“The peak holiday season started off with a thud for cargo airlines, as demand continued to fall short of supply, amid slowing global growth and a trade war that continues to weigh on the sector.
“Air cargo demand fell 3.5% in October, the start of the peak season when companies are stocking up inventory for the holiday shopping season, compared with a year ago, marking the 12th consecutive month of declines, the International Air Transport Association said Wednesday.
“The U.S.-China trade war, generally slowing trade, and weakening economic growth are weighing on demand and setting up air freight volumes this year to be the weakest since the financial crisis, said the IATA, a trade group that represents most of the world’s airlines.”
“Britain‘s extraordinary debt binge since the financial crisis has been laid bare in a hard-hitting report.
“The average household owes almost £12,800 on credit cards, loans and car finance, according to official figures – up more than 50 per cent from 2009.”
https://www.dailymail.co.uk/news/article-7757911/Britains-debt-binge-average-family-owes-12-800.html
“Britain’s all-important services sector has slipped back into contraction as faltering consumer spending and wet weather saw the steepest drop in activity since March, according to a report.
“The latest Markit/CIPS services purchasing managers’ index (PMI) recorded a reading of 49.3 in November, down from 50 in October.”
“Emmanuel Macron is braced for the biggest strikes of his presidency as French rail workers, air-traffic controllers, teachers and public sector staff take to the streets on Thursday against proposed changes to the pension system.
“French rail transport is expected to almost completely grind to a halt…”
“Brussels has cut its growth forecasts for the eurozone to its lowest level since the peak of the financial crisis and sees no improvement in 2020.”
https://www.euronews.com/2019/12/04/eurozone-economy-slows-amid-trade-tensions-and-uncertainty
“The Permian has recently seen job losses, and for the first time since 2016, the hottest shale basin in the world has seen job growth lag the broader Texas economy.
“The industry is cutting back amid heightened financial scrutiny from investors, as debt-fueled drilling has become increasingly hard to justify.”
https://oilprice.com/Energy/Natural-Gas/Shales-Debt-Fueled-Drilling-Boom-Is-Coming-To-An-End.html
“Trade unions, student and indigenous groups are marching in Colombia‘s major cities to increase the pressure on the government of President Iván Duque.
“The protests started almost two weeks ago with hundreds of thousands of people taking part in rallies.”
https://www.bbc.co.uk/news/world-latin-america-50664018
“Chile´s central bank said on Wednesday it would hold its benchmark interest rate steady at 1.75%, and would likely keep it there for the next several months, even as weeks of protests begin to hammer the country’s economy…
“The unanimous decision to hold rates, which upended market expectations, comes as Chile´s economy takes a sharp turn for the worse.”
“Lebanon‘s central bank has cut interest rates in its latest emergency measure to tackle the country’s worst economic crisis for decades.”
https://www.ft.com/content/947d6c64-16a2-11ea-8d73-6303645ac406
“The hunt for work becomes more desperate every day on Delhi‘s street corner labour markets as India’s economic slowdown bites deeper, piling pressure on Prime Minister Narendra Modi just half a year into his second term.
“With the central bank cutting interest rates five times this year — but on Thursday unable to lower them any further because of high inflation — patience was running thin…”
https://www.ibtimes.com/indias-poor-fight-desperate-battle-find-work-slowdown-bites-2879649
“…the [Thai] central bank is happy. But there are clear signs of production market struggles as the sector keeps producing fewer goods and services. Manufacturers aren’t happy.
“All three markets — financial, product and labour — are interconnected to form the economic cycle. When one market breaks down, the whole economy collapses.”
https://www.bangkokpost.com/opinion/opinion/1808969/the-vicious-economic-cycle-has-begun
“The Japanese government is set to approve 13.2 trillion yen ($121 billion) worth of public stimulus spending on Thursday, with the economy due for a total infusion of 26 trillion yen if private-sector and other outlays are factored in.
“The sum is a step up from the amount originally expected to come from the government’s coffers — more than 10 trillion yen.”
https://asia.nikkei.com/Economy/Japan-s-public-stimulus-spending-balloons-to-120bn
“Job seekers are set to have a hard time getting work next year, especially if they are creative.
“Australia‘s economy is growing at a sluggish pace despite record-low interest rates and tax cuts of $1,080 for low and middle-income earners.”
“Sadly, the apparent stalling of the BRICS economic engine is occurring at an inopportune time for the global economy.
“According to the IMF, around 90 percent of the world’s economies are currently experiencing economic slowdowns.
“One would think that if ever there was a time for responsible economic policies and for decisive economic leadership from the United States, it has to be today.”
https://seekingalpha.com/article/4310444-world-economy-hitting-bric-wall
“Global sales of new corporate debt across all currencies have reached the equivalent of $2.44 trillion in 2019, already a new annual record.
“Investors desperate for yield have been eager buyers, fueling a rally in bond prices, but they could get burned in 2020 as several forces threaten to hammer returns on these now richly-valued assets.”
“The global car market will have shrunk faster in 2019 than at the height of the financial crisis, with 4m fewer vehicles sold than last year, according to the lobby group for the German auto industry.
“The Association of the Automotive Industry (VDA) warned of further job losses during the next 12 months, with an ongoing downturn in China. Rapid growth there helped the sector recover from the global recession a decade ago.”
https://www.ft.com/content/b38adcac-169f-11ea-9ee4-11f260415385
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