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posted on 05 September 2017

Early Headlines: Asia Stocks And Oil Mixed, Dollar Down, Gold Flat, Bitcoin Down, Irma Aims For Florida, Mfg Output Up - Jobs Down, Brexit Priorities, Japan Preps For S. Korea Evacuation, And More

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Early Bird Headlines 05 September 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.

early-bird-301-180


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Global

  • Asia markets cautious despite positive Caixin services PMI as Korean Peninsula tensions weigh (CNBC) Indexes in Asia closed mixed after cautious trade on Tuesday after stocks stumbled and investors turned to safe haven assets on the back of North Korea's recent nuclear test. The dollar index slipped 0.15% to 92.503. U.S. crude added 0.55% to trade at $47.55 a barrel as demand picked up and U.S. refineries started to resume operations. Brent crude slid 0.11% to trade at $52.28 a barrel. Gasoline futures fell 4.13 percent to $1.6757 a gallon, close to levels seen before Hurricane Harvey hit. Spot gold stood at $1,335.21 an ounce at 3:03 p.m. HK/SIN up for the day after touching as high as $1,337.98 earlier in the session.

asia.pac.2017.sep.05

The International Monetary Fund (IMF) in Washington has published a Working Paper on “de-cashing". It gives advice to governments who want to abolish cash against the will of their citizenry. Move slowly, starting with seemingly harmless measures, is part of that advice.

  • Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal (Bloomberg) Bitcoin tumbled the most since July after China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales. The People’s Bank of China said on its website Monday that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalizing legal violations in ones already completed. The regulator said that those who have already raised money must provide refunds, though it didn’t specify how the money would be paid back to investors. Graphic below from Twitter:

Click for larger image.

U.S.

  • Officials estimate up to 100,000 homes were damaged or destroyed as a result of Harvey.
  • The worst of the storm was over by Thursday, August 31, but recovery is expected to last months.
  • 325,000 have already applied for assistance from FEMA, the only aid available for the more than 80% of people without flood insurance.
  • Most Americans unaware that as U.S. manufacturing jobs have disappeared, output has grown (Pew Research Center) Manufacturing jobs in the United States have declined considerably over the past several decades, even as manufacturing output - the value of goods and products manufactured in the U.S. - has grown strongly. But while most Americans are aware of the decline in employment, relatively few know about the increase in output, according to a new Pew Research Center survey.

UK

  • London ranked the most prosperous spot in the UK, but its growth is slowing against other regions (City A.M.) London has held its position as the UK's top spot for prosperity, but growth in the capital is lagging against a backdrop of fluctuating economic conditions and Brexit negotiations, new research suggests. Barclays Wealth & Investments' annual UK prosperity map, which will be published today, found London's growth was slowing across a range of indicators measured by the study compared with the rest of the UK.

uk.prosperity.regions.2017

Spain

  • A Catalonian split from Spain could be even worse than Brexit (Business Insider) If the Spanish region of Catalonia breaks away from Spain in a so-called "Catalexit", it would plunge the region into a long period of uncertainty and could end up having negative effects that "proportionally exceed" those of Brexit according to Dutch bank ING. Among these, Catalonia would automatically be excluded from the EU.

Catalonia aims to hold a referendum at the beginning of October to decide whether or not the region - which includes the city of Barcelona - should declare independence from Spain. The region has engaged in a long battle to preserve its cultural identity.

Japan

  • Japan is reportedly working on plans for how it would evacuate its citizens in South Korea if a war were to break out on the Korean Peninsula
  • There are about 57,000 Japanese citizens in South Korea at any one time, according to Nikkei Asian Review

South Korea

Brazil

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