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posted on 31 August 2015

Early Headlines: Shanghai Down Modestly, US Blocks India Clean Energy, India Cost Of Capital, EU Facing Epic Refugee Flood, Huge Egyptian Gas Field Discovered And More

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Early Bird Headlines 31 August 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.

early-bird-301-180

Global

  • Japan wins Little League title, beating Pennsylvania 18-11 (Associated Press, MSN News) Japan fell behind 10-2 in the first inning, but won the rest of the game 16-1 in one of the most onesided displays of power in Little League World Series history. Japan won its 10th title with the winning team from Kitasuna winning for the third time.
  • China worries push Asia stocks, US futures lower (CNBC) Asian equities were mostly lower on Monday, with the Shanghai Composite losing as much as 3.7% on reports that Beijing may finally halt its controversial market intervention. See more on China below. Data approximately 2 am EST (New York time):

asia.markets.2015.aug.31.pm

U.S.

  • Young workers in target-date funds hit hard by market drop (Reuters) Among the hardest hit in the market decline are millenials who are heavily invested in target date funds with 30-45 year targets - these are heavily invested in stocks. Older workers with near-in targets saw about half the decline of the 20-somethings.

EU

  • Unprecedented migrant crisis forces EU to seek answers (Reuters) European Union ministers were summoned on Sunday to meet in two weeks' time to seek urgent solutions to a migration crisis unprecedented in the bloc's history, as the mounting death toll on land and sea forced governments to respond. Luxembourg, which holds the rotating EU presidency, called interior ministers from all 28 member states to an extraordinary meeting on Sept. 14, saying: "The situation of migration phenomena outside and inside the European Union has recently taken unprecedented proportions."

Egypt

  • Italy's Eni discovers huge gas field off Egyptian coast (BBC News) Italian energy group Eni says it has found one of the world's largest natural gas fields off Egypt's coast. The company said the area was 1,450m (4,757 feet) beneath the surface and covered 100 sq km (39 sq miles). It could hold as much as 30 trillion cubic feet of gas, or 5.5 billion barrels of oil equivalent. Eni says that the Zohr field "could become one of the world's largest natural-gas finds" and help meet Egypt's gas needs for decades. The company has full concession rights to the area.

Mali

  • Clan warfare trumps diplomacy in Mali's fragile north (Reuters) The United Nations has deployed 10,000 peacekeepers and poured more than $1 billion into Mali but its efforts to end a three-year conflict are threatened by the reemergence of a centuries-old rivalry between Tuareg clans. An agreement with the clans was reached in June but it is coming apart as rival clans have renewed their battles.

India

  • Biggest threat to Modi govt's 'acche din' is RBI governor Raghuram Rajan (The Economic Times) Hat tip to Sanjeev Kulkarni. India desperately needs to see a large and a sharp fall in cost of capital. The transmission effect with the petty rate cuts so far has not worked as there is hardly any confidence within our financial sector of a sustained cyclical recovery in the investment cycle.

China

  • China Stocks Extend Biggest Selloff Since 2008 on Rescue Doubts (Bloomberg) China's stocks extended the biggest two-month tumble since 2008 amid growing concern that government intervention to prop up the market will fail. Brokerages led the retreat early in the session. One broker, Citic Securities Co.; declined 6.9% after Xinhua News Agency reported that company executives were detained on suspicion of insider trading.
  • Shanghai Composite Streaming Chart (Investing.com) The Shanghai Compoite opened shraply down but has been recovering during the afternoon session. With less than an hour of trading remaining the index is down about 1.4%. Click on chart for latest streaming data from Investing.com.

shanghai.2015.aug.31.pm

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