“A decade after the global financial crisis, with the world’s leading economies still addicted to the near-zero interest rates of the emergency response of quantitative easing, it seems the global economy remains on life support, with our experts still flummoxed about how to restore economic health.
“…the UN Department of Economic and Social Affairs, the Organisation for Economic Cooperation and Development and the World Trade Organisation, are predicting worse to come.Trade across the world is stalling. Most leading economies are reporting near-zero economic growth. Investment is in decline. Most expert organisations, including the International Monetary Fund…
“After using so much of our monetary ammunition to fight off a recession in 2009 but still not putting risks to rest, there are worrying questions about where the resources can be found to fight off a new recession…
“If we are on the brink of a new recession, and even China is not on hand to provide fiscal stimulus, then how dangerously ill-equipped are we?”
“China’s economy is in a deflation-inflation trap. Producer prices are falling, as consumer prices rise.
“That’s according to statistics published last week by National Bureau of Statistics (NBS). They show that the prices China’s factories charge to their clients are in a deflationary spiral, while prices charged by retailers to consumers are in an inflationary spiral.”
“Auto sales in China fell for a 16th consecutive month in October, with the number of new energy vehicles sold contracting for the fourth month in a row, data from the country’s biggest auto industry association showed.
“Total auto sales in the world’s biggest auto market fell 4% from the same month a year earlier, the China Association of Automobile Manufacturers said on Monday.”
“Slowing economy puts strain on public finances and raises risk of social unrest. …
“China’s local governments face a record number of lawsuits for failing to pay their contractors as the country’s slowing economy puts a strain on public finances.””
“When the call came for local doctors and nurses to step up for their troubled community, the emergency wasn’t medical. It was financial.
“Ruzhou, a city of one million people in central China, urgently needed a new hospital, their bosses said. To pay for it, the administrators were asking health care workers for loans. If employees didn’t have the money, they were pointed to banks where they could borrow it and then turn it over to the hospital.”
“When Pakistan and China sat down recently for talks on Beijing’s major Belt and Road initiative known as the China-Pakistan Economic Corridor (CPEC)
“…the China side showed a distinct lack of enthusiasm toward pumping more money into new projects.”
“China’s economy is slowing, Donald Trump’s “America First” policies are hurting global trade and China’s factories are becoming rivals to the German giants that once supplied them.
“The slowdown is not helping at a challenging time for Germany. Its economy contracted 0.1% in the second quarter and some analysts expect third-quarter gross domestic product (GDP) data due on Nov. 14 to show a similar decline…”
“The UK’s credit rating could be downgraded, according to ratings agency Moody’s, which says Brexit has caused “paralysis in policy-making”.
“It has changed the outlook on the UK’s current rating – which is a marker of how likely it is to pay back its debts – from “stable” to “negative”.
“Moody’s also criticised the general election promises to raise spending with “no clear plan” to finance it.”
“Asian stocks sank overnight due to escalating violence in Hong Kong and lingering uncertainty over a potential trade deal between the US and China.
“Hong Kong’s Hang Seng Index slumped 2.79 per cent this morning after police fired into a crowd, shooting at least one protester, who was in critical condition following the incident.”
“He was once a boy scout and member of a patriotic flag-raising team in high school.
“But with student protests sweeping Jakarta and other cities in recent months in some of the worst civil unrest to hit Indonesia in decades, Manik Marganamahendra has emerged as an anti-establishment icon.”
“India’s electricity demand declined for the third straight month, another indication of an economic slowdown that seems to be deepening.
“Electricity demand from distribution utilities declined 13.2 per cent in October from a year earlier, data from the Central Electricity Authority showed.”
“American credit rating agency, Moody’s Investors Service, often dubbed as Moody’s and contemplated as one of the top three credit rating agencies across the world alongside S&P and Fitch’s, cuts India’s credit ratings outlook to “negative” from an earlier “stable” on Friday, the 8th of November 2019.”
“Iraqi doctors and nurses have been volunteering in Baghdad’s Tahrir Square to ensure wounded protesters have access to medical care.
“But they say security forces are targeting and attacking them along with the demonstrators.”
“Lebanese bank deposits are safe and there is no need to panic, the head of the banking association said on Saturday, seeking to calm nerves about restrictions on some withdrawals imposed after nationwide protests.
“Already facing the worst economic crisis since the 1975-90 civil war, Lebanon has been pitched deeper into turmoil since Oct. 17 by a wave of rallies against the ruling elite that led Saad al-Hariri to resign as prime minister…”
“A family of four was found dead in southern Turkey in what appears to be the second collective suicide in a week amid growing economic hardship.
“Police officers discovered the bodies of a man, his wife and two children in their home in Antalya, the state-run Anadolu Agency reported on Saturday. The father left a note, saying he had been jobless for the past nine months and couldn’t go on…”
“Bolivia’s President Evo Morales resigned Sunday, not long after the head of the nation’s electoral tribunal stepped down when allegations of irregularities with the presidential vote held last month sparked protests and ramped up calls for his ouster.
“I resign my post as president,” he said in a televised speech.”
“Our correspondent goes inside an eye trauma unit in Chile that’s responding to “an epidemic” of protesters who have been shot in the eye by police pellet guns.”
“More than a decade after the crisis, markets that are finally moving into the modern technological age and more stringent capital rules are creating a secular slump in Wall Street’s biggest business.
“And 2019 is poised to set a new low with the sixth decline in the last seven years. Trading income at 12 of the largest global investment banks plunged $39bn from 2010 to last year, according to data from analytics firm Coalition.”