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posted on 02 June 2017

Early Headlines: Asia Stocks Up, Dollar Up, Oil And Gold Down, Trump Wants Better Climate Deal, Travel Ban To SCOTUS, Spain Says US Owes $ To NATO, Mass Shooting In Manilla, China New Climate Leader, And More

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Early Bird Headlines 02 June 2017

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 mostly in the green after Wall Street closes up; US to withdraw from Paris accord (CNBC) Asian markets were mostly in the green on Friday, after the release of strong private payrolls stateside and as President Donald Trump announced the U.S. would be withdrawing from the Paris climate accord. The dollar index traded at 97.222 at 11:40 a.m. HK/SIN, which was off a low of 96.903 set in the last session. U.S. crude was down 0.5% at $48.12 a barrel and Brent crude was 0.4% lower at $50.43. Spot gold was down 0.3% to $1,260.96 per ounce by 0404 GMT. It earlier touched its weakest since May 26 at $1,258.60. Gold has fallen 0.4% for the week and could register its first weekly decline in four weeks.

asia.pac.2017.jun.02

  • Paris climate deal: Dismay as Trump signals exit from accord (BBC News) There has been widespread international condemnation of President Trump's announcement that the US is withdrawing from the 2015 Paris climate agreement. Senior Republicans and the US coal industry backed the move. Mr Trump said the accord "punished" the US and would cost millions of American jobs. Mr Trump characterised the Paris agreement as a deal that aimed to hobble, disadvantage and impoverish the US.

U.S.

  • Trump to Withdraw U.S. From Climate Accord to Seek Better Deal (Bloomberg) President Donald Trump said he would withdraw the U.S. from the Paris climate pact, saying it favors other nations at the expense of American workers, a move that angered European allies, corporate executives and religious leaders. Trump said Thursday, arguing the pact benefits China and India.

“We are getting out, but we will start to negotiate and we will see if we can make a deal, and if we can, that’s great. And if we can’t, that’s fine."

  • Fact-checking the energy claims in Trump's Paris Agreement speech (CNBC) This article cites much published data which contradicts many of the statements made by the president.

  • US travel ban goes to Supreme Court (BBC News) The White House has asked the US Supreme Court to reinstate a travel ban on people from majority Muslim countries. The ban has been blocked by lower courts which have said that it is discriminatory. Two emergency applications have now been filed by the government with the court's nine justices that seek to overturn those lower court rulings. The controversial ban has prompted protests and debate across the US.

  • Trump's Paris Adieu Is a Win for Coal and Oil But Not a Big One (Bloomberg) The biggest winners in President Donald Trump’s decision to walk away from the Paris climate accord are oil, coal and natural gas producers. And even they aren’t popping Champagne corks.

In theory, that bodes well for miners, oil drillers and gas companies. Yet coal stocks slipped Wednesday after news first leaked out of Trump’s decision. And two of the biggest oil producers, Exxon Mobil Corp. and ConocoPhillips, reiterated support for the accord. That’s because market forces and individual government policies play a far larger role in driving energy demand than the Paris accord. So while quitting may be a boon for fossil fuels, it’s not necessarily moving markets.

Even as Washington rolls back efforts to promote renewables, California, New York and other states are forging ahead. And after years of being supported by subsidies, wind and solar prices have plunged so much they can compete with fossil fuels in many areas.

  • President Donald Trump said "our tax bill is moving along in Congress"

  • Republicans have not introduced a tax reform bill in Congress

EU

  • U.S. Accused of Shortchanging NATO as Spain Reacts to Trump Spat (Bloomberg) A senior Spanish defense official dismissed Donald Trump’s complaints about European military spending as unjustified, saying that it’s the U.S. who should be paying more into NATO. Deputy Defense Minister Agustin Conde said the only firm financial commitment that North Atlantic Treaty Organization members have to the alliance is their contribution to its annual budget, which should be based on the economic output of each country. By that measure, he said, the U.S. is paying far less than it should. Conde, 51, said in an interview in Madrid:

“The U.S. should be paying about 50 percent of the NATO budget, they pay 24 percent. It’s not right to say that European countries owe money."

Norway

  • The Country Adopting Electric Vehicles Faster Than Anywhere Else (Bloomberg) Norwegians are switching to electric vehicles faster than anyone else on the planet. More than a third of all new cars are either fully electric or plug-in hybrids, well over 10 times the proportion in the U.S. With about 100,000 electrics on the road, Norway (population 5 million) trails only the U.S., China, and Japan in absolute numbers. By 2025, the government has suggested, there may be no gasoline- or diesel-powered cars sold in the country. Sture Portvik, the city official overseeing the Akershus free charging garage says:

“It’s safe to say that Norway is the first mass market for EVs."

Philippines

  • Resorts World Manila: At least 36 bodies found at casino complex (BBC News) At least 36 bodies have been recovered from a casino and hotel complex in the Philippine capital, Manila, where a lone gunman opened fire overnight. Most of the dead suffocated in thick toxic smoke after the man set fire to casino tables, officials told the BBC. The gunman, whose nationality is not yet known, began shooting in the casino in Resorts World Manila in the early hours of Friday morning. Police said he later killed himself by setting himself on fire.

China

  • China has emerged as world’s biggest clean-energy investor

  • Xi gets easy win in drive to burnish China’s global image

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