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 07 December 2016

Early Headlines: Asia Stocks Up, Oil Down, House Has Stopgap $ Bill, Trump Sold All Stock, Euro Holding On, May Doubles Down, India Economy Struggles, Oz GDP Contraction And More

Written by

Early Bird Headlines 07 December 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 markets mostly higher; SoftBank jumps 6% (CNBC) Asian shares were higher, with Australia shrugging off weak GDP and Japan's benchmark index up on a Trump announcement that saw SoftBank shares gain smartly. Oil prices slipped on Wednesday during Asian trade for the second day in a row, with the U.S. crude futures down 0.57% at $50.66 a barrel while Brent futures were down 0.41% at $53.70.

asia.pac.2016.dec.07

  • Why do some nations hold more gold? (City A.M.) Across the world, and even within Europe, there are different attitudes to holding physical gold. Citizens in China and India - by far the world’s largest markets - and even Germany, hold much more than others. The UK holds hardly any. Why is this? One historical reason to hold physical gold has been a suspicion of fiat currencies, and the government or central bank’s ability to manipulate them. This is probably the primary reason, according to this article.

U.S.

  • GOP leaders reveal stopgap spending bill (The Hill) GOP leaders announced a deal Tuesday to keep the government funded for nearly six months, with a slight boost to defense spending and bipartisan health programs. The 70-page stopgap spending bill runs through April 28, allowing the incoming Donald Trump administration to take an active role in negotiations this spring.

  • Trump sold all of his stock holdings in June, transition official says (CNBC) Donald Trump sold all of his stock holdings in June, a transition spokesman said Tuesday, potentially helping the president-elect avoid some conflicts of interest when he takes office in January. Aides did not provide documents to confirm the sales.

EU

eur.usd.2016.dec.03.06

UK

  • May doubles-down on Brexit timetable with a challenge to Remainers (City A.M.) Prime Minister Theresa May has moved to see off a potential Commons defeat by accepting a Labour motion requiring the government to set out its Brexit plans to MPs. However, the PM also doubled-down on her Brexit timetable. While the Prime Minister has accepted the Labour motion the government has tabled an amendment which further calls on MPs to support the government's plan to begin proceedings by the end of March 2017. The move comes as the Supreme Court continues to review an earlier High Court judgement that ruled MPs must be consulted before exit proceedings are commenced.

  • NHS pays £430,000 salaries to stand-in bosses (The Times) Hospitals have been ordered to end “eye-wateringly high" payments to stand-in bosses after a watchdog found that salaries of more than £400,000 ($500,000) have become routine. Some temporary staff could avoid tax on their NHS pay under arrangements described by regulators as deeply unpalatable. Costly employees are not monitored properly and hospitals have little idea whether they are any good, according to NHS Improvement, the financial regulator.

India

  • Note this: The cash crunch shock to economy, jobs and key sectors (The Economic Times) Demonetisation torpedoed India’s economy just when it was getting into a cruise mode, fired by good monsoon-led rural demand and Seventh Pay Commission-enabled urban buying. The 8% growth that looked within grasp in FY17 is beyond horizon now. Only about a quarter of currency cancelled is back in circulation, and that too is being stashed away for emergency. Lower denomination notes are not available to facilitate transactions. The fall in demand will further dent already weak investments. The sharpest crash in services PMI since November 2008 in the aftermath of the global financial crisis underscores the risks. Ambit sees growth falling to a low of 3.5% in FY17. Others are not so pessimistic, pencilling in about 7%.

  • India’s grand plan to create world’s longest river set to go (New Scientist)

Engineering projects don’t come any bigger than this. If India’s prime minister, Narendra Modi, gets his way, work could soon begin on a project to link large rivers in the Himalayas and Deccan Peninsula via 30 mega-canals and 3000 dams.

When the work is finished the water network will be twice the length of the Nile, the world longest river, and it will be able to divert water from flood-prone areas to those vulnerable to drought.

But geologists and ecologists in India question the science behind the Inter Linking of Rivers (ILR) scheme. If it goes ahead it might lead to ecological disasters and coastal erosion that would threaten livelihoods and endanger wildlife.

And yet New Scientist has learned from the officials close to the project that work on the pilot link is likely to “start any time soon", with final clearance from the ministry of environment and forests expected imminently.

  • Demonetisation has left us with no cash even for a decent dinner: Russian envoy (The Economic Times) Hat tip to Sanjeev Kulkarni. With so little cash, you can’t even have a decent dinner, forget running regular diplomatic business, the Russian ambassador to India told New Delhi in a strongly worded letter as the country, a major global player and a key defence supplier for India, officially critiqued demonetisation-induced cash shortage for its diplomatic staff. Diplomatic missions of Ukraine, Kazakhstan, Ethiopia and Sudan have also sent protest letters on cash withdrawal restrictions.

Japan

trump.50.billion.softbank.tweet

Australia

  • Economy shrinks: Wake-up call for Australia (InvestSMART) According to this analysis the negative 0.5% GDP growth in 3Q 2016 will turn out to be just a blip on the radar screen, but a very important blip. Many Australians have become complacent. And that includes businesses and politicians. The only way the economy can grow is by Australians spending, investing and employing. Australians didn’t do this in the September quarter. Still, there was also seasonality involved in the weak result. The Reserve Bank has been intimating for some time, monetary policy is reaching its limits. Infrastructure spending may prove useful in coming quarters in providing fresh momentum to the economy. Econintersect: Australia has not had a recession in more than a quarter of a century. The contraction this quarter is the first in 5 1/2 years.

>>>>> 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


search_box

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.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Slow Economic Growth Will Be Around For A Long Time
The Job Guarantee, Wage-Price Inflation And Alternative Solutions: Part 2
News Blog
The Most Reputable Companies Worldwide
Gut Bacteria Play A Role In Long-term Weight Gain
What We Read Today 27 March 2017 - Special Public Edition
Is Less More In The Smartphone Market
Average Gasoline Prices for Week Ending 27 March 2017 Statistically Unchanged - Again
What We Read Today 27 March 2017
Why New Jets Could Destroy Airlines
March 2017 Texas Manufacturing Survey Continues to Expand
Wage Growth After The Great Recession
Is OPEC Losing Its Ability To Influence Oil Prices?
Many Worry That The Great Recession And Mounting Student Debt Have Stunted Millennials' Financial Development
Infographic Of The Day: Visualizing The Shifting Income Distribution Of American Jobs
Early Headlines: Asia Stocks, Dollar, Oil All Down, Gold Up, Border Wall Obstacles, US To 'Fix' Gov With Business Ideas, ACA Death Spiral, US C-I Lending Down, Merkel Election Boost, And More
Investing Blog
Market And Sector Analysis 25 March 2017
Earnings: A Lot Less Than Meets The Eye
Opinion Blog
Is The 20th Century Still The 'Hayek Century'?
Yellen's Dangerous Glass-Steagall Repression
Precious Metals Blog
These Gold Stocks Will Produce Much Bigger Gains Than Gold Itself
Live Markets
27Mar2017 Market Close: US Dollar Falls Into The 98 Range, WTI Crude Slips Into The 47 Handle, Wall Street Generally Sour And Down
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government































 navigate econintersect.com

Blogs

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

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved