Strong economic data boosts appetite, but Coinbase struggles

Strong economic data boosts appetite, but Coinbase struggles

By Ipek OzkardeskayaGENEVA — The Chinese GDP grew at a record pace in the first quarter, +18.3% from 6.5% printed a quarter earlier. The Chinese growth figure could be seen as a rebound ball after the pandemic-hit economy recovers quickly toward normal activity levels.And there is nothing more promising than seeing China in good health for the average investor. No wonder we've seen oil extending gains above the 50-day moving average.In the US, the retail sales jumped nearly 10% in March thanks to the new round of stimulus checks from government, and the demand for unemployment benefits fell to the lowest in more than a year.The industrial production recovered less than analysts expected, but the Philly Fed Manufacturing index surprised with a print above 50 hinting at expansion, and the Empire State Manufacturing index beat analysts' estimates.What investors couldn't understand, though, was the market reaction to the very strong economic data. The major US indices renewed record and the US 10-year yields eased. This is the exact opposite of what one would