Daily updates on climate change and the global economy.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

“Losses in global stock markets snowballed on Monday, with U.S. equity futures and Asian shares sliding on worries over slowing growth and fears that a rise in tensions between Washington and Beijing could torpedo chances of a trade deal…

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“Traders returned from the weekend to face a growing wall of worry, with the world’s largest economies — the United States, China and Japan —all reporting weaker-than-expected data which pointed to moderating activity.

“Investors were also bracing for a Tuesday vote on British Prime Minister Theresa May’s European Union divorce deal, which looks set to be rejected by parliament, raising fears of a chaotic exit in March.”


“European banks face a crucial two-week period before finding out if they will receive formal notice to begin closing £45tn of derivatives positions UK clearing houses, further raising their anxiety about access to London’s capital markets post-Brexit…

“The EU has to formally recognise UK clearers as being properly regulated and supervised. Without approval, EU banks and brokers cannot use UK venues to trade derivatives and face a hefty rise in trading costs — or an inability to hedge their market exposures.”


“The crisis on Britain’s high streets is to intensify this Christmas,with shopkeepers preparing themselves for the quietest festive period since the credit crunch, according to forecasts… Footfall – a measure of the number of shoppers visiting stores – is expected to decline by 4.2% this month compared with the same time in 2017, when visitor levels fell by 3.5%.”


“On Friday, the French retail federation told Reuters news agency that retailers had lost about €1bn since the protests first began on 17 November. Mr Le Maire said last week, before the most recent protests, that the restaurant trade had declined by between 20% and 50%. And Francois Asselin, head of the confederation of small and medium-sized businesses, told the Journal du Dimanche newspaper (in French) that overall the protests could cost his members €10bn. There are concerns that the protests could lead to a drop in tourism.”



“The president of euro zone finance ministers group said in an interview published on Monday that he hoped the Italian government would be able to submit a revised draft budget to the European Union. “The rules of the Stability and Growth Pact apply to all. I hope that the Italian government will be able to revise its budget draft,” Mario Centeno, Portugal’s Finance Minister and head of the Eurogroup, was quoted as saying by German newspaper Sueddeutsche Zeitung.”

“…creditors want their money back with interest. So while the interest ratesrise, and prices of raw materials fall, more and more Africancountries are caught in the debt trap.”

“Turkey’s economy roared into 2018 with growth rates that were the envy of the world—and vulnerabilities that had been building over years. It was like a car that could still reach high speeds, so long as the driver ignored the multiple warning lights flashing on the dashboard. And then it crashed, suffering a classic run on its currency and a brutal credit crunch.”


“Fast-track courts set up in Iran to fight economic crime have jailed 30 men for as long as 20 years each, the judiciary said on Sunday, as the country faces renewed US sanctions and a public outcry against profiteering and corruption. Iran’s rial currency has lost about 65percent of its value in 2018 amid revived US sanctions [and lower oil prices!].”


“Venezuela held municipal elections to elect some 2,500 counsellors on Sunday, though the mainstream political opposition boycotted the vote and widespread apathy kept most people at home during a devastating economic crisis. In Caracas and other cities around the country, many polling stations appeared near empty and few had queues.”



“About 20 million Yemenis are food insecure, UN agencies said on Saturday,adding that the conflict ravaging the impoverished country is the key driver behind rising hunger levels… “Thousands of Yemeni children could die from severe malnutrition if conditions, including conflict and economic crisis, do not improve soon. Warring parties must choose whether to end the fighting, and save lives, or fight on,and cause more children to die.””


“China suffered another economic blow on Sunday with the return of thedeflation threat, a day after it reported slower than expected growthin exports and imports. A fall in both consumer and producer priceindexes was a result of weakness in demand from both Chineseconsumers and investors and reflected their reluctance to spend asconfidence in future growth is undermined by the trade war with theUS.”


“Data this morning showed Japan’s economy shrunk in the September quarter at more than double the rate previously thought. It follows a preliminary reading for Japan’s Q3 economic growth about a month ago,which wasn’t pretty. The figures indicated Japan’s economy shrunk atan annualized rate of 1.2%, partially dragged down by naturaldisasters which slowed production. But given the export-intensivenature of Japan’s economy, it also raised doubts around the outlook for global trade and economic activity.”


“Bank of America Merrill Lynch has forecast the slowdown will continue for the five countries — Indonesia, Malaysia, the Philippines, Singapore and Thailand… “The list of risk factors is just too long tomention,” Mohamed Faiz Nagutha, the bank’s Southeast Asia economist, told reporters Thursday.”

“Australia’s regulators have been warned to prepare “contingency plans for asevere collapse in the housing market” that could lead to a “crisissituation” in one or more financial institutions… CoreLogic datashows house prices in Sydney fell another 0.5 per cent in the firstweek of December, bringing the total decline to 10 per cent from thepeak in July last year. That surpasses the previous record set duringthe last recession between 1989 and 1991 when prices fell 9.6 percent, making it the worst decline since the firm began collectingdata in 1980.”


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