Written by Econintersect
Early Bird Headlines 09 October 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
- Stocks in Asia mixed amid US-China trade uncertainty (CNBC) Stocks in Asia were mixed on Wednesday amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. The U.S. dollar index, which tracks the greenback against a basket of its peers, was higher at 99.131 but lower than highs around the 99.2 handle yesterday. Oil prices edged lower in the afternoon of Asian trading hours, with international benchmark Brent crude futures slipping 0.22% to $58.11 per barrel. U.S. crude futures declined 0.27% to $52.49 per barrel. Spot gold was little changed at $1,505.46 per ounce as of 0359 GMT. U.S. Treasuries traded lower (yields higher).
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U.S.
- White House Declares War on Impeachment Inquiry, Claiming Effort to Undo Trump’s Election (The New York Times) The White House declared war on the House impeachment inquiry on Tuesday, announcing that it would not cooperate with what it called an illegitimate effort “to overturn the results of the 2016 election” and setting the stage for a constitutional clash with far-reaching consequences. See following articles.
- Why Democrats aren’t planning to vote on an impeachment inquiry (CNN) The latest standoff between House Democrats and the Trump administration over the testimony of State Department officials has the White House questioning in a new letter sent Tuesday (see next article) why the House is not voting to authorize a formal impeachment inquiry.
The White House and its Republican congressional allies have argued that such a vote is necessary, and President Donald Trump’s lawyers told House Democrats in the letter that the President and his administration won’t cooperate in the ongoing impeachment inquiry, arguing the proceedings amount to an illegitimate effort to overturn the 2016 election results. The lengthy letter all but dares House Speaker Nancy Pelosi to hold a formal vote opening an impeachment inquiry into Trump, though it does not explicitly call on her to do so.
The reasons Pelosi is not planning a vote are both practical and political: Taking the step of passing a formal impeachment inquiry resolution is a complicated and time-consuming endeavor that has political downsides, from drafting the exact language of the resolution, to holding a complicated floor debate and to putting some members in a tough spot.
Moreover, having a vote on an impeachment inquiry resolution would give Republicans an opening to argue they should have subpoena power like in past impeachment proceedings, something that Democrats would almost certainly never allow.
- READ: White House letter to House Democrats (CNN) In the White House’s letter to congressional Democrats, President Donald Trump’s lawyers say the President and his administration won’t cooperate in an ongoing impeachment inquiry (see preceding article), arguing the proceedings amount to an illegitimate effort to overturn the 2016 election results. See also White House says it will not cooperate with House impeachment inquiry; Democrats subpoena State Dept. official (The Washington Post)
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- White House Blocks Amb. Sondland’s Testimony to Congress (CNN) Donald Trump blocked Tuesday the U.S. ambassador to the European Union from testifying to Democrats’ impeachment inquiry, calling it a ‘kangaroo court’, and claims the diplomat has already said there was ‘no quid pro quo’ with Ukraine. Donald Trump’s ambassador to the European Union Gordon Sondland – a Trump donor – was due to be deposed as part of impeachment probe Tuesday. But with just under two hours to go until his appearance, the Trump administration blocked him from testifying.
The move dramatically increases tensions between Democrats and the White House over impeachment. Democrats have already warned that blocking evidence will be seen as evidence of obstruction of justice. Sondland was involved in what the whistleblower alleges was abuse of power by Trump who pressured Ukraine to investigate Joe and Hunter Biden.
Sondland’s personal attorney said he was blocked by the State Department and ‘profoundly disappointed’ not to testify
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- 2nd whistleblower comes forward after speaking with IG: Attorney (ABC News) Mark Zaid, the attorney representing the whistleblower who sounded the alarm on President Donald Trump’s dealings with Ukraine and triggered an impeachment inquiry, tells ABC News that he is now representing a second whistleblower who has spoken with the inspector general. This and other impeachment issues were discussed by George Stephanopoulos on ABC News Today Sunday morning.
Zaid tells ABC News’ Chief Anchor George Stephanopoulos that the second person — also described as an intelligence official — has first-hand knowledge of some of the allegations outlined in the original complaint and has been interviewed by the head of the intelligence community’s internal watchdog office, Michael Atkinson.
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- Winter storm, snow take aim at North Dakota, Minnesota, Colorado (USA Today) Forget fall. Portions of the central USA will feel downright winterlike over the next few days as a potent snowstorm and bitter cold take aim on the region. The powerful system is expected to produce heavy snow, as much as 12 inches, from the north-central Rockies into the northern Plains, the National Weather Service said. Winter storm warnings and watches are already widespread across the region, all the way from Idaho to Minnesota. Follow all severe waether as it develops at LIVE ALL WEEK: Severe Weather Events Week Of October 7, 2019 Through Oct 13 2019.
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Turkey
- Turkey, Russia sign agreement to trade in local currencies (Daily Sabah) Treasury and Finance Minister Berat Albayrak and his Russian counterpart Anton Siluanov signed an agreement last week on using national currencies in payments and settlements between the two countries, the Russian finance ministry said Tuesday. See also Turkey ready to trade in local currencies with China, Russia, EU instead of dollar, Erdoğan says. The agreement, signed on Oct. 4, is aimed at gradually switching to using the ruble and the lira in mutual settlements, the ministry said.
Within the scope of the agreement, commercial institutions’ demand for two currencies will be raised and a proper finance structure will be established.
The agreement envisages connecting Turkish banks and companies to the Russian version of SWIFT payment system, while enhancing the infrastructure in Turkey that would allow using the Russian Mir cards, designed by Moscow as alternative to MasterCard and VISA.
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Other important articles
Global
- Trump administration expected to announce exit from ‘Open Skies’ treaty (CNN)
- ‘Huge fears’ about demand – not Middle East tensions – are weighing on oil markets, Helima Croft says (CNBC)
U.S.
- Trump’s all-out blockade threatens Democrats’ impeachment drive (Politico)
- Pelosi blasts White House for refusing to cooperate in Trump impeachment probe (Reuters)
- Clinton responds to Trump urging her to run again: ‘Don’t tempt me’ (The Hill)
- FBI Use of Surveillance Database Violated Privacy Rights, Court Ruled (The Wall Street Journal)
- Unpaid bills pile up in Trump rallies’ wake (Politico) Hat tip to Sig Silber.
EU
UK
- Sterling shoots higher on report of a Brexit concession from the EU (CNBC)
- Special sitting for MPs to decide Brexit future (BBC News)
Germany
Turkey
Syria
- Militia Commander Says It Will Attack Turkish Forces if They Enter Syria (The New York Times)
China
- ‘You don’t do these things prior to negotiations,’ ex-diplomat says of US actions against China (CNBC)
Canada
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