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.
Asian stocks falter as Fed makes case for possible December rate rise (Reuters) Asian stocks broke a two-day rising streak on Thursday after top U.S. Federal Reserve officials kept the door open to a December interest rate hike, sending short-term U.S. bond yields to 4-1/2-year highs and giving a boost to a resurgent dollar. European stocks are set to start cautiously with spreadbetters expecting Britain's FTSE 100 to open flat, Germany's DAX to rise 0.13%, and France's CAC 40 to open flat.
Bonds Tumble Around the Globe as Fed Rate Odds Climb Past 50% (Bloomberg) Bonds are falling around the world as traders increased odds to more than 50% that the Federal Reserve will raise interest rates this year. Benchmark 10-year Treasury yields climbed to a seven-week high of 2.24% on Wednesday after Fed Chair Janet Yellen said policy makers may move as soon as their December meeting. German yields reached a two-week high. Australian 10-year yields advanced for a sixth day Thursday. "Bond yields are rising around the world in sympathy with Treasuries," said Hajime Nagata, a debt money manager in Tokyo at Diam, which oversees $142.6 billion. "The market is reaffirming that the Fed will lift off in December."
After failed propositions, San Francisco housing crisis still festering (Al Jazeera) It was an election that symbolized the clash of San Francisco's titans of technology with Bay Area residents who say they have been squeezed out of their city by the booming industry's real estate appetites. But in the David and Goliath match-up on Tuesday, with voters casting their ballots on a number of initiatives revolving around affordable housing, housing activists say Goliath prevailed as residents voted down multiple measures intended to increase number of affordable housing units.
U.S. will not pause Keystone review; Obama expected to reject (Reuters) The United States formally denied a request on Wednesday to pause the review of the proposed Keystone XL oil pipeline, a decision expected to lead to the project's rejection by the Obama administration. TransCanada Corp's request to the State Department for a delay was seen by many as an attempt to postpone the decision until after President Barack Obama left office and a new president more friendly to the plan took over in 2017.
The Latest: Sweden seeks to relocate migrants (Associated Press) Sweden says it will request to transfer some migrants to other European countries under an EU relocation plan. In a joint news conference Wednesday with EU president Donald Tusk, Swedish Prime Minister Stefan Lofven said the country's migration authorities are overstretched by the large influx. With about 160,000 asylum-seekers expected this year, he noted that "Sweden has taken by far the highest number of asylum-seekers per capita" in the 28-member bloc. Lofven added:
"Sweden is not able to receive people in the way that we want to. That is why tomorrow (Thursday) my government will decide to request the relocation of migrants from Sweden to other EU member states."
Resolution Foundation: Treasury could stop tax credit cuts and still run surplus (City A.M.) The Treasury could reverse plans to cut tax credits and still meet its goal of eliminating the deficit, according to a new report out today from the Resolution Foundation. The report suggests five policy changes that would raise significant revenue for the government, including slowing the rate of increase in the personal allowance by tying it to inflation, increasing the basic rate of tax limit to rise in line with inflation, and reversing proposed increases to the inheritance tax threshold and cuts to corporation tax. All of the report's proposals would require the government to go back on its manifesto promises.
Greek island struggles to provide medical care to refugees (Al Jazeera) First week of November and still they come. This article is the best we have seen for a complete description of the dire situation on the Greek Island of Lesbos. With 6,000 new arrivals a day - many in need of emergency attention - Lesbos' healthcare system is unable to cope.
General: Russia sends anti-aircraft missiles to Syria (Associated Press) The commander of the Russian Air Force says Russia has sent anti-aircraft missiles to Syria in order to safeguard its jets involved in airstrikes against militants in the war-battered Arab country. Col. Gen. Viktor Bondarev said in an interview with the daily Komsomolskaya Pravda published on Thursday that Russia's fighter jets could be attacked or high-jacked while on their missions. He did not specify the type of missiles Russia provided. Russia has been carrying out airstrikes on Islamic State fighters in Syria since the end of September at the request of President Bashar Assad, Russia's long-term ally. Russian officials insist that their military involvement in Syria, which has been embroiled in a civil war since 2011, will be limited to an air force operation. See also next article.
U.S. Brings Dogfighters to Counter Russians Over Syria (The Daily Beast) The Pentagon is sending F-15Cs - supposedly to fight the ISIS war. But the jets only have air-to-air weapons, and ISIS has no planes, which means the real adversary is Russia. In the preceding article Russian actions are reported to counter this move and shoot down any planes posing a threat to Russian aircraft. Econintersect: We are one small step (misstep) from the start of World War III.
Lahore factory collapse: Rescuers search rubble for survivors (BBC News) A major rescue operation is under way to save dozens of people thought to be trapped in rubble after a factory collapsed in Lahore, Pakistan. At least 17 people died when the factory, which was under construction, collapsed on Wednesday. Between 150 and 200 construction workers were believed to be in the building at the time of the collapse. The cause of the collapse is still unknown. Building safety levels are often below standard in Pakistan.
Meet the World's Most Confident Consumers. Flush With Credit (Bloomberg) Although Nielsen polling finds consumer confidence rising sharply in the U.S., it is India where the world's most confident consumers are. Shown in the graphic below are Nielsen's results for the most confident consumers in 61 countries around the globe.
Toyota slashes sales outlook as Asia sales plummet 13 per cent (City A.M.) Inspite of record net revenue and net profit for the six months ended 30 September, weakening sales in the latest quarter forced Toyota to cut its sales guidance for the year, from 10.15 million vehicles to 10 million vehicles. Profits are expected to remain intact as the company plans to offset the drooping sales with cost cuts.
Cheap Oil Helps China Unseat Canada as Top U.S. Trade Partner (Bloomberg) China is poised to become the biggest U.S. trading partner this year, eclipsing Canada for the first time as the slump in oil prices reduces the value of energy exports for America's neighbor to the north. Trade in goods with China reached $441.6 billion this year through September, exceeding the $438.1 billion balance with Canada for the first time in U.S. Commerce Department data going back to 1985. Econintersect: The figures are for total trade with U.S., exports plus imports. Note the dominant positions of the top three trading partners (China, Canada and Mexico) with more than twice as much trade collectively than the next seven largest trading partners combined.
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