Written by Econintersect
Early Bird Headlines 24June 2019
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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Key Articles
​Global
- Stocks in Asia mixed; oil prices rise as US-Iran tensions continue to linger (CNBC) Stocks in Asia Pacific were mixed on Monday, while oil prices continued to rise as tensions between the U.S. and Iran lingered after the latter shot down an American surveillance drone. The U.S. dollar index continued to trade lower at 96.142 after slipping from levels above 97.5 last week. Brent crude futures contract rose 0.81% to $65.73 per barrel, while U.S. crude futures added 1.27% to $58.16 per barrel. Spot gold was up 0.3% at $1,402.50 per ounce as of 0336 GMT, heading for a fifth straight session of gains. Treasury yields continued to decline but the 10-year held above 2.0%.
U.S.
- Trump has already changed the Fed forever (CNN) See also Some Fed officials believe the case for a rate cut is strengthening (CNBC). The Federal Reserve is known for being slow and deliberate, but over the last six months, it’s moved at lightning speed, going from forecasting a steady increase in interest rates to openly indicating possibly one, maybe two, cuts by the end of this year. What’s changed the central bank’s modus operandi? President Donald Trump.
The President has waged an unprecedented public pressure campaign on his handpicked Fed chairman, Jerome Powell. He’s called him “loco” in interviews, asked if he could be fired and on Sunday he again said he has the right to demote Powell and criticized past interest rate hikes. But the real game-changer has been the rest of Trump’s actions — specifically, his multi-front trade wars, which come just as growth was is tapering off globally.
Iran
- Chances of a U.S.-Iran conflict are at least 50% right now, said Fereidun Fesharaki, who was a former energy advisor to the government in Tehran in the 1970s. It may not be a “full war,” he pointed out, “but conflict which would disrupt (energy) supplies.”
- Washington and Tehran nearly came to blows last week after Iran claimed it downed an American drone that entered its territory. The U.S. said its aircraft was operating in international airspace.
- Escalating tensions between the two countries sent oil prices higher.
Other important articles (24)
​Global
- Austerity and inequality fuelling mental illness, says top UN envoy (The Guardian)
- The poisons released by melting Arctic ice (BBC)
U.S.
- Trump’s erratic policy moves put national security at risk, experts warn (The Washington Post)
- Trump has already changed the Fed forever (CNN)
- As the wealthy flee New York, poorest will be most affected (The Hill)
- Human trafficking in America among worst in world: report (Fox News) Hat tip to Sig Silber.
- Vulnerability is the common thread in human trafficking exploitation (Fox News)
- Democrats talk up tax credits to counter Trump law (The Hill)
- Trump’s popularity could be tested if Sanders runs in 2022 (Associated Press)
- Amazon’s less-than-zero tax rate is unacceptable (CNN)
- Facebook’s Libra Is a License to Print Money (The Wall Street Journal)
- California will have the highest gas tax in the US starting July 1 (KGTV)
- She gave her estranged husband’s guns to the cops. They arrested her for theft. (The Washington Post)
- Where You Should Retire in the USA: States Ranked From Worst To Best (Amomedia)
​UK
France
Turkey
Iran
- Allies See a Familiar U.S. Pattern in Trump’s Iran Reversal (The New York Times)
- U.S. prods Iran for talks to ease Gulf tensions; Tehran dismisses sanctions threat (Reuters)
Russia
- No evidence Russia influenced Brexit via Facebook, says Clegg (Reuters)
- Russia says it will counter new U.S. sanctions on Iran: reports (Reuters)
South Korea
China
- The Coming Sino-American Bust-Up (Project Syndicate)
Australia
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