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 06 July 2016

Early Headlines: Asia Stocks Tumble, Europe Looks Down, Pound Plunges, US Tops World Oil Reserves, Lots About Hillary's Email Uproar, Huge Financial Merger In China, Turnbull Struggles In Oz And More

Written by

Early Bird Headlines 06 July 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.




  • Europe seen lower as fears send stocks, pound tumbling (CNBC) European stocks are expected to open lower on Wednesday as fears over political and economic uncertainty in the European Union (EU) following the Brexit vote return to global markets. The London FTSE index is called to open 30 points lower at 6,513, the German DAX down 147 points at 9,385 and the French CAC down 61 points at 4,102, according to IG. Growing anxiety about the fallout of the U.K.'s vote to leave the EU has continued to plague markets.

  • U.S. Holds More Oil Than Saudi Arabia or Russia, Rystad Energy Says (Bloomberg) The U.S. holds more recoverable oil reserves than either Saudi Arabia or Russia, according to Oslo-based consultant Rystad Energy.

  • Letting Central Banks Manage the Economy Might Not Be So Bad (Bloomberg) As countries turn inward and inefficiencies proliferate, there could be a return to the bad old days of the 1970s and early 1980s, when economies suffered from a toxic mix of stagnant output and elevated inflation, some analysts say.

It's practically become conventional wisdom among the economic pundit class that central bankers have been playing far too big a role in managing the global economy. If only other policy makers came off the sidelines and joined in from the fiscal side, all would be right with the world.

Well, maybe not. Following Britain's vote to leave the European Union, the odds are growing that governments will be jolted into action by mounting populist pressures worldwide. The danger, though, is that the steps they take end up being inimical to growth -- think protectionism and severe curbs on immigration -- rather than supportive of it.


  • Furious GOP lashes out at FBI (The Hill) House Speaker Paul Ryan (R-Wis.) and other congressional Republicans are expressing anger and disbelief at the FBI's decision that Hillary Clinton should not be prosecuted for her use of a private email account while at the State Department. Donald Trump, the presumptive Republican presidential nominee, was first out of the gate, declaring in a tweet that "the system is rigged" after FBI Director James Comey announced that he would not recommend charges against Clinton, the presumptive Democratic presidential nominee, even though his agency concluded her actions were "extremely careless".

  • FBI Director James Comey News Conference (C-Span) FBI Director James Comey spoke to reporters about presumptive Democratic presidential nominee Hillary Clinton's use of a private e-mail server.

  • Ryan: GOP will hold hearings on Clinton probe (The Hill) Republicans will hold hearings in the House of Representatives to learn more about the FBI's decision to not recommend criminal charges for presumptive Democratic presidential nominee Hillary Clinton, Speaker Paul Ryan (R-Wis.) said Tuesday night. "People have been convicted for far less," Ryan said during an interview with Megyn Kelly on Fox News' "The Kelly File," saying that he thought FBI director James Comey "was going to recommend prosecution" based on the FBI director's opening remarks in a press conference Tuesday.

  • WikiLeaks Releases Over 1,200 Clinton Emails on Iraq War (Common Dreams) WikiLeaks on Monday marked the yearly celebration of American independence by releasing over 1,200 private emails belonging to former secretary of state and presidential hopeful Hillary Clinton pertaining to the Iraq War. The whistleblower platform announced the new archive in a tweet, noting that the emails would be made public just two days before the UK government is set to release its official inquiry into the 2003 invasion of Iraq, initiated by former U.S. President George W. Bush with substantial backing from then-British Prime Minister Tony Blair. Adding even more fuel to the speculation surrounding the Chilcot Inquiry, WikiLeakson Monday also released a complete list of British MPs who voted to invade Iraq. The emails were among the trove released by the U.S. State Department in February,according to The Hill, which WikiLeaks searched for any reference to the Iraq War. Many of the emails were news reports shared between Clinton and her staff about the ongoing U.S. occupation of Iraq.

  • Trump: Sanders 'lost the FBI primary' (The Hill) GOP presidential candidate Donald Trump on Tuesday said that Bernie Sanders lost more than the Democratic presidential primary - he also lost "the FBI primary." "He was waiting for the FBI primary," Trump suggested during a rally in Raleigh, N.C., as he blasted Hillary Clinton and panned the decision by the FBI not to recommend criminal charges over her use of a private email server while secretary of State.


  • Brexit stokes feuds on future of Europe (The Business Times) The European Union reacted to the shock of Brexit with a show of unity, but deep divisions quickly resurfaced about the path ahead - whether to seek "more Europe" or less. Pushing for closer integration are EU chiefs such as Commission chief Jean-Claude Juncker, France and many southern member states, as well as European Social Democrats hoping for more pro-growth policies and less fiscal discipline. The other camp, which wants EU national leaders to keep greater control of European affairs, groups German Chancellor Angela Merkel with her conservative allies and many eastern European leaders. They believe Brexit shows that fed-up European citizens want to repatriate powers from distant, out-of-touch Brussels to the nation state and view EU federalists like Mr Juncker as part of the problem.

  • Is the Brexit fallout over for markets? (Business Standard) This article says that for much of the world the impact is largely over, including effects on the UK. But not so for the EU:

Markets seem to have taken Brexit in their stride. Indian markets have crossed pre-Brexit highs and are trading above it. American markets too are trading closer to pre-Brexit levels but most of the European markets are trading lower than pre-Brexit highs. The biggest surprise in Europe is that UK's index FTSE is trading above pre-Brexit levels.

Two obvious questions arise from these patterns. One, why is the UK market trading at pre-Brexit high levels while others are still below it, and two, as far as the Indian and American markets are concerned, was Brexit really an issue?


  • Bank of England takes steps as Brexit risks appear, pound falls (Reuters) The Bank of England took steps on Tuesday to ensure British banks keep lending as the financial consequences of the country's decision to leave the European Union began to materialize, especially in commercial real estate. Sterling hit a fresh 31-year low against the dollar after three big investment firms halted trading in real estate funds, reflecting fears of a Brexit hit to the property market. The BoE, which is trying to cushion the economy from the June 23 referendum result, said it would lower the amount of capital banks must hold in reserve, freeing up an extra £150 billion ($196 billion) for lending.

  • British pound plunges as Brexit fears continue to swirl (CNBC) The British pound plunged to fresh 31-year lows on Wednesday, swamped by continued fears over the U.K. leadership vacuum and the country's potential exit from the European Union (EU). The pound tumbled as low as $1.2796 during Asia trade on Wednesday, it's lowest since 1985, after ending Tuesday's trade around $1.2960. The U.K. currency later recovered to trade around $1.2881 at 12:27 p.m. SIN/HK.

  • Austrian finance minister says Britain will remain an EU member - newspaper (Reuters) Austrian Finance Minister Hans Joerg Schelling told a German newspaper he expected Britain to remain a member of the European Union despite the June 23 referendum in which Britons voted to quit the bloc. Schelling also said the EU should respond to the referendum result by reforming itself and by focusing on key issues such as the single market, climate change and security while leaving member states to deal with other topics.


  • Are big cars cleaner? Not yet in India (The Hindu) India is not able to employ low emissions technology in diesel vehicles because the required low sulfur diesel fuel is not available there.


  • CICC, China Investment Securities Said to Be in Merger Talks (Bloomberg) Two giant state owned financial companies, Investment bank China International Capital Corp. and brokerage China Investment Securities Co., firms with 186 billion yuan ($28 billion) of assets last year, are in talks on a possible merger, people familiar with the matter said. A transaction is not certain, and the structure of any deal is yet to be decided, the people providing information said, asking not to be identified because the talks are private.


  • Australian PM Turnbull in reach of hollow election victory (Reuters) Embattled Australian Prime Minister Malcolm Turnbull on Wednesday pulled within striking distance of the votes needed to form a narrow majority government in a cliffhanger election that has left the nation in limbo and his leadership in doubt.

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

Econintersect Contributors

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.

Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

 navigate econintersect .com


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


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved