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.
Asia stocks slip in holiday-thinned trade (Reuters) Asian shares got off to a rocky start on Monday after mixed U.S. jobs data helped sink shares on Wall Street, but trade was thin with many regional markets closed for the Lunar New Year holiday. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.2%, with Australian shares slipping about the same amount. \Japan's Nikkei .N225 pared early steep losses, helped by a weaker yen, but it also was down 0.2% by midday.
Why a Global Recession Is More Likely Than Anyone Realizes(Shah Gilani, Money Morning) SG has contributed to GEI. Gilani says there are too many things slowing down at the same time not to increase the probability of a global recession. And, although the U.S. does not appear to be in a recession yet, the direction of many indicators right now indicates it could happen in 2016.
Broncos D dominates Panthers in 24-10 Super Bowl win (Associated Press) Denver won with Super D as Peyton Manning was Less than stellar. MVP Von Miller forced two fumbles to set up Denver's two touchdowns while the Carolina offense was throttled. Carolina's NFL Season MVP QB Cam Newton lost two fumbles, threw an interception and failed to produce a touchdown for the only time this season. Econintersect: As he left the field at the end of the first half to us he looked tired and beaten.
More Wall Street Strategists Are Cutting Their S&P 500 Estimates (Bloomberg) Amid the normal consensus of bullish calls for stocks in 2016, evidence is mounting that Wall Street strategists are losing their resolve as everything from China to oil and interest rates roil markets. Just five weeks into 2016, seven of the 21 strategists tracked by Bloomberg have lowered their projections for the Standard & Poor's 500 Index amid a rout that wiped more than $2 trillion from prices. The cuts have reduced the average annual estimate, the first time that's happened this early in a year since the Iraq war in 2003. One of the biggest headwinds is the decline in corporate earnings. The earnings for the S&P 500 are expected to slide by 4.5% when all the 4Q reports are complete, the third consecutive quarter with earnings contraction.
Women still absent from many FTSE 100 executive teams (City A.M.) Some of the UK's most well-known household names are failing to appoint women to executive positions, with more than one in ten blue chip companies having no women in their executive teams at all. According to a report released today by female professional development organisation The Pipeline, women account for only 18% of FTSE 100 senior executives. Just two companies - Kingfisher and Severn Trent - have managed to cultivate an executive team with women accounting for 50% or more, while 13 members of the FTSE 100 have no women in their senior executive team at all.
China's forex reserves decline to US$3.23t (The Business Times) China's foreign-exchange reserves shrank to the smallest since 2012,indicating that the central bank sold dollars as the yuan's retreat to a five-year low exacerbated depreciation pressure. The world's largest currency hoard declined by US$99.5 billion in January to US$3.23 trillion. The stockpile fell by more than half a trillion dollars in 2015, the first-ever annual decline. See next article.
Capital flight, not debt, could shock China's economy: BTIM's Gor warns (The Sydney Morning Herald) Capital outflows leading to the exhaustion of China's foreign exchange reserves are a bigger trigger for a hard landing in the Chinese economy than its enormous pile of debt, warns one of Australia's most prominent fund managers. Even though Beijing is seeking a weaker yuan, it has been forced to prop up the currency by selling US dollars to avert a sharper collapse.
Venezuela flirts with default, could be worse than Argentina (CNBC) Venezuela, a country that has endured nearly three continuous years of economic and social crises, is all but certain to touch off a new round of instability - one that is not altogether unfamiliar territory for emerging markets. With inflation logging near triple-digit gains and crude oil - the lifeblood of the Bolivarian Republic's economy - deeply entrenched in a bear market, market observers are bracing themselves for the prospect of a calamitous debt default sometime this year.
Ford will build a new assembly complex in San Luis Potos', and expand an existing factory near Mexico City. The moves will make room for several models, including a yet-to-be-disclosed hybrid vehicle that is described as a Toyota "Prius fighter," and will allow Ford to focus its U.S. factories on higher-profit trucks and sport-utility vehicles.
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