econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 01 March 2016

Early Headlines: Asia Stocks Higher, Oil Steady, Railcar Oil Storage, Break Up Eurozone?, UK Economy Grows, Greece Growth 2016?, Japan Sells Neg Yld 10-Yr, China Fights Capital Flight And More

Written by

Early Bird Headlines 01 March 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

  • Asia markets mostly higher, shrugging off weak China data (CNBC) Asia markets were mostly higher Tuesday as markets digested the surprise move by China's central bank to cut banks' reserve requirement ratio (RRR) to free up liquidity, shrugging off fresh negative economic data from the mainland. Japan's benchmark Nikkei 225 retraced losses of over 1% to trade nearly flat. Chinese markets wavered between positive and negative after worse-than-expected manufacturing data.

asia.pac.2016.feb.29

  • Oil prices defend gains as output dips, China boosts consumption (Reuters) U.S. crude oil prices were steady in early Asian trading on Tuesday after lower domestic production as well as dipping output from OPEC tightened the market just as China further eased its monetary policy in a bid to boost consumption. U.S. West Texas Intermediate (WTI) crude futures were trading at $33.79 per barrel at 0018 GMT (7.18 p.m. ET), 4 cents above their last settlement. That was up 30% from Feb. 11, when the contract hit a 2016 low of just over $26 a barrel, a level last seen in 2003.

U.S.

  • The New Oil-Storage Space: Railcars (The Wall Street Journal) U.S. market is so oversupplied with oil that traders are experimenting with a new place for storing excess crude: empty railcars. Thousands of railcars ordered up to transport oil are now sitting idle because current ultralow crude prices have made shipping by train unprofitable. Meanwhile, traditional storage tanks are running out of room as U.S. oil inventories swell to their highest level since the 1930s. Some industry participants are calling the new practice "rolling storage" - a landlocked spin on the "floating storage" producers use to hold crude on giant oil tankers when inventories run high.

  • Apple Wins Major Court Victory Against FBI in a Case Similar to San Bernardino (The Intercept) Apple scored a major legal victory in its ongoing battle against the FBI on Monday when a federal magistrate judge in New York rejected the U.S. government's request as part of a drug case to force the company to help it extract data from a locked iPhone. The ruling from U.S. Magistrate Judge James Orenstein was issued as part of the criminal case against Jun Feng, who pleaded guilty in October to drug charges. It is a significant boost to Apple's well-publicized campaign to resist the FBI's similar efforts in the case of the San Bernardino killers.

  • Justice Antonin Scalia Dies and Corporate America Surrenders for Now (The Stranger) Bloomberg is reporting that the Dow Chemical Co., a corporation which had nearly $50 billion in revenue last year, has agreed to pay $835 million to settle an antitrust lawsuit that has been in the courts since 2005 (a regular Jarndyce and Jarndyce that one). Why? Because Justice Antonin Scalia is dead, and so a vote in the Supreme Court would likely be tied 4-4, thereby sending the case back to the lower court, which did not rule in favor of the corporation. The dependence of corporate bravado on the presence of a single government official? The author says:

"In the blackest of Africa, we actually have a name for this kind of thing - the kind of thing you in America call conservatism. We call it corruption."

EU

  • Eurozone to be broken up? (City A.M.) Lord Mervyn King, former head of the Bank of England, has suggested that ther eurozone as constituted is not stable and must be broken up. This article offers two opinions, one opposed and one in support. The one opposed is Dr Holger Schmieding, chief economist at Berenberg, who indicates the reasoning of Lord King would suggest that that the UK should break up because of political disagreement. Econintersect: We are dismayed that a prominent financial economist fails to recognize that the UK is a fiscal union whereas the eurozone is not. And he further compounds our dismay with the statement that Spain has turned its economy around with pro-growth reforms (he means austerity). Last report had total unemployment in Spain above 20% and youth unemployment at 46%. This is a turnaround? For shame!!!

UK

  • Economy shrugs off market jitters to keep up steady growth (City A.M.) The UK's economic growth held up in February in the wake of stock market turmoil and global growth concerns. New survey data published this morning by the Confederation of British Industry (CBI) suggests growth picked up in the three months to February compared with the three months to January. The percentage of firms that said output had gone up was 8% higher than those that said it had declined. It was an uptick from January's 6%. Growth was concentrated in consumer services while manufacturers continued to struggle.

  • Job vacancies cool off as shops and factories cut back (City A.M.) Growth in the number of new job vacancies slowed in January. Available job openings rose 13.3% from the same month last year, according to the data published by jobs site Adzuna this morning. Yearly vacancy growth was above 20% in every month last year. The slowdown was due to a sharper-than-usual fall from December to January. Openings plummeted 7.3% on the month. The number of opportunities in retail and manufacturing dropped 13% and 9%, respectively. Vacancies in travel and part-time work also declined, but this was normal for January. The Office for National Statistics estimates that vacancies hit a record high in the three months to January.

Greece

  • Greek economy shrank 0.3 percent last year but expanded toward end (Reuters) Greece's economy expanded slightly in the last three months of 2015, the country's statistics service said on Monday, revising flash estimates of a 0.6 percent decline and pointing to a smaller full-year contraction than previously estimated. The data showed a 0.1 percent increase in gross domestic product from October to December compared with the previous quarter, based on seasonally adjusted data. Private consumption and investments were the main drivers.

Japan

  • Japan Sells 10-Year Bonds at Negative Yield For the First Time (Bloomberg) The Japanese government got paid to borrow money for a decade for the first time, selling 2.2 trillion yen ($20 billion) of the debt at an average yield of minus 0.024% on Tuesday. The sale drew bids for 3.2 times the amount of the securities offered, the first increase in demand since an auction in December.

  • US and Japan urged to beef up military alliance as China rises (Financial Times) The US and Japan should set up new military headquarters for missions to defend Okinawa and other islands as part of a broad revamp of their alliance, according to a group of top foreign policy experts from both countries.

China

  • China halts overseas investment schemes (Financial Times) Beijing has mothballed two pioneering outbound investment schemes, according to people with knowledge of the situation, in its latest bid to stem capital outflows and shore up the yuan renminbi. The halt in the allotment of quotas reflects fears over the massive amount of cash (some economists estimate up to $1 trillion last year) that has left the country through official and unofficial channels as economic growth slows and the renminbi continues to depreciate. See next article.

  • Why China's Economy Will Be So Hard to Fix (Bloomberg) Outflows of capital and devaluation of the yuan renminbi are two of the distressful events for China.

Click for larger image.

china.capital.flow.yuan.devaluation.600x400

  • China's Changing Economy (Bloomberg) China's economy grew an average 10 percent for 30 years, lifting 500 million people out of poverty. With those heady rates now in the past, its leaders are ditching the old investment and export growth model in favor of markets, consumers and services. Here's how the transition is playing out.

china.gdp.by.idustry.1992.2015china.gdp.by.idustry.1992.2015

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.





Econintersect Contributors


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Energy and Falling Productivity
Reinhard Selten: Pioneering Analyst of Rationality and Human Behaviour
News Blog
Super Mario, The Timeless Bestseller
Explainer: The Nine Swing States That Will Decide The Next US President
How Long Does Apple Support Older IPhone Models
What We Read Today 25 September 2016
Dangerous Ultra Pure Water
Job Employment Tenure Down
Mobile Payments Promise To Improve Financial Accessibility In Mexico
Aging Populations May Mean Lower Economic Growth
Urban Rebound Causes Large Shift In Lower Credit Borrowers To Seek The Outer Suburbs
Infographic Of The Day: How Oil Is Formed
Early Headlines: Japan Needs Fed Hike, Mexico Tanker Ablaze, 1.5C Limit Within 10 Yrs, Africa's Growth Problems, Did US Destroy Syria Truce?, Merkel: No Help For DB And More
Americans Wary Of Drone Delivery
Britain's Wealthiest Households
Investing Blog
The Week Ahead: How Will Election News Impact The Market?
How To Protect Your Money Against Negative Interest Rates
Opinion Blog
What If We're In A Depression But Don't Know It?
There's No Wall Between The Fed And Banco De Mexico
Precious Metals Blog
War On Cash Turns To $20, $50, And $100 Bills
Live Markets
23Sep2016 Market Close: US Indexes Close Lower As Crude Prices Slip, Fed Lowers Economic Growth Prospects, Indicators Melting Into Bearish Territory
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved