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.

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“Emerging market policymakers slashed interest rates in August, taking their lead from major central banks including the U.S. Federal Reserve and the European Central Bank and joining in efforts to shore up their economies.

“Interest rate moves by central banks across a group of 37 developing economies showed a net fourteen rate cuts last month – the largest number since policy makers ramped up measures to kickstart economic growth in the wake of the financial crisis.”

https://uk.reuters.com/article/uk-emerging-rates/down-down-they-go-emerging-central-banks-deliver-most-rate-cuts-in-a-decade-idUKKCN1VN1IR


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“In the early hours of Monday morning in Buenos Aires, before banks had opened their doors, winding lines of customers waited to withdraw savings after Argentina’s government imposed capital controls restricting dollar purchases and transfers…

“In the 2001-2002 crisis, riots broke out, supermarkets were looted and angry depositors vandalised bank ATMs.”

https://uk.reuters.com/article/uk-argentina-economy-deposits/argentines-wait-at-banks-to-withdraw-cash-as-currency-controls-kick-in-idUKKCN1VN222


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“Growth in eight infrastructure industries [India] that make up two-fifths of the index of industrial production (IIP) slowed to 2.1% in July, indicating that India’s economic slump may deepen unless the government takes additional measures to reverse it…

“Growth in July slowed from 7.3% in the year-ago period due to contraction in output of coal, crude oil, natural gas and refinery products”

https://www.livemint.com/news/india/more-signs-emerge-of-stress-in-the-economy-1567448126624.html


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“The escalating trade war between the U.S. and China is rippling through the global economy, hurting confidence among U.S. small businesses, crimping trade among industrial giants in Asia and hitting export-oriented factories in Europe.

“On Sunday the U.S. imposed fresh tariffs of 15% on Chinese goods including clothing, tools and electronics. A round of retaliatory Chinese tariffs also took effect, targeting imports of U.S. soybeans, crude oil and pharmaceuticals.”

https://www.wsj.com/articles/u-s-china-trade-wars-global-impact-grows-11567466809


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“China’s yuan weakened further on Tuesday, at one point nearing 7.2 to the dollar, less than a month after Beijing let the currency pass a threshold it had previously defended.

“The yuan has been dropping in recent weeks.

“It crossed 7 per dollar on Aug. 5, days after President Trump announced tariffs on a wider range of Chinese goods, and has since slid further, as both China and the U.S. have detailed fresh tariff plans.”

https://www.wsj.com/articles/chinas-yuan-drops-to-weakest-level-in-more-than-a-decade-11567489502


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“A troubled Chinese bank said it would skip a year’s worth of interest payments to international bondholders, days after reporting that losses and problem loans had soared.

“Bank of Jinzhou is the first Chinese lender to protect its financial health by using this provision on its additional tier-1 dollar bonds, analysts said.”

https://www.wsj.com/articles/ailing-chinese-bank-stops-paying-coupons-on-coco-bonds-11567424965


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“What started as a protest against a now-suspended bill that would have allowed criminal suspects to be extradited to mainland China for trial, has evolved into a broad, increasingly violent, and creative, struggle for greater democracy.

“Over the past week, residents were seen out on their balconies or opening their windows to shout “Liberate Hong Kong, Revolution of our times…””

https://www.reuters.com/article/us-hongkong-protests-neighbourhoods/hong-kong-neighborhoods-echo-with-late-night-cries-for-freedom-idUSKCN1VN181


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“In an alarming symptom of an economy headed for recession, South Korea’s inflation touched an unprecedented level of zero growth amid softening in volatile food and gas prices coupled with protracted stagnation in consumer demand… The record-low inflation and fragile growth are likely to bolster the case for a rate cut in the next two policy meetings on Oct. 17 or Nov. 29.”

https://pulsenews.co.kr/view.php?year=2019&no=691733


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“Bank of Japan Governor Haruhiko Kuroda, who made his mark pursuing aggressive monetary stimulus policies, is under fresh pressure by financial markets to return to the fight.

“Government bond yields are falling through the floor of the central bank’s target range, the yen is hovering at the limit of companies’ comfort zones and inflation is weakening again.”

https://www.bloomberg.com/news/articles/2019-09-02/boj-looks-increasingly-cornered-and-in-need-of-more-stimulus


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“Australia looks set for its worst economic performance in almost three decades, with GDP growth for the June quarter expected to drag the growth down to its weakest level in almost three decades, according to investment bank UBS. That looks all but confirmed, with the national accounts data due out on Wednesday.”

https://www.businessinsider.com.au/australian-economy-set-for-worst-year-since-1991-recession-rudd-cash-handouts-2019-9


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“Dubai real estate prices have hit their lowest point since the 2008 financial crisis, dropping 15.3% year-on-year as of this June, according to a report.

“The report by UAE-based property consultancy Cavendish Maxwell came as expansion work stalled on Dubai’s second airport, and as a leading bank owned by the emirate offered foreign nationals an unprecedented stake in its shares.”

https://www.asiatimes.com/2019/09/article/dubai-housing-market-dips-lowest-since-2008/


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“Today’s purchasing manager’s index figures for the [UK] manufacturing sector showed it is contracting, with new orders, exports, employment and confidence all dropping. According to economists the fall thus far is consistent with another 1.5% contraction in the third quarter.

“And since the definition of a technical recession is two successive quarters of contraction, the manufacturing sector is probably in recession.”

https://news.sky.com/story/why-the-uk-might-already-be-in-recession-11800856


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“Eurozone PMI Manufacturing was finalized at 47.0 in August [sub 50 denotes contraction], unrevised. That was slightly higher than July’s final reading of 46.5.

“Markit noted that production and new orders continued to fall as confidence hits lowest since November 2012. Also, employment declined for the fourth month running during August.”

https://www.actionforex.com/live-comments/229908-eurozone-pmi-manufacturing-finalized-at-47-0-germany-in-steepest-decline-franc-bucks-the-trend/


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“Norwegian Air, Europe’s third-largest low-cost carrier, is seeking a lifeline from bondholders as it grapples with a cash crunch.

“It has asked for two more years to repay its largest outstanding bonds, worth $380 million, and is putting up its lucrative landing slots at London’s second busiest airport as collateral.”

https://edition.cnn.com/2019/09/02/business/norwegian-air-debt-restructure/index.html


“Hedge funds and private-equity firms are signing up European distressed-debt experts at the fastest pace in at least five years as slowing growth drives up corporate defaults in the region.”

https://www.bloomberg.com/news/articles/2019-09-02/hedge-funds-hire-in-distressed-debt-to-bet-on-european-defaults


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“Data is coming at investors from every angle with so-called recession indicators flashing signs of an economic slowdown brought on by slower growth abroad and the U.S.-China trade war.

“A slowing global economy is pressuring central banks abroad to lower borrowing rates at unprecedented levels and a tit-for-tat tariff war between Washington and Beijing is weighing on business sentiment.”

https://www.cnbc.com/2019/09/02/heres-a-list-of-recession-signals-that-are-flashing-red.html


“The prospect of a world economy divided among a sclerotic Europe, a nationalist United States and an authoritarian China is a gloomy one.”

https://www.nytimes.com/2019/09/02/opinion/global-economy.html


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