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posted on 09 June 2016

Early Headlines: Asia Stocks Down, Yen Up, So. Korea Cuts Rates, China Inflation Soft, Oil Reversal?, Draghi Buys Junk Bonds, Grace VanderWaal, Baghdad Bombings And More

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Early Bird Headlines 09 June 2016

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

Note: Due to technical difficulties, a part of this morning's article was lost.

Global

asia.pac.2016.jun.09

  • Energy is one of the largest consumers of water in a drought-threatened world (The Conversation) While currently about 16% of water usage in the world is for production of electricity, it is expected that water usage in that arena will nearly double by the 2030s. This can be reduced if certain technologies take over a larger portion of electricity generation. Wind is especially attractive in this regard.

water.for.electricity

  • Everything's a Buy as Central Banks Keep on Greasing Markets (Bloomberg) Misery is making strange bedfellows in global markets. At a time when risky assets including stocks, commodities, junk bonds and emerging-market currencies are rallying to multi-month highs, so are the havens, from gold, government bonds to the Swiss franc and the Japanese yen.

U.S.

  • I Don't Know My Name (YouTube) A 12-year-old ukulele player named Grace VanderWaal gets the golden buzzer when she takes a risk and performs an original tune, "I Don't Know My Name" on America's Got Talent. This video has more than 33 million views on Facebook and over a million more on YouTube in the first 24 hours. Econintersect: When do you think it will go viral?

EU

The ECB president said European leaders needed to become more open to trade, enabling companies to take advantage of the global supply chains that would produce goods with the most value. The most powerful quick win would be for politicians in Brussels to complete the single market in services.

  • Draghi Seen Buying Junk Debt Shows ECB Will Do Whatever It Takes (Bloomberg) Since a surprise interest-rate cut at his first meeting as European Central Bank President, Mario Draghi has shown a penchant for pushing the envelope. The bank's entry into the corporate bond market on Wednesday was no exception: buying bonds with junk ratings.

UK

  • Drug prices post-Brexit - an expensive pill to swallow? (The Conversation) If the UK votes to leave the European Union, would it still be able to enjoy benefits of a single market by being in the European Economic Area (EEA)? Or would it be on its own in the world? The outcome of that uncertain situation could have a big impact on one sector that is of crucial importance to millions of people - pharmaceuticals.

Iraq

  • More than 22 killed, 70 wounded, in two bombings in Baghdad: police (Reuters) More than 22 people were killed and 70 wounded in two separate bombings on Thursday in Baghdad, one targeting a commercial street and the other an army checkpoint. The attacks come as Iraqi forces are trying to dislodge Islamic State militants from Falluja, their stronghold just west of Baghdad. A car packed with explosive blew up in a commercial street of Baghdad al-Jadeeda (New Baghdad), an eastern district of the capital, killing at least 15 people and wounding over 50.

South Korea

  • In a surprise, Bank of Korea cuts rate to all-time low (MarketWatch) South Korea's central bank took markets by surprise by cutting its main policy rate Thursday to a record low, in a move to support the economy. The Bank of Korea lowered its base rate by a quarter of a percentage point to 1.25%, in response to growing pressure to ease policy and spur growth. It was the first rate cut for the BOK in a year.

China

  • China consumer prices rise 2 pct on-year in May vs expectations of a 2.3 pct rise: Reuters (CNBC) Price pressures in the world's most populous country eased last month on the back of falling food prices, data on Thursday showed. The government's consumer price index (CPI) rose an annual 2%, slower than April's 2.3% expansion and missing forecasts for a 2.3% increase. Food prices, a major component of the index, rose 5.9% compared to the same period a year ago, lagging April's 7.4% expansion. The soft inflation has fueled suggestions that more stimulus may be forthcoming.

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