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.
Are Negative Rates Backfiring? Here's Some Early Evidence (The Wall Street Journal) Policy makers in Europe and Japan have turned to negative rates for the same reason - to stimulate their lackluster economies. Yet the results have left some economists scratching their heads. Instead of opening their wallets, many consumers and businesses are squirreling away more money. Why? With no interest on savings people have to save more for retirement. Econintersect: Who would have thought?
How Trump's Economic Vision Measures Up (Bloomberg) Donald Trump fleshed out his economic agenda with a speech in Detroit on Monday. The Republican presidential nominee said he'd roll out more details in the coming weeks. This article looks at some of Trump's main promises so far, and how his strategy compares with both the current situation and the ideas from Democratic nominee Hillary Clinton.
No 10 to proceed with 'national living wage' despite pressure (The Guardian) Downing Street has dismissed pressure to slow the implementation of the "national living wage" in the face of lobbying from businesses concerned about rising salary bills. The policy, which is expected to raise the minimum wage for the over-25s to approximately £9 ($12.70) an hour by 2020, was the centerpiece of George Osborne's 2015 budget. At least 16 trade bodies have written to the business secretary, Greg Clark, urging him to reconsider the plans in light of the economic slowdown expected after the UK's vote to leave the European Union.
Britain Is Heading Towards a Winter of Gas Discontent (Bloomberg) Centrica Plc's Rough, the U.K.'s largest natural gas storage facility 9,000 feet below the North Sea bed, unexpectedly closed for the summer and will probably remain unavailable for most of the winter. The shutdown whipsawed prices in Europe's biggest market. The UK will have an exceptional dependence on gas imports this winter.
Turkey's Erdogan: I want to reset Russia ties from clean slate - TASS (Reuters) Turkish President Tayyip Erdogan said in an interview with Russia's TASS news agency published on Monday he wanted to reset relations with Russia from a clean slate and restart cooperation in a range of sectors. Erdogan was speaking on the eve of a meeting with President Vladimir Putin in St Petersburg intended to end a period of high tension after Turkey downed a Russian fighter jet near the Syrian border last November. Russia imposed trade sanctions on Turkey and the number of Russian tourists visiting the country fell by 87% in the first half of 2016.
Rajan Holds India Rates in Final Move as Inflation Quickens (Bloomberg) India's central bank Governor Raghuram Rajan left interest rates unchanged at his last policy review as food prices threaten to push inflation above the nation's target. The benchmark repurchase rate will stay at a five-year low of 6.50%, the Reserve Bank of India said in a statement in Mumbai on Tuesday. The move was predicted by 27 of 29 economists in a Bloomberg survey, with two expecting a cut to 6.25%.
The Yuan's Wild Year: Devaluation Panic Gives Way to Steady Drop (Bloomberg) One year after China roiled markets by devaluing its currency, the nation's central bank appears to be firmly back in control. While the yuan has continued to decline, both against the dollar and a basket of trading partners, investor panic has dissipated. Options traders are the least bearish on the yuan in almost two years, outflows have slowed and a gauge of volatility has declined to its lowest level since November.
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