Early Headlines: China Manufacturing Contracts Less, TPP Nears Passage, Greek Deal Close, Eurozone PMI Expands, Singapore Deflation Continues and More
Early Bird Headlines 24 June 2015
Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
- Trade Accord, Once Blocked, Nears Passage (The New York Times) President Obama's ambitious trade push is back on track, after several near-death moments, in large measure because top Republicans stood by him. The Senate on Tuesday narrowly voted to end debate on legislation granting Mr. Obama enhanced negotiating powers to complete a major Pacific trade accord, virtually assuring final passage Wednesday of Mr. Obama's top legislative priority in his final years in office.
- Support for Free Trade Drops, Amid Raging Congressional Debate – WSJ/NBC Poll (The Wall Street Journal) Asked if free trade between the U.S. and foreign countries has helped or hurt the U.S., the new Wall Street Journal/NBC News poll found that 29% said it helped - down from 37% in April. Meanwhile the share who said trade has hurt the U.S. rose to 34% from 31% in April. Articles at GEI in last 24 hours: "Sentence First, Verdict Afterwards": The Alice in Wonderland World of Fast-tracked Secret Trade Agreements (Ellen Brown) and TPP: Will Voters Re-elect Laughing Stocks to the Senate? (Joseph M. Firestone).
- U.S. manufacturing may be stabilizing; housing gains steam (Reuters) The article says: "A gauge of U.S. business investment spending plans rose in May, a tentative sign that the manufacturing sector was stabilizing after hitting a soft patch in recent months." The capital goods data was actually mixed.
- Eurozone business growth accelerates in June to 4-year high: PMI (The Business Times) Eurozone private businesses expanded at their fastest pace in four years this month, a survey showed on Tuesday, providing the clearest signs yet of a solid recovery in the region.
- Tsipras' Other Problem: Holding Together His Coalition at Home (Bloomberg) Creditors have accepted the outlined proposals from Greece and final negotiations appear to be underway. But can Tsipras sell the deal at home?
- Singapore inflation edges up to -0.4% in May (The Business Times) Singapore recorded it seventh consecutive month of consumer deflation.
- Investment outflows slip 81% on weak global climate (Business Standard) The global slowdown has not only adversely impacted India's exports but also outbound investments. The foreign investment outflows from India contracted 81% to $1.75 billion during fiscal 2014-2015, compared to $9.40 billion in April-March 2013-2014.
- PM puts economic loss from MERS at $10bn (MK Business News) The South Korean government estimated that the Middle East respiratory syndrome outbreak has caused an economic loss of around 10 trillion won ($9.8 billion). Also, it reaffirmed the policy of issuing a supplementary budget to alleviate the economic shock triggered by MERS.
- China's June flash HSBC manufacturing PMI rebounds (Xinhuanet) Rebound is a little strong: preliminary ("flash") HSBC Manufacturing PMI (Purchasing Managers' Index) contracted slightly less in June.
- China opens up interbank bond market to hedge funds (Asian Investor) China continues to liberalize its financial markets.
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