter, said that decision is now a matter of what the incoming data says.



“First of all, we haven’t said we’re done raising rates,” Williams told CNBC’s Sara Eisen during a Q&amp;A session after his speech. “We’re going to make sure we’re going to achieve our goals and we’re going to assess what’s happening in our economy and make the decision based on that data.”



“I do not see in my baseline forecast, any reason to cut interest rates this year,” he said, adding that additional rate hikes would be possible if the data doesn’t cooperate.



The current problems in the banking industry and their impact will factor into Williams’ policy outlook, he said.



“I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment and inflation,” Williams said.



Some positive signs Williams cited include moderation in longer-term inflation expectations and a cooling in demand for labor that has heated the jobs market and put upward pressure on wages, which nonetheless have failed to keep up with cost-of-living increases.



He also said clogged labor chains, which have been a major inflation contributor, have “improved considerably” over time.

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CNBC

How Amazon’s Drone Delivery Fell Behind Walmart And Alphabet

How AI could change the future of work #Shorts

Why California’s High-Speed Rail Is Taking So Long

China’s economic data misses expectations as economy continues to show uneven recovery

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Twitter to launch encrypted direct messages with voice and video chat to follow, Elon Musk says

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