Written by Econintersect
Early Bird Headlines 01 March 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
- Markets in Asia slip, but China markets buck the trend to close higher (CNBC) Asian stocks closed mixed on the first trading day of the month after finishing February with losses. Declines in Japan and Australia came after sharp losses were recorded stateside in the previous session, while China markets rose. The dollar index rose to a five-week high of 90.746. Oil prices were little changed on Thursday – U.S. West Texas Intermediate crude for April delivery was up $0.08 at $61.72 a barrel by 0403 GMT while Brent crude for May delivery, the new front-month contract, was down $0.03 at $64.70. Spot gold was 0.2% lower at $1,314.64 an ounce at 0444 GMT.
- Oil Trade is Bullish (The Daily Shot) Crude oil sentiment remains exceptionally bullish. Is this a ‘crowded trade’? Crowded trades are susceptible to sudden reversals because everyone is taken the same position and there are no more vailable to continue the same direction.
- Arctic warming: scientists alarmed by ‘crazy’ temperature rises (The Guardian) Record warmth in the Arctic this month could yet prove to be a freak occurrence, but experts warn the warming event is unprecedented. An alarming heatwave in the sunless winter Arctic is causing blizzards in Europe and forcing scientists to reconsider even their most pessimistic forecasts of climate change. {See February 19, 2018 Weather and Climate Report – Great Basin Blizzard for an expalnation of planetary waves and resulting polar vortexes.}
U.S.
Officials have been downgraded to lower-level security status
Kelly crackdown comes after Porter domestic abuse revelations
- Fed Chair Powell Indicates He’ll Keep Bolstering Growth in Public Debut (The New York Times) In testimony before Congress, Jerome H. Powell, the new chairman of the Federal Reserve, said that the Fed planned to continue increasing its benchmark interest rate only gradually, as it did under his predecessor, Janet L. Yellen. But investors responded to his optimism as an indication the Fed may be compelled to move more quickly. As Mr. Powell testified, stocks fell, the dollar strengthened and bond yields rose. See also New Fed Chief Gets Same Old Republican Pushback on Balance Sheet (Bloomberg)
- Trump stuns allies by signalling backing for tighter gun control (The Guardian) Donald Trump has repeatedly endorsed a series of gun control proposals that put the Republican president at odds with the National Rifle Association and stunned lawmakers within his own party.
The president made the remarks during an extraordinary, hour-long White House meeting on Wednesday with congressional Republicans and Democrats who are under pressure to address gun violence in the aftermath of the massacre at a Florida high school earlier this month.
During the meeting, Trump called for a “beautiful” comprehensive bill that would expand background checks on gun purchases, remove guns from the hands of the mentally ill, bolster security on school campuses and restrict young people from purchasing certain weapons.
- Florida Moves To Arm Teachers After School Massacre (Huffington Post) Florida’s Republican-controlled state House and Senate advanced bills this week that would train teachers to carry guns in classrooms, advancing GOP calls for more weapons in schools following the Feb. 14 massacre at Marjory Stoneman Douglas High School.
The legislature’s package, approved by committees in both chambers, would devote $67 million to establish school “marshals” ― teachers and school staff trained to carry a concealed weapon.
- Hope Hicks to Leave Post as White House Communications Director (The New York Times) Hope Hicks, President Trump’s communications director and one of his longest-serving advisers, said Wednesday that she planned to leave the White House in the next few weeks. Ms. Hicks, 29, a former model who joined Mr. Trump’s 2016 presidential campaign without any experience in politics, became known as one of the few aides who understood Mr. Trump’s personality and style and could challenge the president to change his views.
Her title belied the extent of her power within the West Wing – after John F. Kelly was appointed White House chief of staff, she had more access to the Oval Office than almost any other staff member. Her own office, which she inherited after the departure of another Trump confidant, Keith Schiller, was just next door.
- Five days of early voting in Texas shows Democratic turnout up nearly 90 percent compared to 2014 (Ballotpedia) As of counts from Monday, Democratic turnout in Texas is up 86.1 percent compared to 2014 levels, while Republican turnout is up nearly 11 percent. These figures come from 14 Texas counties that supply early voting data to the Texas Secretary of State. These counties contained about 62 percent of all registered voters at the time of the March 2, 2014, primary elections. Voter registration in the 14 counties has increased 14.4 percent since the 2014 elections. Texas uses an open primary system, meaning voters can choose to vote in either party’s primary when they arrive at the polls and do not have to register with that party beforehand.
UK
- Labor Slack in the UK (The Daily Shot) The decline in the UK’s labor slack has stalled.
- ‘Beast from The East’ – the science behind Europe’s Siberian chill (The Conversation) The so-called “Beast from the East” has arrived in the UK, bringing unusually cold weather – about 7°C colder than the historical average for this time of year. Wind chill is making temperatures feel particularly arctic. So how did the Siberian gusts come to arrive on Europe’s doorstep?
The movement of air across the globe, and the weather it brings with it, is governed by three major influences: gravity, the sun, and something called the Coriolis effect. The influence of gravity is simple, constantly pulling air towards the Earth’s surface.
Iran
- An Iran-based hacking group, called Chafer, is expanding its spying operations in the Middle East, according to a new report from Symantec.
- The cybersecurity firm said last year, Chafer attacked organizations in Israel, Jordan, Saudi Arabia, Turkey and the United Arab Emirates.
- Cybersecurity experts previously pointed to the growing sophistication of Iran’s cyber-espionage capabilities, following a 2011 cyberattack that destroyed computer-controlled equipment at the country’s Natanz uranium enrichment facility.
India
- Indian military scrambles to keep up after China moves to put forces in Africa (CNBC) From Tanzania to Sri Lanka, the two Asian heavyweights are trying to establish a stronger military and economic presence in countries along the Indian Ocean in a quest for regional supremacy. China, the world’s second biggest economy, is looking to build what some policy experts call a “string of pearls” – a network of defense and commercial facilities – around the massive area. New Delhi, unsettled by the thought of Beijing dominating its own backyard, is responding in kind. Map from Wikipedia:
China
- An index for small and mid-size manufacturing in China is at a six-month high (CNBC) A survey focused on small and mid-size manufacturing in China surpassed expectations to hit a six-month high in February. The Caixin/Markit manufacturing Purchasing Managers’ Index for February came in at 51.6. Economists polled by Reuters expected the private Caixin/Markit PMI to come in at 51.3 in February versus 51.5 in January. The large company PMI reported on Wednesday a 19-month low of 50.3. A reading above 50 indicates expansion, while a reading below that signals contraction.
- Chinese energy giant CEFC China Energy’s chairman has been probed for suspected economic crimes (CNBC)
- The chairman of China’s CEFC China Energy, the private firm that has agreed to buy a nearly $10 billion stake in Russian oil major Rosneft, has been investigated for suspected economic crimes, according to a source.
- The privately held Chinese firm, focused on energy and other investments abroad, has emerged from a role as niche fuel trader to become a rapidly growing oil and finance conglomerate, with assets across the world and an ambition to become one of China’s energy giants.
