Written by Econintersect
Early Bird Headlines 09 August 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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Notice: We have changed the form of content coverage for Early Bird. We will provide discussion only for Asia Markets news and a small number (often 1 or 2) other articles. The remainder of the content will be headlines (with links) only.
Key Articles
​Global
- Asia shares mixed as Chinese food inflation soars, Japan GDP beats expectations (CNBC) Stocks in Asia Pacific traded mixed on Friday, as Chinese data showed food inflation soared in July while Japan’s economy grew at a greater pace than expected. The U.S. dollar index was flat at 97.566 after touching lows below 97.5 yesterday. Brent crude futures was just below the flatline at $57.37 per barrel while U.S. crude futures were flat at $52.54 per barrel. Spot gold was up 0.2% at $1,502.57 per ounce at 0847 GMT. Treasury yields were lower.
U.S.
- Bad hurricane news in revised forecast (Tribune News Service) The National Oceanic and Atmospheric Administration increased its forecast for hurricane season to five to nine hurricanes, up from its forecast of four to eight issued at the beginning of the season, the agency announced in a Thursday phone call with reporters. The main reason for the increase was the news of the end of the Pacific Ocean phenomenon called El Niño. Follow all Severe Weather live with Sig Silber’s daily posts, full chronological list of all weather posts here.
Italy
- Italy’s Matteo Salvini calls for fresh elections as coalition fractures (The Guardian) Matteo Salvini, Italy’s deputy prime minister and the leader of the far-right League party, has called for a snap election, urging the prime minister to reconvene parliament to confirm that the coalition government is no longer viable. The dramatic move on Thursday came after months of fighting between the League and its coalition partner, the anti-establishement leftist Five Star Movement (M5S). A new election could produce an all-right coalition government.
- Bonds, Gold Bid As Italian Political Crisis Re-Emerges: Salvini Demands Fresh Elections (Zero Hedge) The Italian government appears about to collapse which could result in elections as soon as this fall. Markets are in turmoil:
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Japan
- Japan’s economy grows faster-than-expected 1.8% in April-June (Nikkei Asian Review) Japan’s economy expanded for a third straight quarter, though at a slower pace, in the three months through June amid escalating trade tensions and uncertainty over the global economy. Gross domestic product for the quarter expanded 0.4%, or at an annualized rate of 1.8%, according to preliminary figures released by the Cabinet Office on Friday. First quarter growth was revised to 2.8%, up from 2.2%.
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Other important articles
​Global
- IEA cuts oil demand growth forecasts for this year and next amid trade war tensions (CNBC)
- Air Freight in Decline for Eighth Consecutive Month (IATA)
U.S.
- Nadler: ‘This is formal impeachment proceedings’ (The Hill)
- What a horrible week for America (CNN)
- Democrats voice doubts Congress will take serious action on guns (The Hill)
- Weakened but unbowed, NRA head digs in against gun control (Associated Press)
- Trump campaign’s Facebook ads target Latinos in Texas days after shooting (The Guardian)
- Andrew McCabe sues FBI over firing, alleges plot by Trump to oust those disloyal to the president (The Washington Post)
​UK
- UK economy shrinks for first time in almost seven years (Financial Times)
- Is it time to ditch or delay the Irish backstop? (The Guardian)
Iraq
- The Tragic Story of Jimmy Aldaoud, Derported from the Streets of Detroit to his Death in Iraq (The Intercept)
Russia
India
- U.N. chief invokes Shimla Agreement, calls for ‘maximum restraint’ on Kashmir (The Hindu)
- Kerala rains live updates: death toll touches 22, CM says arrangements in place to tackle any emergency (The Hindu)
Malaysia
Japan
- Bank of Japan has ‘limited’ options to spur growth if the trade war heats up further: Goldman Sachs (CNBC)
South Korea
China
- China issues ‘red alert’ as super typhoon Lekima approaches (The Guardian)
- China fixes its yuan midpoint at 7.0136 per dollar, setting it weaker than 7 for the second time this week (CNBC)
- Schoolchildren in China work overnight to produce Amazon Alexa devices (The Guardian)
Brazil
Mexico
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