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posted on 08 August 2016

Early Headlines: Asia, European Stocks Up, China Imports Fall, Clinton Bounce, Brexit Delay, Foreign Investment In India, Japan 40 Year Bonds And More

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Early Bird Headlines 08 August 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.

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Global

asia.pac.2016.aug.08

europe.2016.aug.08

U.S.

EU

Amid the chaos that the so-called Brexit vote has unleashed on the British economy, Danish Prime Minister Lars Loekke Rasmussen is dead-set on forcing an escape from having to foot the welfare bill for EU workers, a key feature of the bloc's freedom of movement principle.

Just like former U.K. premier David Cameron, Rasmussen is trying to placate his right-wing allies. The problem is that his push makes little economic sense and will provide a pay off that's close to zero in savings.

Ever since the Brexit vote, the Liberal Party leader has been reminding his supporters about the need to crack down on "benefit tourism" - a term used by politicians to denounce an alleged practice whereby people from the EU's poorer member states move around the bloc in search of the best welfare package, rather than to find a job.

The drive comes even as new restrictions could cool the inflow of labor, exacerbating a shortage that analysts say is stunting economic growth.

UK

  • How a Hairdresser's Lawsuit Could Spell Trouble for Brexit (Bloomberg) It may be a long time before the Brexit process gets started. Lawsuits, filed on behalf of a hairdresser, a finance entrepreneur and others unwilling to be publicly identified, have been merged into a single claim that's likely to end up before the U.K. Supreme Court this year. The claimants want the nation's highest court to rule that it would be illegal to invoke Article 50, triggering the two-year countdown to Brexit, without first holding a vote in parliament.

India

  • FPIs stay bullish on India, pump in Rs 2,300 cr in a week (Business Standard) Building on their buying momentum, foreign investors poured in nearly Rs 2,300 crore ($368 million) into Indian equity markets in the first week of this month on positive global cues and passage of GST Bill in the Rajya Sabha. It comes following a four-month high inflow of Rs 12,612 crore ($2 billion) in the preceding month. This was the highest net inflow since March, when FPIs had pumped in Rs 21,143 crore ($3.4 billion) in the stock markets. Indian equities have been witnessing positive inflow from foreign investors since March.

Japan

  • Japan finance minister: To work with BOJ, use all policy tools to spur growth (Reuters) Japanese Finance Minister Taro Aso said on Friday that the government would work with the Bank of Japan to use all policy tools to support growth while paying heed to risks posed by the global economy. Japan's economy continues to recover moderately despite some weakness, Aso told reporters after a cabinet meeting, noting downside risks such as a slowdown in China and other emerging markets and Britain's decision to exit the European Union. Aso, who was reappointed to his post in a cabinet reshuffle on Wednesday, also said he would make a decision on the increase in issuance of 40-year government bonds based on careful dialogue with market participants.

South Korea

  • Economy over-reliant on government spending (The Korea Times) The country's economy is increasingly relying on government spending for growth as the private sector loses vitality. Economists point out that repeated short-term stimuli will only weaken fiscal health. According to the Korea Development Institute (KDI), the government spending made up nearly one-third of economic growth last year ― the country's GDP marked 2.6% growth, 0.8 percentage points of which was owed to government financing. In other words, the economy would have grown only 1.8% without this.

  • Financial watchdog says 32 firms need restructuring (Yonsap News Agency) South Korea's financial watchdog on Sunday said 32 big local firms should carry out restructuring, a move that could be aimed at keeping financially troubled companies from further hurting Asia's fourth-largest economy. The Financial Supervisory Service (FSS) made the announcement after conducting a credit risk analysis on 602 companies, which were selected out of 1,973 owing over 50 billion won (US$44 million) to banks and showed signs of financial health problems. The FSS rated the 602 firms in a category ranging from A to D, with A and B being considered financially healthy. It put 19 companies in group D, meaning they should be placed on court receivership.

China

  • Disappointing China July imports suggest cooling domestic demand (Reuters) China's exports and imports fell more than expected in July in a rocky start to the third quarter, pointing to further weakness in global demand in the aftermath of Britain's decision to leave the European Union. Imports fell 12.5% from a year earlier, the biggest decline since February and suggesting China's domestic demand may be faltering despite a flurry of measures to stimulate economic growth.

  • China's Small-Time Stock Investors Aren't Buying the Rebound (Bloomberg) Many of China's 109 million stock investors are still sitting on losses after piling into equities at the height of 2015's rally. While the Shanghai Composite Index has climbed 12% from its January low, the benchmark gauge is still 42% below its peak in June last year. Yet individuals' dominance of trading -- they account for 80% of turnover -- means any rebound is limited without their participation.

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