Written by Econintersect
Early Bird Headlines 22 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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​Global
- Asia trades mixed after US losses following the latest Fed minutes (CNBC) Asia markets were mixed in morning trade on Thursday, after a lower finish in U.S. stocks following the release of the latest Federal Reserve minutes. The dollar index traded at 90.058 at 9:51 a.m. HK/SIN, recovering from a previous low of 89.588. U.S. West Texas Intermediate (WTI) crude futures were at $61.12 a barrel at 0102 GMT, down $0.56 cents (0.9%). Brent crude futures had dropped $0.50 cents, or 0.8% to $64.42. Spot gold was largely flat at $1,323.73 an ounce at 0108 GMT.
- Bitcoin is Being Wild Again (Twitter)
U.S.
- Mueller asking if Manafort promised banker White House job in return for loans (NBC News) Does this sound like a legitimate deal?
“Federal Savings Bank loaned Manafort $16 million or 5 percent of all of the bank’s loans, according to records kept by the FDIC.”
- New sealed charges brought in case against ex-Trump campaign manager (Reuters) New sealed criminal charges have been filed in federal court in the case brought by Special Counsel Robert Mueller against two of President Donald Trump’s former campaign officials, a court record indicated on Wednesday. The single-page document, filed at the U.S. District Court for the District of Columbia, did not reveal the nature of the new charges in the case involving former campaign manager Paul Manafort and aide Rick Gates.
- Florida sheriff comes out against arming teachers: ‘Teachers should teach’ (The Hill) The sheriff of the Florida country where last week’s school shooting took place came out against President Trump’s suggestion of arming teachers, saying that “teachers should teach“:
Broward County Sheriff Steve Israel said during a CNN town hall on Wednesday that he doesn’t agree with the idea.
- Brighter U.S. Growth Outlook Emboldens Fed on Rate-Hike Course (Bloomberg) U.S. central bankers sent a strong message Wednesday that an expansion with “substantial underlying economic momentum” could sustain additional increases in interest rates this year. For detailed analysis see 31 January 2018 FOMC Meeting Minutes: Trump Tax Changes May Accelerate The Economy And The Next Federal Funds Increase.
- U.S. students protest over gun laws, Trump considers arming teachers (Reuters) Students galvanized by the deadly mass shooting at a Florida high school confronted lawmakers on Wednesday with demands to restrict sales of assault rifles, while President Donald Trump suggested arming teachers as a way to stop more U.S. rampages.
- Republicans Push for Re-Entering TPP (Twitter, The Washington Post)
- US Existing Home Sales Fall 5% YoY To 2014 Levels As Inventory Remains Near All-time Lows (Confounded Interest) US Existing Home Sales declined 3.2% MoM in January, but fell 4.8% YoY (SA). That is the lowest growth rate since 2014. First graphic below. Inventories were ever-so-slightly higher than last month, but still near the lowest level since 1999. Second graphic below. For more detailed analysis see January 2018 Headline Existing Home Growth Again Declines.
Russia
- U.S. looking at potential new sanctions against Russia (Reuters) The Trump administration is considering new sanctions against Russia in response to election meddling and a devastating cyber attack last year, senior U.S. officials said on Wednesday, pushing back against criticism that it has been slow to act.
India
- Trump Jr. Might Be Too Much Even for India (Bloomberg) India has a murky past involving shady real eastate dealings. The author here writes about Donald Trump Jr’s flamboyant real estate promotions program now underway:
Trump Jr. and his ethics-free royal progress thus stand out even in today’s India; it may be completely out of step with tomorrow’s. It’s a pity that the U.S. appears to be heading in quite the opposite direction. As one moderately successful real-estate developer would say: Sad!
- Maldives: China Warns India and Sends Warships (Diplomatic Observer) China has sent a squadron of warships into the Indian Ocean after warning India not to intervene militarily in the political crisis on the Maldive Islands. According to Reuters the Chinese force numbered eleven vessels including support ships. Maldivan President Abdulla Yameen declared a 15-day state of emergency on February 5 after his refusal to comply with a Supreme Court decision to free political opposition leaders. The showdown escalated after Supreme Court judges and other political opponents were arrested.
Yameen has forged close ties with China and courted investments from Beijing. New Delhi and Washington are unhappy with Yameen’s pro-China policies, and Indian Prime Minister Narendra Modi is reportedly mulling sending troops to the Maldives to intervene in the crisis after, Mohamed Nasheed, a former president now in exile, called for India to intervene on February 6.
Japan
- Japan PM’s adviser says BOJ should consider buying foreign bonds (Reuters) The Bank of Japan should consider buying foreign bonds as part of efforts to reflate the economy during Governor Haruhiko Kuroda’s second term at the central bank helm, an economic adviser to Prime Minister Shinzo Abe said. The BOJ is prohibited by law from buying foreign bonds for the explicit purpose of influencing currency rates, as exchange rate policy falls under the jurisdiction of the finance ministry.
But some academics have proposed that the BOJ could buy them if doing so was aimed at pump-priming the economy, an idea the central bank has dismissed so far because it would be hard to convince Tokyo’s G20 counterparts that Japan wasn’t trying to weaken the yen.
South Korea
- South Korea splurges on sister of Kim Jong Un; drops his name from border broadcasts (Reuters) South Korea spent around 240 million won ($223,237) on the younger sister of North Korean leader Kim Jong Un and her entourage during their three-day visit for the Pyeongchang Winter Olympics, a government official said on Thursday.
Canada
- Canadian Prime Minister Justin Trudeau is visiting India this week.
- There’s much talk that he’s been “snubbed” by government officials, and the local media has given him less coverage than some expected.
- Both Indian and Canadian sides dismissed the suggestion of any diplomatic cold shoulder.
