“World currently seeing the ‘worst cascade of human rights setbacks of our lifetimes’, UN chief says.
“The United Nations rights chief called Monday for “concerted action” to help recover from the worst global deterioration of rights seen in decades, highlighting situations in China, Russia and Ethiopia among others…
“”Extreme poverty, inequalities and injustice are rising. Democratic and civic space is being eroded,” she warned.”
“Chances are that the timing on rate hikes will be much sooner than we have been led to believe… there is one thing becoming clearer by the day. Interest rates, currently at the lowest level in history, have bottomed.
“The argument about rate rises now merely is a debate about when.”
https://www.abc.net.au/news/2021-06-21/analysis-verrender-why-you-should-lock-in-rates-now/100229638
“Fed’s Bullard: Last “taper” debate no guide what’s needed in current period…
““I don’t think we are in the quiescent, low volatility period we were in the aftermath of the global financial crisis. Instead we are in a high volatility ‘many things happening at once’ situation and because of that we have to be able to react.””
“China’s Progress on U.S. Trade Deal Slowed Again in May…
“China bought almost $10 billion worth of manufactured, agricultural and energy goods from the U.S. in May, the lowest monthly total since October 2020. That took total imports to almost $157 billion since January 2020, 41.4% of the targets the two nations agreed at that time.”
“Bitcoin falls 10% as China intensifies crypto crackdown…
“China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.”
“China cracks down on iron ore market… Price tumbles after top economic planning agency says it will probe ‘malicious speculation’…
“Beijing has launched a review into record prices for key steelmaking ingredient iron ore, opening another front in its campaign to suppress high commodities prices.”
https://www.ft.com/content/15cd3efc-3dbe-46a6-8692-bdf20734101c
“Chinese Junk Bonds Flash Warning Signs.
“Yields on Chinese junk bonds have jumped to levels last hit during the tail end of last year’s market turbulence, signaling growing investor concern about defaults… Property companies make up a large portion of the Chinese junk bond market.”
https://www.wsj.com/articles/chinese-junk-bonds-flash-warning-signs-11624267802
“Bank of Korea raises alarm about financial risk buildup as asset value nears pre-crisis levels.
“South Korea’s asset value has neared the levels running up to the Asian financial crisis of 1997-1998 and global financial crisis of 2008-2009, raising alarm about financial risk building up, a study by the central bank showed.”
https://pulsenews.co.kr/view.php?year=2021&no=603013
“Emerging markets are right to worry about capital flows…
“…with extraordinarily loose money supply and low returns in the rich world, emerging markets inevitably become a destination of choice for investors looking for high yields. And when the cycle turns, capital flows revert abruptly, leaving emerging country asset and currency markets in turmoil.”
https://www.ft.com/content/30652b8d-8aff-444a-a703-fd8582058c69
“Raisi sets out hardline stance in first remarks since winning Iran election.
“Iran’s president-elect staked out a hardline position in his first remarks since his landslide election victory, rejecting the possibility of meeting Joe Biden or discussing Tehran’s ballistic missile programme and support of regional militias.”
“Greece struggles to find tourism workers due to risk of more lockdowns…
“The problem threatens to exert a serious drag on the country’s recovery… “It’s the first time we are facing such a shortage in the industry,” said George Kavathas, president of Greece’s federation of restaurants and related professions.”
https://www.ft.com/content/98fe5478-89fc-44cc-8b61-4630b1e64ddb
“Food shortages ‘inevitable’ in UK as Brexit and Covid leave farms under-staffed.
“Staff taking built-up leave over the summer is likely to compound the problem in the coming weeks, while people remaining in the UK for their holidays means there won’t be the usual drop in demand.”
“American Airlines cancels hundreds of flights, cites labor shortages.
“Labor shortages are among the reasons American Airlines is being forced to cancel hundreds of flights through at least mid-July. The airline had 120 cancellations on Saturday alone and is projecting at least 50 to 80 flight cancellations a day going forward.”
https://www.nbc15.com/2021/06/21/american-airlines-cancels-hundreds-flights-cites-labor-shortages/
“Cargo Is Piling Up Everywhere, And It’s Making Inflation Worse.
“The Port of Los Angeles just logged its busiest month in history, handling more than 1 million shipping containers in May, more than half loaded with imports from Asia. “We feel the importer and exporter pain,” says Gene Seroka, executive director of the country’s busiest cargo port.”
https://wskg.org/npr_story_post/cargo-is-piling-up-everywhere-and-its-making-inflation-worse/
“Chip Shortages Are Starting to Hit Consumers. Higher Prices Are Likely…
“Price increases are snowballing their way through suppliers and key materials in chip making as the industry rushes to meet rising demand and plug supply holes. As a result, many of the world’s large chip makers are raising prices…”
“Poorer nations bear brunt of global development fund dry up: UN.
“The COVID-19 crisis has caused a severe fall in global foreign direct investment (FDI), with investment flows dropping by a third – from $1.5 trillion in 2019 to $1 trillion – in 2020, a new report from the United Nations Conference on Trade and Development (UNCTAD) has warned.”
You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.
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