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    UNICEF chief urges the world to help India ‘now’ as Covid cases soar

    In this articleFOREThe executive director of UNICEF, Henrietta Fore, has told CNBC that it  is “very worried” about the current Covid-19 crisis in India and urged the world to send urgent help to the country.Speaking during World Immunization Week, Fore also said it was a “race to save lives” through vaccinations, particularly in some of the world’s poorest countries with “very fragile” health systems. India is in the midst of a deadly second wave of the virus. On Saturday, daily coronavirus cases in the country passed 400,000 for first time; total cases in India have now topped 19 million, and more than 215,000 people have died from Covid in the country.”It is worrying for several reasons. One, is it a precursor to what might happen in other countries, particularly countries in Africa, with much weaker healthcare systems?” Fore said last week.”It’s worrying because their health care system has been overwhelmed. It is the need for oxygen and therapeutics that we just have not seen in this pandemic in another country at this scale.”People wearing protective face masks wait to receive a vaccine for the coronavirus disease (COVID-19) at a vaccination centre in Mumbai, India, April 26, 2021.Niharika Kulkarni | ReutersFore said both UNICEF and the COVAX global vaccine program had sent help to the country, and aid from other nations was making a big difference. “But it’s not enough because India is part of our supply chain. So, it is both where we source many of the vaccines, it’s also where we need to give help as a world to India now,” she added.UNICEF is the United Nations agency responsible for providing aid to children across the world.’Help us now’One consequence of the Covid-19 pandemic is that the world has stopped paying attention to other routine immunizations, Fore warned. Around 60 routine immunization campaigns have been stopped globally, as countries focus on tackling the pandemic.To address these challenges — while continuing to help the recovery from the global pandemic — the World Health Organization, UNICEF, Gavi, the Vaccine Alliance and other partners, are supporting a global strategy known as Immunization Agenda 2030. The initiative aims to save 50 million lives through “an ambitious new global strategy to maximize the lifesaving impact of vaccines through stronger immunization systems.”Fore said that around half of the world’s vaccinations come about as a result of UNICEF’s routine immunizations of children.”Polio, measles, yellow fever … all of these are vaccines that children need, but they’re also vaccines that adults need. So we are asking for families to come into primary health clinics in their own communities, bring their children in, get vaccinated for these childhood diseases, also get a Covid vaccine, and we can save 50 million lives,” she said.Asked if she had a message for global leaders today, Fore said: “Well, help us now.”Henrietta H. Fore, Executive Director of UNICEF on July 05, 2018 in BERLIN, GERMANY.Ute Grabowsky/Photothek via Getty Images”We are worried that the world is not paying attention to things like routine immunizations. We cannot lose this population, our children, to one epidemic while we are worried about Covid as a pandemic for our world, so please help us now,” she added.Despite the ongoing global pandemic, Fore said the time was right to focus on such initiatives.”People now realize that vaccines are important, that vaccines work, that they save lives, and right now we are in a race to save lives,” she said.”So if we can save them through a routine immunization program, reaching out to everyone in a society, that will help both routine immunizations and it will help Covid.”Global investmentHowever, Fore told CNBC that it can be hard to focus global investment on supporting the programs.”Under the Covax facility there’s been a call for $23 billion, which sounds like an enormous amount, but really, when you look at global GDP and what is available in the world, it’s a very small number,” she said.”So you realize that as a world we could afford this, and if we could get vaccines out to children and to adults in the coming years, we will be a world that would have more equity, more fairness, more health across the board.” More

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    India accounts for 1 in 3 new Covid cases being recorded. Here is its second wave in 5 charts

    A woman wearing a protective face mask walks past a graffiti, amidst the spread of the coronavirus disease (COVID-19), on a street in Mumbai, India, March 30, 2021.Francis Mascarenhas | ReutersIndia’s second wave of Covid-19 infections shows no signs of slowing down as the country’s overwhelmed health-care system faces supply shortages for hospital beds, oxygen, medicines and vaccines.The World Health Organization said last week that one in every three new coronavirus cases globally is being reported in India.Prime Minister Narendra Modi’s government is facing criticism for allowing large crowds to gather for religious festivals and election rallies in various parts of the country. Commentators said the mass gatherings likely turned into super spreader events.Cases in the second wave started rising in February, when India reported an average of about 10,000 infections a day. But the situation progressively worsened in April, ending the month by repeatedly setting new global records for daily cases. India kicked off May by reporting more than 400,000 new cases.Nearly 7 million cases were reported for the month, a huge share of the more than 19 million India has recorded during the entire pandemic, according to data from Johns Hopkins University.Zoom In IconArrows pointing outwardsScientists say the spike in cases is partially due to variants of the coronavirus circulating in India at the moment.”There is at least emergence of two important dominant variants, one is a U.K. variant, one is an Indian variant,” Manoj Murhekar, director of the National Institute of Epidemiology, Chennai, told CNBC on Friday.The Indian government reportedly said last month that 80% of cases in Punjab were due to the highly contagious U.K. variant, which is known as B.1.1.7.Meanwhile, the Indian variant is known as B.1.617 and has multiple sub-lineages with slightly different characteristic mutations. The WHO classified it as a variant of interest in its epidemiological update on the pandemic last week.Zoom In IconArrows pointing outwardsMaharashtra, which is home to India’s financial capital Mumbai, is the hardest hit state and also the epicenter for the second wave.India’s richest state went into a lockdown in mid-April to break the chain of transmission. Reports said Maharashtra’s state government extended restrictions until May 15.Murhekar told CNBC that at the moment, very little is known about what proportion of the infected cases are due to a variant. He said India needs to step up its surveillance for variants so that there’s meaningful data from each region and state on which variants are circulating in each.Zoom In IconArrows pointing outwardsIn April, India crossed 200,000 reported deaths. JHU data showed more than 48,000 people lost their lives to the disease last month.Though the death rate is comparatively low, it is likely that there is an undercounting of fatalities as multiple media reports suggest crematoriums and burial grounds are overwhelmed with bodies of those who died from Covid-19.The international community has responded with promises to send help to India, including $100 million in medical aid from the United States.Experts have said that India’s best shot at tackling the outbreak is by stepping up its vaccination efforts.Zoom In IconArrows pointing outwardsSince launching its mass inoculation drive in January, India has administered more than 154 million vaccine doses as of April 30, according to government data.That implies a little over 10% of the population has received at least one of the two shots required. But the percentage of people who have completed their vaccination is only about 2% of the total population, at around 27.9 million as of April.Starting in May, India is opening vaccinations to anyone age 18 and older.Murhekar said that the kind of herd immunity India needs to reduce transmission can only be achieved through vaccination.”It will take many days and many months, basically, till we have a critical mass, which is vaccinated against Covid,” he added.Zoom In IconArrows pointing outwardsBut the country is facing vaccine shortages and several states have reportedly run out of supply.The supply crunch is expected to last through July, according to the CEO of India’s top vaccine maker, Serum Institute, which is producing AstraZeneca’s shot. Adar Poonawalla recently told the Financial Times that his firm is set to increase vaccine production capacity from about 60 million to 70 million doses a month to 100 million.The other vaccine being administered is Bharat Biotech’s Covaxin.New Delhi has recently approved the Russia-developed Sputnik V and authorized foreign-made vaccines that have been granted emergency approval by the U.S., U.K., European Union, Japan and World Health Organization-listed agencies.— CNBC’s Nate Rattner contributed to this report. More

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    Manchester United vs Liverpool postponed after anti-Glazer fan protests at Old Trafford

    In this articleMANUA football fan chants slogans before a protest against the ownership of Manchester United.Andy Barton, SOPA Images | LightRocket | Getty ImagesManchester United’s Premier League game against Liverpool at Old Trafford has been postponed following protests against the Glazer family.Hundreds of fans got into the stadium ahead of the behind-closed-doors contest, which was originally scheduled for a 4.30pm kick-off before being delayed and then called off completely.Discussions are taking place around finding a new date for the fixture.Two police officers were injured during Sunday’s demonstrations, with one hospitalised after “sustaining a significant slash wound to his face”, according to Greater Manchester Police.A United statement read: “Following discussion between the Police, The Premier League, Trafford Council and the clubs, our match against Liverpool has been postponed due to safety and security considerations around the protest today. Discussions will now take place with the Premier League on a revised date for the fixture.Read more from Sky SportsGary Neville: Owners to blame for protestMan Utd fans break into Old Trafford and protest on pitchOle Gunnar Solskjaer: Fans have right to to voice anger”Our fans are passionate about Manchester United, and we completely acknowledge the right to free expression and peaceful protest.”However, we regret the disruption to the team and actions which put other fans, staff, and the police in danger. We thank the police for their support and will assist them in any subsequent investigations.”Liverpool said they were in “full agreement” with the decision to postpone and will continue to have dialogue with Manchester United, the Premier League and the local authorities to find a suitable date to reschedule.”It is our position that public safety must be the number one factor in any such decision, with the ability to provide a secure environment for the participants, staff and officials being a particular priority,” said a club statement.Police officers monitor football fans during a protest against the Glazer’s ownership of Manchester United.Andy Barton, SOPA Images | LightRocket | Getty Images”It was clearly not possible for this to be guaranteed today due to a situation which escalated rapidly.”The Premier League condemned all the “acts of violence, criminal damage and trespass, especially given the associated COVID-19 breaches” in a statement after the postponement was confirmed.”The security and safety of everyone at Old Trafford remains of paramount importance,” a Premier League statement read.”We understand and respect the strength of feeling but condemn all acts of violence, criminal damage and trespass, especially given the associated COVID-19 breaches.”Fans have many channels by which to make their views known, but the actions of a minority seen today have no justification. We sympathise with the police and stewards who had to deal with a dangerous situation that should have no place in football.”The rearrangement of the fixture will be communicated in due course.”Man Utd fan protests and postponement – A timeline1pm – Fans begin congregating outside the trinity statue on the Old Trafford forecourt, as another group starts to protest at the Lowry Hotel, where the United team are staying ahead of the game.2pm – The numbers of protestors swell to thousands outside Old Trafford, with firecrackers being let off and a group of supporters beginning to march towards the Munich Tunnel.2.30pm – United fans breach security and invade the stadium, taking to the Old Trafford pitch. Flares are let off, firecrackers are thrown and one supporter is seen wielding one of the corner flags.3pm – The stadium is in lockdown. A sweep of the stadium is required and there is said to be damage to the pitch.3.30pm – Despite mounting uncertainty over the status of the match, the Premier League proceeds to publish the official team sheet one hour before the scheduled kick-off time.3.55pm – The Premier League issues a statement in which it confirms the match will not kick off at its scheduled start time5.40pm – Officials confirm the game will be postponed.5.50pm – The Premier League calls the postponementSupporters also gathered outside the team’s hotel – The Lowry Hotel in Manchester, where the United team were staying before the game – ahead of Sunday’s match at Old Trafford.Greater Manchester Police said they were “aware” the protests were due to take place and “were working closely alongside partners to ensure those that attended were kept safe whilst enabling their right to peaceful protest”.”By late afternoon around 200 protestors had gathered outside the Lowry and over 1,000 at Old Trafford,” the police statement read.”Officers continued to closely monitor the situation, engaging with those present but as the groups grew in size; it became clear that many of those present were not intending to exercise their right to peaceful protest. Flares were let off and bottles thrown at officers.”Protestors outside Old Trafford became especially aggressive and antagonistic towards police before a group of about 100 forced entry to the ground with some United staff having to lock themselves in rooms.”Those in the stadium were evicted by officers but outside on the forecourt hostility grew with bottles and barriers being thrown at officers and horses.”Many United supporters are still angry and upset over their club’s role as one of the founder members of the proposed breakaway European Super League.The plans added to years of discontent and protests from supporters following the controversial takeover by the Glazers in 2005.United owner Joel Glazer, unveiled as Super League vice-chairman when the announcement was made, apologised in an open letter to all the club’s fans after they were forced to pull out of the plans.However, that apology seems to have been rebuffed by the club’s supporter base who protested outside Old Trafford last week which followed even more protesting at United’s Carrington training ground. 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    Indonesian ride-hailing giant Gojek wants to make every vehicle on its app electric by 2030

    Indonesian ride-hailing app Gojek has announced plans to make every car and motorcycle on its platform an electric vehicle (EV) by 2030 in an ambitious three-pronged sustainability strategy.Dubbed the “Three Zeros” agenda, the company aims to reach zero emissions, zero waste and zero socio-economic barriers by the end of the decade, co-founder and co-CEO Kevin Aluwi told CNBC.The plans will see the 11-year-old company invest in a series of EV pilot programs across Southeast Asia, as well as launching a “world-first” in-app carbon offsetting feature. However Aluwi said the plans would also require external support.”We’re definitely going to put our money where our mouth is,” said Aluwi. “But it goes without saying that it’s impossible for us to be driving this solely,” he continued, highlighting the need for public and private collaboration to build the supporting infrastructure.We’re definitely going to put our money where our mouth is. But it goes without saying that it’s impossible for us to be driving this solely.Kevin Aluwico-founder and co-CEO, GojekAlready, Gojek has seen strong interest from battery manufacturers, nickel providers and Indonesian authorities keen to assist with the shift to green energy in the world’s fourth most populous country and surrounding region, Aluwi said.”Indonesia is one of the largest motorcycle-based transportation countries, so there’s a ton of interest around this from all kinds of parties and we see ourselves as primarily a facilitator in making this happen.”In addition, the company announced a series of social mobility initiatives, including establishing an employee-led council to push corporate diversity, equality and inclusion programs as well as helping micro and small businesses digitize. It also pledged to only partake in gender diverse panels for speaking events.Aluwi said the plans would help Gojek address some of the barriers to inclusivity present in both the company and Indonesia as a whole.”We’re very, very far from where we need to be if I can be brutally honest about ourselves. But I do think that our commitments are the first step in rectifying that,” he said. “Indonesia is a very diverse and complex country when it comes to these topics.”An Indonesian driver of ride-hailing service Gojek and his passenger commute in Jakarta 5 March 2021.NurPhoto | Getty ImagesThe plans were announced Friday in the company’s first sustainability report, which details the company’s environmental, social and governances (ESG) targets. The goals are to be disclosed and reviewed annually.”It is no longer a question of whether companies should report on their sustainability impact,” Allinettes Adigue, head of ASEAN at the Global Reporting Initiative, which provides benchmarks for companies and governments’ ESG commitments, said in the report’s release.”It is now a question of whether what companies report are accurate and relevant, and clearly communicates their impact on the economy, environment and society,” he added.The announcement follows news that Gojek is set to merge with Indonesian e-commerce company Tokopedia to form multi-function app GoTo.An IPO is definitely an area, an activity, a milestone that we know is on the cards for us at some point.Kevin Aluwico-founder and co-CEO, GojekUnder the combined entity, the country’s two most valuable start-ups will reportedly target a valuation of up to $40 billion as they pit themselves against fellow Southeast Asian ride-hailing giant Grab in the public markets.”An IPO is definitely an area, an activity, a milestone that we know is on the cards for us at some point,” said Aluwi, though he would not be pushed on timings.Last month, SoftBank-backed Grab announced it is set to go public through a SPAC merger with Altimeter Growth Corp. in a deal that values the company at $39.6 billion — the largest blank-check merger to date. More

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    U.S. to discuss wider Covid vaccine licensing as India calls to waive patent protections

    Ground staff unload coronavirus disease (COVID-19) relief supplies from the United States at the Indira Gandhi International Airport cargo terminal in New Delhi, India April 30, 2021.Prakash Singh | ReutersWASHINGTON – White House Chief of Staff Ron Klain said Sunday that the Biden administration is looking to distribute the coronavirus vaccine to India and other countries now that millions of Americans have received their doses.In recent weeks, India has grappled with a staggering rise in new coronavirus infections. Over the weekend, India reported 400,000 daily cases, bringing the nation’s cumulative total to 19,557,457 cases, according to figures compiled by Johns Hopkins. The spike may have been triggered by a highly contagious Covid variant, known as B.1.617, which was first identified in the country.The variant has since been identified in other countries, including the United States.On Friday, the White House announced that it would restrict travel from India as the country works to counter its surge of Covid-19 infections.”We are rushing aid to India,” Klain said during an interview on CBS program “Face the Nation.”Klain said that the U.S. has sent therapeutics, rapid diagnostic test kits, ventilators and protective equipment to the world’s largest democracy as well as raw materials crucial for vaccine production.”Our U.S. Trade Representative Katherine Tai is going to the WTO next week to start talks on how we can get this vaccine more widely distributed, more widely licensed, more widely shared,” he said when asked if the Biden administration would relax patent protections on the coronavirus vaccine.Klain added that he expected the White House to have more to say on the matter in the coming days.Earlier this month, Indian Prime Minister Narendra Modi discussed lifting the patent protections of the coronavirus vaccine with Biden, according to a readout of the call. The relaxation would grant governments quicker and more affordable access to the lifesaving doses.Last week, the Biden administration announced that it will immediately make raw materials needed for India’s coronavirus vaccine production available. The U.S. response came after Britain, France and Germany pledged aid to India, the world’s largest democracy. Rich nations have come under fire in recent days for hoarding the raw materials needed to make the shots. More

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    Stock futures rise ahead of first trading day of May

    Traders on the New York Stock ExchangeSource: NYSEU.S. stock futures moved higher in overnight trading on Sunday as investors readied for the first trading day of May.Dow futures rose about 125 points. S&P 500 futures gained 0.45% and Nasdaq 100 futures rose 0.33%.Monday marks the first trading day of May. Despite Friday’s weakness in equities, the S&P 500 notched its third straight month of gains in April, adding more than 5% to the index as investors bet on a big economic and profit recovery from the pandemic.The S&P 500 is now up 11% for the year. The benchmark closed at record levels on Thursday on the heels of blowout earnings results from Apple and Facebook.The Dow rose about 2.7% last month, while the Nasdaq Composite gained 5.4% in April.”Investors are gearing up for another busy earnings week capped off with a widely watched jobs report. Given the positive economic and earnings news, the path of least resistance appears  higher,” Jack Ablin, chief investment officer at Cresset Capital told CNBC.Investors will also be monitoring the next batch of corporate earnings. Lowe’s, Estee Lauder and ON Semiconductor report before the bell on Monday.Manufacturing PMI data for April will be released at 9:45 a.m. ET on Monday, followed by ISM manufacturing at 10 a.m.Enjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now More

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    Will going digital transform the yuan’s status at home and abroad?

    WITH A FEW taps on her phone, Lu Qingqing, a 24-year-old office worker, leapt into the monetary future. She was one of 50,000 people in the city of Shen­zhen selected late last year for a trial of China’s digital currency, officially called eCNY. She downloaded an app, received a gift of 200 yuan ($30) from the government and went shopping for books. The app’s display showed a traditional banknote and her balance, which ran down as she made purchases. “It felt like real money,” she says.Legally, it is as real as hard cash. All the money in an eCNY app, offered by one of six commercial banks, is backed by an equivalent amount deposited at the People’s Bank of China. Just as the central bank issues and stands behind any paper yuan circulating in China, so does it guarantee eCNY. If, say, the commercial bank that made Ms Lu’s digital wallet went bust, her eCNY—linked to her personal-identity number—would be transferred to a new wallet.Central banks worldwide are considering issuing digital versions of notes and coins. Although China will not be the first (that honour goes to the Bahamas), it is the most important launching ground. It is the world’s leader in mobile payments, processing about $67trn-worth of transactions last year, nearly 400 times more than in America (see chart 1). More than half a million people have already got their hands on eCNY, in a manner of speaking, in trials since last year. China’s central bank is studying how to spread it abroad. Niall Ferguson, a historian, has called on America to wake up to the peril of letting China “mint the money of the future”.China’s digital currency was first conceived as a way to curb the dominance of the big mobile-money providers. Now three bold claims are being made about it: that it will dramatically enhance China’s surveillance capabilities; that it will allow the state to wield far more control over money; and that it will challenge the dollar for global prominence.Within China, however, many economists and bankers are far less bullish. The design of the eCNY, and the very nature of China’s economic system, mean that each of these claims is unlikely to be realised soon. “The digital yuan is not magic, so we don’t expect magic from it,” says Gary Liu of the China Financial Reform Institute in Shanghai.Start with the first claim, that digitisation offers unmatched surveillance abilities, letting the state track people’s spending in real time. It is not entirely wrong. But it is a limited gain for the central bank compared with its existing powers.Most mobile payments today involve a bank card, tethered to users’ accounts on Alipay or WeChat. These must pass through NetsUnion, a central clearing platform. Similarly, any foreign-exchange transaction in China takes place on the China Foreign Exchange Trade System. In both cases regulators can see how people spend in real time. For mobile payments that do not touch the banking system, officials can demand a record and, says an industry insider, may soon require real-time reporting, too.The upshot is that, even without eCNY, regulators have no real blind spots left, apart from old-fashioned cash. And so long as millions of older citizens do not much like paying for things with smartphones, the government will not phase out cash.Centrally unplannedA second bold claim about eCNY is that it will reshape monetary policy in China. According to this view, the central bank will, among other things, have more control over money, programming it to be used for specific purposes and at predefined times. This, however, both understates what the central bank can already do and overstates what the eCNY will let it do.China already manages both the money supply and interest rates with different sectors in mind. Since 2015, for instance, it has created hundreds of billions of yuan for the construction of affordable housing. More recently it has tried to lower interest rates for small firms, giving cheaper funding to banks that provide such loans.The eCNY, one might assume, will make this targeting more precise. But its design is such that its role will be far more circumscribed. The central bank will replace only a small portion of base money, known as M0, with eCNY, leaving the rest of the money supply undisturbed (see chart 2). It will distribute eCNY through a two-tiered system, issuing the currency to commercial banks, which in turn will make it available to the public. It will not pay interest on e­CNY. And it will probably place low ceilings on how much people can actually hold.Granted, the central bank may in time expand the eCNY’s role. But the limitations exist for a reason. The government is wary of undermining the financial system. It does not want savers to switch out of bank deposits en masse into eCNY. That would make it harder for banks to fund themselves, thereby slowing lending growth. Moreover, few serious economists in Beijing like the idea of a 100% eCNY money supply, in which the government could directly control how banks lend. “We don’t want to go back to central planning. That would be a mistake,” says Yu Yongding, a former adviser to the central bank.A different worldA final bold claim is that eCNY will catapult the yuan to global status. But that misunderstands why the yuan accounts for just 2% of international payments today, about the same as the Australian and Canadian dollars. When deciding which currencies to use, companies and investors around the world consider how easily they can make conversions to other currencies; how freely and widely they can invest them; and whether they trust the issuing countries’ legal systems. China’s insistence on maintaining far tighter capital controls than any other major economy, as well as deep-seated doubts about its one-party political system, blunt the yuan’s international appeal. The limiting factors are policy and politics, not technology.Even the technological case for eCNY is far from clear-cut. When companies transfer money in and out of China, they already use currency in a digital format: electronic messages on the SWIFT payments network instruct banks to credit accounts in one country and debit them in another. What slows things down is complying with China’s capital controls and with international regulations such as those aimed at stopping money-laundering.The eCNY will not eliminate such checks, and the Belgium-headquartered SWIFT system, which connects more than 11,000 financial institutions, is likely to remain the most efficient conduit for sharing payment information across borders. “Even in the long term, SWIFT will remain indispensable,” says Liu Dongmin of the Chinese Academy of Social Sciences.The three more radical claims about it may not be realised, but will the eCNY at least fulfil authorities’ original aim, of giving the central bank a foothold in the digital-payments universe? Probably, but not a giant one. After the eCNY trial in Shenzhen, Ms Lu said that she would use it for some payments, but that Alipay and WeChat were far more convenient because of how they tie into much wider commercial and social-messaging networks. Mr Liu of the China Financial Reform Institute expects others to reach the same conclusion. In three years he predicts that eCNY will account for less than 5% of mobile payments.Western governments and central bankers mulling digital currencies of their own may wonder if the outcome of the e­CNY experiment will contain any lessons for them. But China is unusual in so many ways—from its sheltered financial system and intricate capital controls to the size of its mobile payments—that its experience could well prove to be unique. Other countries might not, for instance, seek to design their digital currencies along the same lines. Yet the caution with which China’s authorities are proceeding with the eCNY, if nothing else, hints at how disruptive the technology, if unconstrained, could be. ■ More

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    A powerful rotation out of tech stocks could start this month, Wells Fargo’s Chris Harvey says

    Wells Fargo Securities’ Chris Harvey is calling Big Tech’s recent outperformance a “head fake.”In a recent note to investors, he wrote economically sensitive groups will overtake growth as a leading market driver, and the powerful rotation could happen as soon as this month. So, he’s urging investors who are overweight Big Tech to drop to market perform.”Take some profits,” the firm’s head of equity strategy told CNBC’s “Trading Nation” on Friday. “It’s not that we hate tech. It’s just some of the tech companies are high growth, high risk, [and] high multiple.”Meanwhile, Wall Street is coming off a positive month. The tech-heavy Nasdaq saw its sixth monthly gain in a row. It rallied more than 7% in April, closing the month at 13,860.76. The index is 2.5% below its all-time high hit last Thursday.Harvey attributes the strength in growth and technology to the benchmark 10-year Treasury Note yield falling almost 6% over the past month. It ended April at 1.62%However, Harvey expects yields to breakout. His firm predicts the 10-year yield will hit 2% next month.”We are just beginning a very aggressive GDP cycle, a very aggressive recovery. Typically, when you have growth and growth is abundant, you don’t want to pay a premium for tech,” he said. “That’s where we are right now.”Harvey believes investors haven’t come to terms with the trouble inflation will create for Big Tech, growth stocks and the overall market.”We’re going to start thinking about things like higher taxes. When do we taper? How high do rates go — assuming they go higher,” said Harvey. “You can get a bit more choppiness.”Harvey plans to use any turbulence to his advantage. His strategy: Target groups well positioned to profit from inflation and a rapidly recovering economy.”We want to add more cyclicality,” Harvey said. “We want to do that in financials. We want to do that in industrials. We want to do that in consumer services — whether it’s hotels. Whether it’s restaurants.”Disclaimer More