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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Coronavirus: how the massive pandemic debt bill has ‘reshaped the global economy for good’: Governments have offered unprecedented support for companies during the pandemic, pushing fiscal deficits to record highs, says the Economist Intelligence Unit.

“But with low growth, high public debt and declining populations in rich countries becoming the norm, paying back the massive stimulus will be a daunting task

“There are growing concerns in some corners of the market about the size and scope of government and central bank support packages…”

https://www.scmp.com/economy/global-economy/article/3134373/coronavirus-how-massive-pandemic-debt-bill-has-reshaped


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Biden signs order directing studies of climate-related financial risks.

“President Biden on Thursday signed an executive order directing several federal departments and agencies to analyze the risks climate change poses to the U.S. financial system and federal government, the White House announced.”

https://thehill.com/policy/finance/554654-biden-signs-order-directing-studies-of-climate-related-financial-risks


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North America pallet shortages putting supply of fresh produce at risk

“Although conversations are occurring within the North American (and global) industry relative to the current acute pallet shortages, we believe many do not yet realize the potential scope of the issue, including the availability of produce to consumers.”

https://www.hortidaily.com/article/9322924/north-america-pallet-shortages-putting-supply-of-fresh-produce-at-risk/


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Americans are returning to restaurants, bars and other dining places as Covid-19 restrictions come down, adding new strains in food supply chains.

“Suppliers and logistics providers say distributors are facing shortages of everyday products like chicken parts, as well as difficulty in finding workers and surging transportation costs…”

https://www.wsj.com/articles/food-supply-chains-are-stretched-as-americans-head-back-to-restaurants-11621589405


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Bank of Canada Warns Home Buyers Rates Will Eventually Rise.

“Bank of Canada Governor Tiff Macklem said recent gains in home prices aren’t sustainable and warned households against taking on too much mortgage debt because interest rates will eventually rise.”

https://www.bloomberg.com/news/articles/2021-05-20/bank-of-canada-warns-on-household-debt-and-housing-exuberance


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Property bubbles, corporate debt among Europe’s top risks: ECB.

“Copious government subsidy kept much of the euro zone afloat during the pandemic but weaning the bloc off support will be tricky since that could boost bankruptcies and unemployment: a drag on growth and a risk to banks.”

https://www.globalbankingandfinance.com/property-bubbles-corporate-debt-among-europes-top-risks-ecb


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Japan’s jobless rate seen up, Tokyo Consumer Price Inflation far below BOJ’s inflation goal

“The weak indicators will likely highlight the fragile nature of the country’s economic recovery from a coronavirus-induced slump in the first quarter. The world’s third-largest economy shrank 5.1% annualised in January-March…”

https://www.reuters.com/world/asia-pacific/japans-jobless-rate-seen-up-tokyo-cpi-far-below-bojs-inflation-goal-2021-05-21/


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“Unencumbered by uncontrolled virus outbreaks and business closures, China has been the first major economy to tighten its financial policies in the aftermath of Covid 19 [any slowing of China’s credit growth has huge ramifications for the global economy].

“This became even more apparent after the People’s Bank of China released its monthly lending and social finance statistics for April, which showed not only a further decline in credit growth in the world’s second largest economy, but a slowdown that exceeded market expectations.”

https://thecorner.eu/54/china-bucks-the-trend-by-tightening-monetary-policy/96099/


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India Inc.’s Profits Won’t Survive Costs, Covid.

“Wholesale prices in India, a proxy for cost buildup, surged 10.5% last month, the most in 11 years. Consumer price inflation, meanwhile, slowed to 4.3% from 5.5% in March… this divergence could be “an early indicator of margin pressures ahead as companies find it difficult to pass on higher raw material costs due to weak demand,” Jay Shankar, an economist at InCred Capital in Mumbai, wrote in a note to clients.”

https://www.bloomberg.com/opinion/articles/2021-05-20/india-inc-s-profits-won-t-survive-rising-commodity-prices-and-the-pandemic


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The anger driving Colombia’s protest movement isn’t going away anytime soon.

“Large-scale protests in Colombia are now in their third week, and prosecutors have announced homicide charges after a national police officer was seen on video shooting and killing a 17-year-old in the city of Cali during the first day of demonstrations.”

https://edition.cnn.com/2021/05/20/americas/colombia-protests-deaths-intl-latam/index.html


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Treating injured migrants who fall over border wall becomes new normal in small New Mexico

““In the Anapra area the wall is about 30-foot but will drop down to 14 feet. For some reason, where we’re seeing a lot of the entries is at the 30-foot part of the wall. Unfortunately, once they climb, they don’t have a way to (safely) get down,” said Sunland Park Fire Chief Daniel Medrano.”

https://www.borderreport.com/hot-topics/the-border-wall/treating-injured-migrants-who-fall-over-border-wall-becomes-new-normal-in-small-new-mexico-town/


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Cyprus said Friday it is in a “state of emergency” because of an inflow of Syrian migrants that has flooded its reception centres, appealing for help from the European Union.

“Cyprus has this week faced a “daily wave of migrant arrivals” by sea from the Syrian port of Tartus, Interior Minister Nicos Nouris said.”

https://www.france24.com/en/live-news/20210521-cyprus-says-state-of-emergency-over-syria-migrant-inflow


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Spain accused Morocco of “blackmail” on Thursday for allowing a record 8,000 migrants to reach the Spanish North African enclave of Ceuta, sparking a crisis that saw clashes on the Moroccan side of the border overnight…

“The dispute between Spain and Morocco comes during heightened tensions over Madrid’s decision to provide medical treatment for the ailing leader of the Western Sahara independence movement, who has Covid-19.”

https://uk.news.yahoo.com/clashes-morocco-border-madrid-accuses-124251836.html


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A heavy police presence smothered central Algiers on Friday, effectively blocking a resumption of a weekly protest movement that the authorities have decided they can no longer tolerate…

“Reuters on Friday afternoon viewed several parts of the capital where protests normally took place, but all were quiet – and with a large police presence.”

https://www.reuters.com/world/africa/algerian-police-swamp-capital-seeking-end-weekly-protests-2021-05-21/


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Northern Nigeria Faces the Threat of Famine

“Why does the ongoing tragedy in northern Nigeria…

“…and indeed much of the rest of the Sahel—attract so little attention in the developed world?”

https://www.cfr.org/blog/northern-nigeria-faces-threat-famine


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Nearly 7M people in DR Congo 1 step from famine: CARE DRC…

“Aline Ouedraogo, CARE DRC Country Director, said the central African country is “now in the largest food crisis in the world. This situation is, and should have been, preventable.””

https://www.aa.com.tr/en/africa/nearly-7m-people-in-dr-congo-1-step-from-famine-care-drc/2250638


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Global inflation-linked bonds continued to attract buyers in the week ended May 19, as investors protected themselves against rising consumer prices in the United States

“Minutes of the Fed’s most recent meeting published this week said “a number” of officials believed it might be appropriate to “begin discussing a plan for adjusting the pace of asset purchases” if the economic recovery holds up.”

https://www.reuters.com/business/global-markets-flows-graphics-2021-05-21/


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Fed’s Tools Showing Signs of Stress Against the Cash Onslaught

“The deluge of cash in the short-end is threatening to create fissures in the Federal Reserve’s key rates corridor, increasing chances policy makers will be forced to adjust their tools to defend the floor.”

https://www.bloomberg.com/news/articles/2021-05-21/fed-s-tools-showing-signs-of-stress-against-the-cash-onslaught


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The Fed this summer will take another step in developing a digital currency

““Our focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses while also embracing innovation,” said Chairman Jerome Powell.”

https://www.cnbc.com/2021/05/20/the-fed-this-summer-will-take-another-step-ahead-in-developing-a-digital-currency.html


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Bitcoin flash crash amplified by leverage and ‘systemic issues’

“The scale of the losses and recovery in such a short time, coupled with the frenetic nature of the trading, illustrate how even as the digital asset industry has grown rapidly, many systems underlying the market remain fragile…”

https://www.ft.com/content/b26319f6-6cb7-4e0e-a0d9-bac71d9b8c34


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Bitcoin turmoil seeps into traditional financial markets.

“A huge drop and snap back in cryptocurrency prices this week rippled into traditional asset classes, potentially offering a taste of what could happen in the event of a more severe shake-up.”

https://www.ft.com/content/929828cd-51d2-4ae0-b838-47647736c13c


You can read the previous ‘Economic’ thread here. I’ll be back with on Monday with a ‘Climate’ thread.

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