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posted on 09 November 2016

Early Headlines: Looks Like President Trump, Asia Stocks Down 'Bigly', Oil Plunges, U.S. Futures Limit Down, GOP Retains Senate, Marijuana Embraced, India Replacing Large Bills And More

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Early Bird Headlines 09 November 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

Global

asia.pac.2016.nov.09

  • Oil tumbles as Trump leads U.S. election in potential Brexit deja vu (Reuters) Oil prices tumbled on Wednesday as vote counting showed Donald Trump edging ahead in an unexpectedly tight U.S. presidential election, throwing world markets into turmoil in a result reminiscent of June's Brexit vote. Crude futures markets roared into action, with trading accelerating as Europe joined Asia from around 0500 GMT, as Trump surprised by defeating Democrat Hillary Clinton in a series of key contests and opening a path to the White House. U.S. West Texas Intermediate (WTI) CLc1 crude futures fell to a session low of $43.07 per barrel, down more than 4% from their last close and their lowest since September, before edging back to $43.72 a barrel by 0601 GMT. International Brent crude futures LCOc1 were down 2.43% at $44.92 a barrel.

  • Big Oil Looks Past Profit Crunch as Cash Flow Cues Recovery (Bloomberg) Ask any oil-company accountant, “what’s the difference between income and cash flow?" and they’re likely to say income makes the headlines, cash pays the bills. It may be glib, but there’s a nub of truth there. Cash generation is the yardstick used to judge a company’s ability to invest and pay dividends, and it’s been growing at the biggest oil producers for three quarters in a row. Last quarter the world’s largest listed energy companies -- Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc -- reported cash from operations of almost $26 billion, up 67% from the previous three months and more than double the first-quarter amount, according to data compiled by Bloomberg.

U.S.

election.map.2.09.am

  • SENATE: Republicans defy odds to keep majority (The Hill) Senate Republicans defied the odds Tuesday and beat back Democrats’ all-out push to win the Senate majority. The victory is a huge win for Senate Majority Leader Mitch McConnell (R-Ky.), who took a hands-on role crafting the defense of 24 Senate seats in what was projected to be a tough cycle for GOP incumbents.

  • Trump and the GOP could absolutely repeal Obamacare - and 22 million people would lose health insurance (CNBC) If Donald Trump's increasingly strong night turns into a win and he heads to the White House, the Republican Party will have a very real shot at repealing Obamacare, dismantling a system in a move that would leave 22 million Americans without health insurance coverage. Republicans could easily retain control of the Senate. They're expected to keep the House. One party rule could mean President Obama's health care law will be in real jeopardy.

  • 'Limit down' curbs triggered as S&P 500 futures drop 5% (Bloomberg) Waves of selling in U.S. stock index futures pushed losses to Chicago Mercantile Exchange limits that prevent further declines, as investors rushed to adjust for a potential victory by Donald Trump in the presidential race. Many stock futures had trading halted for the overnight sessions. Trading cannot resume until the morning trading opens for Wednesday.

  • California, Massachusetts approve recreational marijuana (Associated Press) The marijuana legalization movement scored its biggest victory yet Tuesday as voters in California, Massachusetts and Nevada approved recreational pot, making the drug fully legal in the nation's most populous state and giving it a toehold in the densely populated Northeast. Voters in Florida, North Dakota and Arkansas approved medical marijuana measures. A preliminary exit poll conducted for The Associated Press and television networks by Edison Research showed the proposal passed handily in California.

  • Florida defeats solar power measure critics called misleading (The Hill) Florida voters are projected to defeat a proposed constitutional amendment that opponents say would have hurt the rooftop solar power industry. Amendment 1 would have given Floridians a constitutional right to use rooftop solar power and mandated that government agencies protect customers both involved and not involved with rooftop solar. But the solar industry and environmentalists charged that the amendment was a wolf in sheep’s clothing, misleadingly designed by electric utilities to restrict rooftop solar. They say it could have led to restrictions in the ability of Floridians to sell power they generate to utilities, and to have third-party companies install solar panels.

India

  • Surgical strike on old Rs.500,1000 notes (Ajay Shah, Alternative Economics) AS has contributed to GEI. New Rs.500 or Rs.2000 notes will replace the role of the old Rs.500 or Rs.1000 notes. Large value notes will not go away. This is a surgical strike against the people who have inventories of the old notes that can't be shown to the authorities. Those people will find ways to fence those suitcases of cash, and suffer monetary loss in the process. Prof. Shah says that the desired impact on corruption enabled by cash will be ineffective.

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