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posted on 09 February 2018

Early Headlines: Asia Stocks Plunge, Dollar And Gold Steady, Oil Down, New Gov. Shutdown, ICE Arrests Up, Why Brits Are Proud, New Taiwan Quake, China Inflation Eases, And More

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Early Bird Headlines 09 February 2018

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, published Monday, Wednesday and Friday, 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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‚ÄčGlobal

asia.pac.2018.feb.09

  • Volatility is Isolated (The Daily Shot) The stock market volatility spike has not spilled over into other asset classes.

U.S.

At least two of the tax breaks help the constituents of Senate Majority Leader Mitch McConnell (R-Ky.), who negotiated the deal with Democratic Leader Charles Schumer (N.Y.).

Altogether, the special tax provisions amount to $17.4 billion over the next four years, with most of the costs incurred - $13.3 billion - in fiscal year 2018, according to an analysis released by the Joint Committee on Taxation (JCT).

  • Treasurer José Cisneros Announces the Members of the Municipal Bank Feasibility Task Force (Press Release, City of San Fransisco) Treasurer José Cisneros announced today the 16 members of the Municipal Bank Feasibility Task Force. The formation of the Task Force was recommended by the Board of Supervisors to identify and pursue opportunities to extend access to credit for small businesses, provide banking services to the cannabis industry, expand capital for affordable housing, and research the viability and advisability of a municipal bank. Cisneros said :

“San Francisco has always been a leader in socially responsible banking and investment. I am eager to work with the Task Force to identify new approaches to support our City’s bold vision for inclusive innovation. My primary responsibility is to safeguard City funds, and I am confident that the Task Force will recommend solutions that also meet the stringent fiduciary and investment requirements set by state law."

  • How a Nazi Made the Ballot in Illinois (The Atlantic) The strange candidacy of Arthur Jones points to failures of democratic safeguards on every level. The Holocaust denier who is running unopposed in the Illinois Republican primary for U.S. Congress doesn't describe himself as a Nazi. His party, however, does. Arthur Jones now prefers the term “white racialist". Jones, a health-insurance agent living in Lyons, Illinois, spent eight years as a member of the National Socialist White People’s Party - previously known as the American Nazi Party - and has been active with the America First Committee since the 1980s.
  • Macy's Military Parade Proposal (The New Yorker) See also What Would Trump's Military parade Symbolize?

Trump’s understanding seems clear on the surface: he thinks that parades go with the Presidency like gold-leaf furniture goes with wealth. Also, Trump wants it seen that he - and not the generals who are charged with taming him - is the Commander-in-Chief. Plus, his button is bigger than Kim Jong Un’s.

UK

Taiwan

China

  • China January inflation eases even as global price anxiety grows (Reuters) China’s producer and consumer inflation eased as expected in January, even as global stock markets nosedive on fears that price pressures are slowly building in the United States and Europe. A moderation in Chinese inflation would support the view that the world’s second-largest economy is slowly starting to lose momentum after forecast-beating growth of 6.9 percent in 2017. The producer price index (PPI) rose 4.3% in January from a year earlier, the smallest rise in 14 months and compared with 4.9% in December. The consumer price index (CPI) rose 1.5% from a year earlier, in line with expectations and slowing from December’s gain of 1.8%.
  • China's central bank releases nearly 2 trillion yuan in temporary liquidity (CNBC) China's central bank said on Friday that it has released temporary liquidity worth almost 2 trillion yuan ($316.28 billion) to satisfy cash demand before the long Lunar New Year holidays.

The People's Bank of China had announced in December that it would allow some commercial banks to temporarily keep less required reserves to help them cope with the heavy demand for cash ahead of the festivities, which begin later next week.

Interbank liquidity levels will remain reasonably stable, the PBOC said on its official microblog.

Those plans center around creating what is known as the Appalachian Storage Hub, which received a major boost on November 9 during a trade mission to China attended by President Donald Trump and U.S. Secretary of Commerce Wilbur Ross. At that trade mission, also attended by Chinese President Xi Jinping, the China Energy Investment Corp. announced the signing of a memorandum of understanding (MOU) to invest $83.7 billion into the planned storage hub over 20 years. For comparison, West Virginia's gross domestic product (GDP) in 2016 was $72.9 billion.

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