What to watch
Winnebago Industries: One of the more intriguing companies reporting earnings this week is Winnebago, which will issue its latest quarterly results on Wednesday. The company’s stock, having initially taken a huge hit in the broader market sell-off due to production line shutdowns, is up 33.8% year-to-date, after a huge 194% rally over the past three months. That surge has been driven by an expected increase in demand for domestic holiday options, which could lead to more sales of the firm’s camper vans. Wall Street analysts are still expecting a significant hit to profits for the quarter being reported; currently six analysts rate the stock as a buy or overweight, three as a hold and one as a sell.
IMF World Economic Outlook: On Wednesday, at 9am New York time, the International Monetary Fund puts out its latest global economic update. The IMF last provided an economic update in April, when it projected that the United States’ GDP will shrink 5.9% in 2020 and grow 4.7% next year. For the UK, the IMF projected a 6.5% drop in GDP in 2020, followed by 4% growth in 2021.
Crypto corner: Last Bitcoin won’t be mined until 2140
The final Bitcoin will not be mined until 2140, 120 years from now, a report has said, with rewards for mining Bitcoin recently cut in half.
According to the International Business Times, 18.4 million Bitcoins have already been mined out of a potential 21 million in existence.
Following the most recent halving, miners now collectively receive 900 Bitcoin per day and earn 30-50 Bitcoin in transaction fees. By 2140, there will be no more reward for mining Bitcoin because there’s no more Bitcoin to mine.
The limited supply has helped to boost the price of Bitcoin in recent years, and it is currently close to the $10,000 mark, trading at $9,612 this morning.
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