“Huawei has hit back at the Trump administration after it declared a national emergency to ban technology from “foreign adversaries” and subjected the Chinese telecommunications company to strict export controls.
“An executive order issued by the US president, Donald Trump, on Wednesday declared a national economic emergency that empowers the government to ban the technology and services of “foreign adversaries” deemed to pose “unacceptable risks” to national security, including from cyber-espionage and sabotage.”
“Serious auto-loan delinquencies – 90 days or more past due – jumped to 4.69% of outstanding auto loans and leases in the first quarter of 2019, according to New York Fed data. This put the auto-loan delinquency rate at the highest level since Q4 2010 and merely 58 basis points below the peak during the Great Recession in Q4 2010 (5.27%).
“These souring auto loans are going to impact banks and specialized lenders and the real economy…”
“The yield curve isn’t the only sign recession is coming. Rising corporate misconduct says the same.
“Business scandals seem to peak at the end of every growth cycle.
“I think that’s because CEOs are human, and humans get overconfident when everything is going well.”
“U.S. flights to Venezuela are being suspended due to safety and security concerns, officials with the U.S. Department of Homeland Security said Wednesday.
“The decision was made “based on the ongoing political instability and increased tensions in Venezuela and associated inadvertent risk to flight operations,” officials said.”
https://abcnews.go.com/US/us-suspends-flights-venezuela-citing-safety-security/story?id=63059926
“Tens of thousands of students, teachers and researchers across Brazil took to the streets on Wednesday to protest against government cuts and spending freezes to the education budget.
“Brazil’s National Student Union called for protests after the Ministry of Education said it was freezing nearly a quarter of discretionary spending due to budget restrictions across public services because of the current financial crisis in the country.”
“With the economy deep in recession, poverty levels have also spiked along with the unemployment rate [in Argentina]. At the same time, the inflation rate has spiralled.”
https://ftalphaville.ft.com/2019/05/15/1557907389000/How-much-more-can-Argentina-adjust-/
““There is an imminent crisis in [India’s] non-banking financial companies (NBFC) sector,” Injeti Srinivas, corporate affairs secretary told the Press Trust of India in an interview on May 12.
““There is a credit squeeze, over-leveraging, excessive concentration, and massive mismatch between assets and liabilities, coupled with some misadventures by some very large entities, which is a perfect recipe for disaster.”
https://qz.com/india/1620385/ilfs-crisis-spreads-to-indias-nbfcs-like-reliance-cap-dhfl/
“Iran is on the “cusp of a full-scale confrontation with the enemy”, an Iranian military commander has claimed, as sabre-rattling between Washington and Tehran intensified.
“As US politicians from both major parties urged Donald Trump to descalate tensions between the countries, a commander of Iran’s highly-trained Revolutionary Guards warned that Tehran was prepared for any conflict that may arise.”
“China cut its U.S. Treasuries holdings to the lowest level since 2017 in March amid the trade dispute between the world’s two biggest economies.”
“Chinese data shows a slowdown in the economy.
“Retail sales, investments in fixed assets, industrial production – all these figures significantly below expectations in April.
“The effect of monetary policy easing in previous months and weeks has not yet reached the economy.
“What is even more disturbing is that the Chinese economy may need even more stimulus.”
https://www.fxstreet.com/analysis/chinas-slowdown-goes-beyond-china-201905151016
“Japan’s three largest banks all reported lower annual profits on Wednesday, highlighting the challenges faced by the banking industry as the world’s third-largest economy looks to be headed for another downturn…
“Japanese banks have had to cope for years with an ageing and shrinking population and massive central bank stimulus that has left them with razor-thin profit margins.
“Now, there are signs of economic weakness on the horizon.”
“The escalating U.S.-China trade war is threatening to upend the global economy’s much-anticipated rebound and could even throw its decade-long expansion into doubt if the conflict spirals out of control.”
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