Needless to say, price spikes are potentially bad news in an era of gargantuan debt bubbles:
“Food prices are climbing fast in the world’s biggest emerging markets, posing a possible inflation threat after months of dormant pressures.
“Asia’s two largest developing economies face a price surge for staple products – pork in China and onions in India – that are central to consumers’ diets. In Turkey and Nigeria, supply problems are driving up costs, while United Nations data show global food prices rose at the fastest pace in October in more than two years.
“…the threat of a price shock is real. Nomura Holdings Inc economists recently warned of three potential triggers of higher food costs – weather-related shocks, higher oil prices and a sharp depreciation in the dollar – saying emerging and frontier markets are most at risk since food costs make up a larger portion of their consumers’ income.”
“The bad news is getting worse for India’s economy and Prime Minister Narendra Modi is exhausting all options to stem the fallout.
“Data on Friday will likely show the economy had its weakest performance last quarter in more than six years, with the growth rate dropping below the symbolically important 5% mark.”
“It was only in 2014 that China experienced its first default on a domestically traded bond. In 2018 defaults hit 117bn yuan ($16.5bn), triple the previous high.
“This year defaults are on track to reach roughly the same value… Bond defaults, says s&p Global, another ratings company, are “becoming a norm”.”
“Thousands of protesters in Hong Kong, some draped in American flags, have staged a “Thanksgiving” rally in the heart of the city after the approval by Donald Trump of human rights legislation aimed at protecting them.
““The rationale for us having this rally is to show our gratitude and thank the US Congress and also president Trump for passing the bill,” said 23-year-old Sunny Cheung…”
“South Korea’s central bank today cut its growth forecast for this year to two per cent, which would be the weakest rate in a decade as the economy is battered by trade disputes.
“The world’s 11th-largest economy is highly dependent on international commerce but is grappling with the fallout of a prolonged China-US trade dispute and embroiled in a spat of its own with neighbouring Japan.”
“Japanese industrial production fell more than expected in October, signaling the possibility of a steeper contraction in economic growth ahead and boosting the case for a bigger government stimulus package.”
“Chile’s peso plummeted to a new low for the second day in a row at market close on Thursday following more than a month of protests over inequality that turned increasingly violent again this week.
“The peso fell 1.05% to 828.2 per dollar.”
“Bolivia’s foreign minister said Thursday Mexico will face a “very serious problem” if its embassy in La Paz refuses to hand over ex-government officials wanted for arrest, warning they could be there for years.
“More than 20 former members of ex-president Evo Morales’s government have holed up in the Mexican embassy.”
“The eurozone economy is at risk of “Japanification”, a cycle of low growth and spiralling debt levels … In a report published on Friday, the rating agency said the euro area’s weak growth and low inflation suggested the currency bloc could follow the deflationary path trodden by Japan since the early 1990s.”
“A slowdown in global trade is weighing most heavily on the European Union, with exports falling across all major economies, according to the Organisation for Economic Co-operation and Development. Anxieties about Brexit, a downturn in manufacturing and the US-China trade war knocked eurozone exports by 1.8 per cent in the third quarter of this year…”
“Zimbabwe’s food security situation poses a potential threat to national security and can cause civil unrest and general insecurity in the country, a top United Nations envoy warned.
“The UN special rapporteur on the right to food, Hilal Elver, who was in the troubled Southern African country from November 18-28, said the food security situation could potentially worsen by the end of the year.”
“Young Algerians protesting against a presidential election candidate scuffled with riot police in an eastern town late on Wednesday, residents said, as pressure builds between the ruling elite and its opponents before the contested Dec. 12 vote…
“Since the start of the official election campaign earlier this month, the number of protests has increased and the authorities have detained more demonstrators.”
“Iraqi security forces have shot dead at least 45 protesters after demonstrators stormed and torched an Iranian consulate in Najaf, in what could mark a turning point in the uprising against the Tehran-backed authorities.
“At least 29 people died in the southern city of Nassiriya when troops opened fire on demonstrators…”
“World trade is expected to contract again over the next three months, according to DHL’s Global Trade Barometer (GTB).
“It suggests that the overall trade outlook will reduce by two points, to an index value of 45, in a new low not seen since December 2015.”