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Early Headlines: China Exports Deflation, Yuan Stabilizes, Oil Lower by 3.5%, Loonie Hits 11-Year Low, India IP Grows and More

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August 14, 2015
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Early Bird Headlines 14 August 2015

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

  • This Map Shows the Global Impact of China’s Dramatic Currency Devaluation (Foreign Policy) The rest of the world is seeing red as China exports deflation. Use interactive map available with the article to see how much by country.
  • Asia shares set to end week lower; crude oil slumps (Reuters) Asian shares were mostly higher on Friday, but still on track for a steep weekly loss in the wake of China’s surprise currency devaluation earlier in the week. Crude oil futures remained under pressure, plunging to 6-1/2-year lows after data revealed a big rise in U.S. stockpiles, fueling fears of a growing global glut. WTI Crude prices were slammed lower by 3.5% Thursday. See chart for the day below.
  • Crude Oil Streaming Chart (Investing.com) WTI Crude now trading quietly around $42 in very early morning hours New York time.

Click for latest live streaming chart at Investing.com.
wti.2015.aug.14.1.39am

U.S.

  • Don Trone Blasts DOL Fiduciary Plan: Still Wouldn’t Stop Madoff (ThinkAdvisor) Don Trone, often referred to as the “Father of Fiduciary“, testified at a Department of Labor hearing on Thursday that its proposed fiduciary rulemaking would have failed to stop famed Ponzi schemer Bernie Madoff, and that more fiduciaries than brokers have stolen money from investors. Trone said the proposed rules would impose the most harm on small retirement plans. retirement savers with small accounts and small retirement plans. He further said:

[DOL’s plan] is not a fiduciary standard, but rather punitive rules. [The proposed plan is] going to make it easier for bad advisors to hide behind the complexity of the rules, and make it harder for honest advisors to provide their services.

Greece

  • Another Bailout Won’t Keep Greece in the Eurozone (Foreign Policy) The breakup of the euro was once unthinkable. Is it now inevitable?
  • ‘Bailout will end economic uncertainty,’ says Tsipras (Deutsche Welle) Greece’s PM Tsipras has announced that a third bailout would “end economic uncertainty” for the Mediterranean country. German Chancellor Merkel’s spokesperson said the deal’s measures were “sensible” and “important.” Econintersect: The “confidence card” has become so dog-eared that using it should bring penalties for playing with a marked deck. Why not do something that actually makes sense with cash flows and accounting rules? These endless bailouts do not.

Sweden

  • Swedish Prosecutors Partially End Investigation of Assange on Sex Crimes (Foreign Policy) For five years, Swedish prosecutors have been trying to interview Julian Assange about allegations of sexual misconduct and rape. That effort has been comic in its ineffectiveness, with Assange fighting extradition from the United Kingdom and then taking refuge in Ecuador’s embassy in London. On Thursday, the case saw its latest anticlimactic turn: Swedish prosecutors announced they will end their investigation into the sexual assault claims because that statute of limitations has run out. Charges of rape are still under investigation; statute of limitations do run out there for another five years.

Ukraine

  • Surprise! Ukraine Loves NATO (FP Transitions) For the first time in its post-Soviet history, a majority of Ukrainians approve of their country joining NATO. The drastic change of attitude marks a sea change in Ukrainians’ attitudes toward the security alliance even as it poses a palpable challenge for the country’s infantile political class. Now 64% favor NATO and 28% oppose; Two years ago it was 67% opposed and before that the number was even greater.

India

  • Industrial output grows 3.8% in June, most in four months (Business Standard) Industrial production in June rose 3.8% over a year ago – the highest rate in four months. Mining and electricity sectors, though, remained depressed. In fact, manufacturing growth during the month was not broad-based; production of capital goods declined, while that of consumer non-durables showed only a marginal rise.

China

  • Dollar ticks up as China stops guiding yuan lower (Reuters) The dollar ticked up slightly on Friday after China’s central bank appeared to have stopped guiding the yuan lower for now, easing concerns that a weaker Chinese currency could derail plans by the U.S. Federal Reserve to raise interest rates. The lack of a big move on the open and in morning trading indicates the yuan renminbi is approximately where the PBoC (People’s Bank of China) wants it to be for now. This was suggested as a likely situation in GEI News 24 hours ago: China Joins the Currency Wars: Updated.
  • ‘Perfect storm’ brews for Asia as China devalues yuan (Sydney Morning Herald) The sharp yuan devaluation in 1994 was now recognised as leading to the emerging financial market crisis in 1997. Is the present situation similar?

Canada

  • World’s Most Hated Currency Hits 11-Year low (Alternative Economics) Wolf Richter says he thinks there is a chance for a tradable rally in the Canadian dollar. But he doesn’t mention the lows for the Loonie when oil plummeted to$10 in the 1990s. The currency traded 20% lower than it is right now, down around $0.60. He must be confident that oil is not going to have another significant leg down. If that happens he had better have stop losses on his long Loonie.

 


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