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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Global Yield Curve Inverts in Signal a Recession Is Brewing…. Global bonds joined US peers in signaling a recession, with a gauge measuring the worldwide yield curve inverting for the first time in at least two decades.

“The average yield on sovereign debt maturing in 10 years or more has fallen below that of securities due in one-to-three years… That has never happened before based on data going back to the beginning of the millennium.

“The inversion of the yield curve is typically seen to herald a recession, as investors switch money to longer-term bonds due to pessimism over the economic outlook. Those fears are growing as policymakers around the world pledge further monetary tightening to tame rising consumer prices.

““Central bankers paralyzed by inflation fears will keep cash rates anchored in the restrictive zone for longer,” said Prashant Newnaha, a rates strategist at TD Securities Inc. in Singapore.”

https://www.bloomberg.com/news/articles/2022-11-29/global-yield-curve-inverts-in-signal-a-recession-is-brewing


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The Era of Easy Money Is Over. What Does That Change?

“…Lending rules were tightened after the collapse of credit markets in 2008. Yet the speed at which rates are being hiked is increasing fears that something in the financial system will break.”

https://www.washingtonpost.com/business/the-era-of-easy-money-is-over-what-does-that-change/2022/11/27/8e172382-6ebb-11ed-867c-8ec695e4afcd_story.html


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Recession clouds gather.

“Looking at the markets one could get a feeling the global economy is improving. An early estimate of current private-sector business activity, however, signals a sharp slowdown in both developed and emerging countries. This is mainly due to a surge in the cost of living and the persistence of inflation pressures.

https://asiatimes.com/2022/11/recession-clouds-gather/


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Economic Nationalism Is Back: Global Trade Will Never Look the Same.

“…now we are in a new era. At least that’s what the capital Economics report suggests. Capital believes the pandemic and the war in Ukraine have exacerbated the issue, with countries looking to protectionism (a.k.a. putting up trade barriers) as their own industries suffer from the dire impact of the shaky global economy.”

https://www.forbes.com/sites/simonconstable/2022/11/27/economic-nationalism-is-back-global-trade-will-never-look-the-same/


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UN Sees Friend-Shoring Risks in a Fragile Global Trading System…

““The trade system is a very complex system,” said Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development, in a briefing with reporters. “If you try to get away from one part of the world, you create a huge disruption to the system. Everything changes.””

https://www.bloomberg.com/news/articles/2022-11-29/un-sees-friend-shoring-risks-in-a-fragile-global-trading-system


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WTO says trade growth likely to slow as demand weakens.

“The World Trade Organization said on Monday that its goods barometer had fallen below trend, indicating that trade growth was set to slow in the closing months of 2022 and into 2023. The Geneva-based body said its barometer fell to 96.2 from its previous reading of 100, reflecting “cooling demand for traded goods”.”

https://www.reuters.com/business/wto-says-trade-growth-likely-slow-demand-weakens-2022-11-28/


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US trade moves sour the transatlantic relationship…

“America’s passing of its $369bn climate bill, misleadingly called the Inflation Reduction Act, in August was in many ways a welcome moment for European allies… But EU officials fret that rules on subsidies for green technologies, including electric vehicles, contain discriminatory requirements on domestic content.”

https://www.ft.com/content/aa679366-847d-4f9c-be5d-7d1c763f77c1


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‘Is Washington still our ally?’ The EU has accused the US of profiteering from the Ukraine war by selling guns and gas at ramped up prices.

“Several high-ranking officials within the Bloc accused Joe Biden of capitalizing on the brutal Russian invasion by marking up the cost to import the vital products.”

https://www.dailymail.co.uk/news/article-11471383/EU-accuses-PROFITEERING-Ukraine-war-selling-higher-price-gas-weapons.html


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Ireland could face being cut off if the UK experiences a gas shortage this winter, a leading MEP has warned.

“The UK’s energy regulator Ofgem has warned of a “significant risk” of natural gas shortages due to the war in Ukraine, and that has caused alarm in Ireland, which imports around 70% of its gas from Scotland via the Moffat Interconnector pipeline.”

https://news.sky.com/story/vulnerable-ireland-could-face-being-cut-off-if-uk-experiences-a-gas-shortage-warns-leading-mep-12757531


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[UK] Farmers warn of more shortages in supermarkets.

“Britain’s vegetable industry could be under threat as farmers warn they’re not being paid enough to grow stables, including tomatoes, due to soaring energy costs. Shortage of labour for picking crops is also affecting industry demand within the country, with retailers opting to import produce from abroad.”

https://www.independent.co.uk/news/uk/home-news/supermarket-shortage-eggs-peppers-b2233975.html


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Candle fever strikes as blackout-fearing Germans revive festive flames.

“Germans are seeking comfort in the warm yellow glow of open flames this Christmas, as a revival of festive traditions coupled with blackout fears make candles the target of the latest stockpiling frenzy.”

https://www.theguardian.com/world/2022/nov/27/candle-fever-strikes-as-blackout-fearing-germans-revive-festive-flames


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VW Warns Soaring EU Energy Costs Render Battery Plants Unviable.

“Investment in German and EU industrial projects such as battery-cell factories will be unfeasible if the region’s policy makers fail to control ballooning energy prices in the long-term, the head of Volkswagen AG’s namesake brand said.”

https://www.bloomberg.com/news/articles/2022-11-28/vw-warns-soaring-eu-energy-costs-render-battery-plants-unviable


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Hungarian petrol stations hit by shortages; Budapest affected.

“Several big petrol stations around Hungary, including the capital of Budapest, are experiencing fuel shortages as a price cap on fuel for private consumption shows signs of affecting supply. The stock ran out two days ago…”

https://www.euractiv.com/section/politics/news/hungarian-petrol-stations-hit-by-shortages-budapest-affected/


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Czechs took to the streets in Prague’s Letna Park on Saturday to oppose the government of the Czech Republic’s shortsighted energy, trade, and aid to Ukraine policies.

“The National Recovery Council’s activists urged the government to lower utility costs, stop energy export, nationalize underground gas storage facilities, and place a higher priority on the selling of items made in the country.”

https://english.almayadeen.net/news/politics/protests-against-czech-aid-to-ukraine-in-prague


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Strike brings trains to standstill across Austria.

“Austrian rail traffic ground to a halt from midnight, impacting around 8,000 connections and some one million passengers, as workers held a 24-hour strike on Monday in a dispute over pay. The strike affected transport at all levels…”

https://www.reuters.com/world/europe/strike-brings-trains-standstill-across-austria-2022-11-28/


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Italy Has a $127 Billion Debt Problem It Can’t Easily Resolve.

“While much of Europe Inc. is shrinking state-backed loans from the pandemic, Italian companies are still sitting on mountains of such borrowings, complicating government efforts to help them surmount the latest crisis: soaring energy costs.”

https://www.bloomberg.com/news/articles/2022-11-28/italian-companies-have-a-127-billion-debt-problem-they-can-t-easily-resolve


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Far-right Vox leads mass protests against Spanish govt.

“Tens of thousands of supporters from Spain’s far-right Vox party demonstrated nationwide on Sunday to protest Prime Minister Pedro Sanchez’s leftist government. Police said 25,000 people gathered in central Madrid’s Colon Square, where protesters unfurled flags and called on Sanchez to go, while demonstrations also took place in cities across Spain.”

https://www.france24.com/en/live-news/20221127-far-right-vox-leads-mass-protests-against-spanish-govt


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Protests Continue in Iran with Truckers’ Strikes Leading the Way.

“Antigovernment protests in Iran continued Sunday mainly through nationwide strikes by truckers and protest rallies at universities during the day and street rallies through the night… Truck drivers and owners in many cities across the country did not move their vehicles on Sunday…”

https://www.iranintl.com/en/202211273755


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United States Enters a New Era of Direct Confrontation with Iran.

“The Biden administration has imposed new sanctions on Tehran and expressed support for protesters, as the Iranian government aids Russia in the Ukraine war and continues nuclear enrichment… Mr. Biden’s hope of re-entering the United States into the deal with Iran that was struck in 2015, and that President Donald J. Trump abandoned, has all but died.”

https://www.nytimes.com/2022/11/24/us/politics/iran-protests-ukraine-nuclear-enrichment.html


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China extends tariff exemptions on some US goods in ‘reciprocal’ move.

“China will extend tariff exemptions for six months on some US goods subject to countermeasures against US Section 301 measures, according to an official announcement on Monday, in what analysts call a standard and reciprocal move after the US also announced similar exemptions.”

https://www.globaltimes.cn/page/202211/1280615.shtml


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China’s Covid Restrictions Are Forcing Farmers to Destroy Crops…

“The destruction of fresh food is happening at a time when many Chinese are under lockdown and bracing for food shortages and other supply disruptions. It threatens to drive up food costs which are already elevated and undercut Beijing’s push to safeguard food supply and eliminate waste.”

https://www.bloomberg.com/news/articles/2022-11-28/china-s-covid-restrictions-are-forcing-farmers-to-destroy-crops


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Chinese police out in force in attempt to deter Covid lockdown protests.

“Chinese police have launched a show of force across the country in an effort to head off further protests against the government’s rigid zero-Covid policies and tackle what have become the most extraordinary acts of civil disobedience in the country for decades.”

https://www.theguardian.com/world/2022/nov/28/china-zero-covid-police-shanghai-protests


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China factory riot leaves Apple millions of iPhones short.

“Increasingly violent unrest among workers at Apple supplier Foxconn’s factory in Zhengzhou, eastern China, will slow production of the iPhone 14 Pro, according to internal estimates prepared by managers. Around one third of production capacity has been lost…”

https://www.telegraph.co.uk/business/2022/11/28/china-factory-riot-leaves-apple-millions-iphones-short/


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China’s factory activity contraction likely deepened in Nov on COVID woes.

“China’s factory activity is expected to have contracted further this month, piling pressure on the economy as COVID restrictions hit production and exports fell despite a flurry of stimulus policies, a Reuters poll showed on Monday.”

https://www.reuters.com/world/china/chinas-factory-activity-contraction-likely-deepened-nov-covid-woes-2022-11-28/


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Hong Kong Exports Fall for Sixth Straight Month on Waning Demand.

“Hong Kong’s exports fell again in October, marking six straight months of decline this year as demand continues to drop off an economic contraction this year appears all but certain for the city. Overseas shipments dropped 10.4% last month from a year earlier…”

https://www.bloomberg.com/news/articles/2022-11-28/hong-kong-exports-fall-for-sixth-straight-month-on-waning-demand


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Beirut ‘neighbourhood watch’ echoes troubled past.

“…their appearance has evoked parallels with the civil war when the state collapsed, militias controlled the streets and Beirut split into cantons. The mayor has expressed concern it could prompt others to follow suit.”

https://www.reuters.com/world/middle-east/beirut-neighbourhood-watch-echoes-troubled-past-2022-11-27/


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Zimbabwe’s forests threatened by rising demand for coal…

“Experts say economic hardship causes illegal logging as more people turn to charcoal for cooking, heating and light amid electricity shortages… The demand for charcoal among households in Zimbabwe’s urban areas has been rising sharply due to rolling power cuts…”

https://www.independent.co.uk/voices/campaigns/giantsclub/zimbabwe-rising-demand-for-coal-b2234660.html


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Crypto firm BlockFi files for bankruptcy as FTX fallout spreads.

“Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. In the filing, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion.”

https://www.cnbc.com/2022/11/28/blockfi-files-for-bankruptcy-as-ftx-fallout-spreads.html


You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.

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