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Updated: May 25, 2026 at 2:09 PM

The Econgram

✅ Economic news channel ✅ 1-minute posts covering the most relevant and important events in the world economy 🔥 Our Instagram: https://www.instagram.com/the_econgram/ 📞 Contact: Nikita: @nikita_zheleznov 📢 Buy ads: https://telega.io/c/TheEcongram

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The Econgram

Apr 23, 2026, 10:58 AM

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From pessimism to a bull market: the AI boom
#Econgram_World

John Templeton* said: "Bull markets* are born on pessimism, grown on scepticism, mature on optimism, and die on euphoria." We can observe that pattern today.

The phase of pessimism and scepticism
1) In the Eurozone, in October 2022, interest rates were rising rapidly, and inflation was hitting double digits. The S&P 500 index was down by nearly one-quarter from its peak.

2) U. S. tech companies started 2023 in the doldrums*. Several American regional banks collapsed.

3) Investors were betting on interest rate cuts, contrary to the Federal Reserve's claims.

Phase of optimism
1) Hopes for a productivity boom fueled by generative AI* have replaced fears about growth and inflation.

2) Stocks of large technology companies soared. In the first half of this year, Alphabet, Amazon, Apple, Microsoft, Tesla, Meta, and Nvidia dominated America’s stock market returns. By July, they accounted for more than 60% of the value of the Nasdaq 100 index.

3) Overall, stock market indices such as the S&P 500, the KBW bank index, and the S&P 500 EWI suggest that we are in a full-blown bull market.

Inspired by https://www.economist.com/finance-and-economics/2023/07/25/investors-are-seized-by-optimism-can-the-bull-market-last, https://www.theguardian.com/technology/2023/jul/23/artificial-intelligence-boom-generates-optimism-in-tech-sector-as-stocks-soar, https://edition.cnn.com/2023/08/01/investing/premarket-stocks-trading/index.html

After a successful July, the S&P 500 and the Nasdaq marked their fifth consecutive month of growth. Will this trend continue towards market euphoria?

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The Econgram

Apr 23, 2026, 10:58 AM

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The Econgram

Apr 23, 2026, 10:58 AM

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Italy's new bank tax will cause a welfare loss of €7bn
#Econgram_EU

Facts:
1) Italy plans to impose a windfall tax* on banking activities. The tax will generate roughly €3bn in revenues for the government. In turn, it will cause losses to the banking sector worth almost €10bn.

Analysis:
1) After 15 years at a 0% interest rate, the European Central Bank is raising rates to fight inflation. That has increased banks' profits.

2) Despite increased profits, banks have not raised interest rates on savings accounts. Italy's government aims to redistribute those "unfair" profits through welfare programs*.

3) Nevertheless, economists are sceptical about the consequences of the imposition of the windfall tax:

- Firstly, the banking sector risks losing €10bn. That is a serious threat to Italy's fragile banking industry.

- Secondly, it is likely that the tax will reduce investors' willingness to buy Italian banks' stocks.

- Thirdly, the imposition of a windfall tax sets a precedent, allowing the implementation of new taxes on excessive profits. That decreases investors’ confidence.

- Finally, the windfall tax will make it even more difficult for the public to borrow money, since banks will have fewer incentives to issue extra credit (which is overtaxed).

Inspired by Corriere della Sera, https://on.ft.com/3s5Bzbi https://on.ft.com/3Ypvxhy👉 Join

The Econgram

Apr 23, 2026, 10:58 AM

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Who is profiting from the war in Ukraine?
#Econgram_Business

Facts:
1) BAE Systems, Britain's largest defence company, announced a record £21.1bn worth of new orders in the first half of the year. Demand for submarines, aeroplanes and warships drove the revenues.

2) BAE aims for the full-year EPS* growth of 10-12%, twice its previous target.

3) The BAE Systems' share price has soared by over 70% since the start of 2022.

Analysis:
1) The war in Ukraine has significantly boosted demand for defence equipment and technology. Besides BAE, other defence companies benefited. Among them are Germany’s Rheinmetall and Sweden’s Saab. Rheinmetall’s shares grew by 200%, while Saab’s by 100%.

2) BAE Systems' decision to increase its annual profit forecast reflects its confidence in the business environment and growth potential. In fact, the firm claimed that the orders might increase by over £400mn.

3) The surge in BAE's shares by 70% made it the second-best performer in the FTSE 100 index. That indicates positive market sentiment towards the company. Apparently, investors expect the war to continue in the near future.

Inspired by https://www.ft.com/content/31f7ef89-0d9c-4590-a306-fd8cdf92f78f?shareType=nongift👉 Join

The Econgram

Apr 23, 2026, 10:58 AM

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The Econgram

Apr 23, 2026, 10:58 AM

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BlackRock will hugely invest in the Indian market: what does that mean for New Delhi?
#Econgram_India

Facts:
1) BlackRock reenters the Indian market striking a new joint venture* with Jio Financial Services.

2) BlackRock and JFS agreed to invest up to $150mn each. The project’s profit will mainly come from fees and commissions. The clients might be savers who, for instance, include financial products in their retirement plans. In this way, millions of Indians will get access to innovative investment solutions at affordable prices.

Analysis:
1) “India represents an enormously important opportunity”, said Rachel Lord, head of BlackRock’s Asian and Pacific business. Indeed, the Indian market has undergone a significant reshaping due to digital transformation and rising affluence. BlackRock is determined to reinforce its presence in India, which already represents 15% of the company's assets in Asian emerging markets.

2) The joint venture is expected to be a success: “(it) will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products”, said the chief executive of JFS. Besides, the venture will allow the Indian financial market to expand and get visibility.

Inspired by https://www.ft.com/content/676a7ead-0f1c-498a-b3f2-26d09c1634a3, https://www.cnbc.com/2023/07/27/blackrock-returns-to-india-joins-forces-with-tycoon-ambanis-jio-financial.html👉 Join

The Econgram

Apr 23, 2026, 10:58 AM

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Korean chipmakers will leave China for America: the Tech Cold War
#Econgram_World

Facts:
1) Due to the recent Inflation Reduction Act*, Korean chipmakers are set to receive billions of dollars in U. S. subsidies, provided that they decouple their supply chain* from China.

Analysis:
1) Up to now, Korean chipmakers have been absorbing America's technology while manufacturing in China. However, China aims to gradually recover from the technology gap by replacing foreign companies with domestic ones. As Chris Miller* claimed, "Beijing will retaliate against you only in places where it can replace you”.

2) The Biden administration recognizes Korean tech firms' fears: America offers billions of dollars in incentives to Korean firms for moving production plants from China to the United States. Besides, Biden makes in-the-U. S. production more convenient by offering tax cuts and subsidies (the same way China has done in the last twenty years).

3) The tech cold war is reshaping the semiconductor industry and the Korean economy. The idea of "seeking protection from the West while making deals with the East" now seems a reminiscence from the 2010s.

Inspired by https://www.ft.com/content/c164c880-a832-422f-8fb4-29b2185d4982👉 Join

The Econgram

Apr 23, 2026, 10:58 AM

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How to measure income inequality: the Gini coefficient explained

What is the Gini coefficient?

The Gini coefficient is a measure of income inequality within a population. It represents the extent to which income distribution differs from perfect equality.

The Gini coefficient of 0 implies perfect income equality: every person in the population receives equal income.

The Gini coefficient of 1 implies perfect inequality: all income is concentrated in the hands of one person.

How does the coefficient work?

Mathematically, the Gini coefficient is the area between the Lorenz curve and the perfect equality curve.

Lorenz curve is unique to a population. It represents the relationship between the cumulative share of income earned and the cumulative population.

For example, a Lorenz curve could show that 75% of a country’s income is concentrated in the hands of the wealthiest 25%. In contrast, the perfect equality Lorenz curve would imply that 50% of the country’s income is uniformly distributed among 50% of the population.

The Gini coefficient in the real world

The country with the highest Gini coefficient (highest income inequality) is South Africa. The coefficient there equals 0.63. Just below South Africa are Namibia, Suriname and Zambia.

The country with the lowest Gini coefficient of 0.232 is Slovakia. Just above are Slovenia, Belarus and Armenia.

Inspired by https://wisevoter.com/country-rankings/gini-coefficient-by-country/👉 Join

The Econgram

Apr 23, 2026, 10:58 AM

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The Econgram

Apr 23, 2026, 10:58 AM

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Why do personal short-term gains lead to shared long-term losses: unravelling the tragedy of the commons
#Econgram_economic_concepts

What is the tragedy of the commons?

The tragedy of the commons is a situation in which people having access to a public resource act in their own interest, ultimately causing the resource’s depletion.

Overfishing

Overfishing occurs when individual fishermen or fishing companies compete to catch the most fish, leading to declining fish populations in the long term.

For example, imagine there are three fishermen and one pond. In the pond, there are six fish. Every day, each pair of fish reproduces and adds one newborn to the population.

What is the optimal number of fish that should be caught per day? It must be no more than three: one for each fisherman. That is because every day, three fish are born. Hence, the number of fish in the pond can stay constant or even increase if no more than three fish a day are caught.

Unfortunately, people usually act in their own interest irrespectively of the consequences for others. If one of the three fishermen started catching two fish per day, the fish population would decline. In the long term (in our example, three days), no fish would be left.

Some other examples of the tragedy of the commons include deforestation, air pollution, traffic congestion and littering.

Ways to tackle the tragedy of the commons

Economists suggest several ways to address the tragedy of the commons. Among them are the implementation of strict regulations and the imposition of taxes or other economic incentives.

Inspired by https://online.hbs.edu/blog/post/tragedy-of-the-commons-impact-on-sustainability-issues#:~:text=Thetragedyofthecommonsreferstoasituationin,BritishwriterWilliamForsterLloyd.👉 Join

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