China’s Tech Sector Is Starting To Return To Normal
Less than three months after China began seeing its COVID-19 lockdowns, the country’s tech scene is starting to look much like it did before the lockdowns took hold. On Monday, Chinese ride-sharing giant Didi disclosed that its Chinese ride-sharing activity has rebounded to year-ago levels, with daily rides topping 30 million. It added that orders for its bike-sharing service (Didi Bike) have topped 10 million.
By comparison, Uber (UBER) – Get Report CEO Dara Khosrowshahi said on June 3 that his company’s global ride-sharing business is still down about 70% annually, a slight improvement from the 80% decline it was previously seeing. Likewise, Lyft (LYFT) – Get Report, which operates only in the U.S. and Canada, disclosed last week that its rides rose 26% in May relative to April, but were still down about 70% relative to May 2019. Read more…..
Chart Of The Day
Dr. Marc Faber of the #GloomBoomandDoomReport finds it odd, although simultaneously one of the more attractive investing opportunities most have ever seen. Dr. Faber also comments on the current Fed policy, how it’s impacting the world, and how this will all play out.