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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“Central banks, markets are now operating in opposite realities. Remember the “everything rally”? …Well, it’s back. The last month has seen the same kind of all-encompassing buoyancy overtake financial markets across virtually all geographies, asset classes, styles and sectors.

“Sensing victory in the fight against inflation, traders have electrified financial markets with the growing belief that big cuts to interest rates are coming soon.

“The problem with this market-wide prophecy is that it could be self-defeating… Meanwhile, the Fed has not even acknowledged that rates have risen high enough for its liking.”

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-central-banks-markets-are-now-operating-in-opposite-realities/


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“Central banks prepare to rebuff investors over path of interest rates…

“Leading central banks are preparing to rebuff investors’ bets about the pace at which interest rates will fall, as they meet for the final time this year amid strong employment numbers.”

https://www.ft.com/content/1fea39e2-4e2f-45b1-911e-5c45650ee5e4


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“America’s biggest threat is debt…

“The US government debt has skyrocketed from $3.5 trillion in 2000 to $34 trillion now, or nearly 125 per cent of its GDP. More than half of this increase is due to waging wars, the rest to Covid expenses and financial crises.”

https://www.theweek.in/columns/Anita-Pratap/2023/12/09/americas-biggest-threat-is-debt.html


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“Bank credit has officially entered contraction territory.

“After witnessing one of the sharpest drops on record. Since 1974, a contraction has only happened ONE time: During the 2008 Financial Crisis.”

https://twitter.com/GameofTrades_/status/1733879249344323641


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“‘It’s lending on steroids’: How Buy Now, Pay Later companies are meeting an influx of demand despite higher costs [US].

“On Cyber Monday, BNPL purchases hit an all-time high, up 43% from a year ago, according to Adobe Analytics. The number of items per order also rose 11% annually as shoppers used BNPL for larger purchases. Like credit cards, these companies allow customers to make purchases even if they don’t have the money on hand…”

https://edition.cnn.com/2023/12/09/economy/buy-now-pay-later-companies-higher-costs/index.html


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“Around 50,000 children in Northern Ireland — 12% — are going without the basics like warmth, fresh food or a celebration this Christmas.

“That’s the startling figure revealed in new research from Action for Children, which also revealed a third of children aged eight to 18 across the UK fear a friend or classmate won’t get any presents or celebrate Christmas this year because their family can’t afford it.”

https://www.belfasttelegraph.co.uk/news/education/kids-forced-to-walk-to-school-without-a-coat-due-to-financial-crisis-says-charity/a1048657210.html


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“Millions of young children are being exposed to potentially life-threatening mould as a growing number of Britons in the grip of the energy crisis struggle to heat their homes this winter.

“Shock new figures shared with The Independent reveal that one in three young families in the UK are stuck in homes with a recurring mould problem.”

https://www.independent.co.uk/news/uk/home-news/housing-poverty-energy-bills-sunak-hunt-b2457033.html


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“‘Time is running out for the economy’: UK’s tax level highest on record.

“The UK’s tax level has soared to an all time high, according to new figures, raising deep concerns about the nation’s appeal to businesses and investors. The UK’s tax-to-GDP ratio jumped to 35.3 per cent in the 2022/23 financial year, according to the latest data from the Organisation for Economic Cooperation and Development (OECD).”

https://www.cityam.com/oecd-uks-tax-level-rises-to-highest-on-record/


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“Unpopular hydrogen trials to be expanded to thousands more homes [UK].

“Hydrogen could replace natural gas in thousands of homes under controversial plans to decarbonise entire towns in Britain’s push towards net zero. Ministers have asked the UK’s main gas network operators to nominate the most suitable towns…”

https://www.telegraph.co.uk/business/2023/12/09/unpopular-hydrogen-trials-expanded-more-homes-backlash/


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“Is Britain facing an EV car finance bombshell?

“In the 12 months to October 2023, some £17bn was loaned by financial institutions to motorists looking to purchase a new car. Of these, one in five new cars sold in Britain is an electric vehicle. According to the motor industry, some of these… are losing more than half of their value within 12 months. This collapse in value is prompting concern among financial experts.”

https://www.thisismoney.co.uk/money/cars/article-12841839/PCP-electric-car-EV-finance-bombshell.html


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“How Mounting Demand for Rubber Is Driving Tropical Forest Loss…

“Electric automobiles are typically a third heavier than equivalent combustion-engined vehicles, largely because of the weight of their batteries. Also, they can accelerate and brake faster, which adds further to wear and tear on tires.”

https://e360.yale.edu/features/rubber-plantations-deforestation-tires-electric-vehicles


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“Net zero has doomed Europe’s car industry…

“One of the main reasons it costs around a third less to manufacture batteries in China than in Europe is cheap energy. But China’s energy is not just cheap, it is very dirty, too. In 2022, 61 per cent of Chinese electricity was coal-powered. We call electric cars ‘zero emissions’, but their manufacture is anything but.”

https://www.spectator.co.uk/article/net-zero-has-doomed-europes-car-industry/


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“Europe in recession, no engines of growth.

““Final figures confirmed eurozone GDP contracted 0.1% in the third quarter. What’s more, the detailed breakdown showed the European economy has no engines of growth at the moment. Although private consumption posted a small gain over the previous quarter, the near-term outlook still looks dire…,”Oxford Economics said.”

https://intellinews.com/europe-in-recession-no-engines-of-growth-304914


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“China’s consumer prices fell the fastest in three years in November while factory-gate deflation deepened, indicating rising deflationary pressures as weak domestic demand casts doubt over the economic recovery.

“The consumer price index (CPI) dropped 0.5% both from a year earlier and compared with October, data from the National Bureau of Statistics (NBS) showed on Saturday.”

https://www.reuters.com/world/china/chinas-consumer-prices-fall-fastest-3-years-factory-gate-deflation-deepens-2023-12-09/


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“Chinese property stocks are now down ~65% from their highs and back to 2008 levels.

“Over the last year, sales of Chinese property stocks are down almost 25%. To put this in perspective, this is worse than 2008 when sales fell by ~20%. China also cut interest rates on $5.6 trillion of mortgages with their HY real estate index down 80%+. China’s real estate market is beyond recession territory.”

https://twitter.com/KobeissiLetter/status/1733919267249160345


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“New clashes between Chinese and Philippine ships as row over disputed islands escalates…

“The Philippines claims that the Chinese coastguard assaulted three of their vessels with water cannon blasts and rammed one of them, causing “serious engine damage”, while China’s coastguard accused the Filipinos of intentionally ramming their ship.”

https://www.independent.co.uk/asia/southeast-asia/china-philippines-south-china-sea-b2461533.html


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“Fighting engulfs over two-thirds of Myanmar, fueling humanitarian needs.

“Over half a million people have been displaced in Myanmar amid a surge in fighting between the military and armed groups that started in late October and has spread to over two-thirds of the country, the UN humanitarian affairs office reported on Friday.”

https://www.saudigazette.com.sa/article/638533


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“For Myanmar’s generals, energy crisis threatens shaky grip on power…

“Myanmar’s natural gas reserves, a key revenue source for the ruling State Administration Council (SAC), are set to dwindle drastically in the coming years, posing a major threat to the already generals struggling to quell opposition to their rule.”

https://www.aljazeera.com/economy/2023/12/11/myanmars-generals-face-new-threat-to-grip-on-power-as-gas-supplies-dwindle


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“‘People are fearful’: Guyana alert for land grab by Venezuelan president Nicolás Maduro…

““We are not in need of Mr Maduro’s ID cards! We already have one. We are Guyanese!” said Ashley. “Even the Venezuelans who have sought refuge here stand with us on this. They do not want to suffer more of the hardship that sent them here in the first place.””

https://www.theguardian.com/world/2023/dec/09/us-flyover-guyana-venezuela-border-disputed-territory


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“Return of The Beast, the train that mutilates migrants’ dreams.

“In Mexico, with laws preventing undocumented foreigners from taking buses – and with many vehicles in the hands of criminal groups – migrants have turned to the feared freight train, which travels across the country to the U.S. border.”

https://english.elpais.com/international/2023-12-10/return-of-the-beast-the-train-that-mutilates-migrants-dreams.html


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“A crisis at the Mexico border felt in Ukraine.

“…the infamous border wall that cuts through the desert between Mexico and the state of California has long been a focal point for America’s heated debate on migration. But with funding for the war in Ukraine and Gaza on the line in Washington DC, the issues at the wall have taken on new urgency.”

https://www.bbc.co.uk/news/world-us-canada-67663844


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“Much of Kenya falls into darkness in the third nationwide power blackout in 3 months.

“A power blackout has hit Kenya, paralyzing large parts of the country, and the transport minister is calling for an investigation into “possible acts of sabotage and coverup” over the third nationwide outage in three months.”

https://abcnews.go.com/Business/wireStory/kenya-falls-darkness-nationwide-power-blackout-3-months-105535568


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“Kenyan Lending Rates Heading Toward 30%, Standard Reports.

“Kenyan banks have begun aggressively raising lending rates, with interest charges potentially reaching 30% in the coming months… The surge is set to burden borrowers with substantial debt servicing costs against the backdrop of a rising cost of living…”

https://www.bloomberg.com/news/articles/2023-12-10/kenya-s-lending-rates-are-surging-as-central-bank-tries-to-cool-shilling


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“Ethiopia Is About to Become Africa’s Next Debt Defaulter.

“Ethiopia is set to join Zambia and Ghana as a sovereign defaulter, with an interest payment falling due to its bondholders on Monday that the the state says it won’t meet. The government last week held what it referred to as restricted discussions with some of the holders of its $1 billion of eurobonds, the Finance Ministry said in a statement late Friday.”

https://www.bloomberg.com/news/articles/2023-12-11/ethiopia-is-about-to-become-africa-s-next-debt-defaulter


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“War-torn Sudan faces ‘catastrophe’ as UN funds run short.

“The United Nations has only been able to reach a fraction of the nearly 25 million people needing aid in war-devastated Sudan, the head of the UN’s humanitarian response in the country says. But assistance to even those four million could soon stop if the chronic lack of funding continues…”

https://www.al-monitor.com/originals/2023/12/war-torn-sudan-faces-catastrophe-un-funds-run-short


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“Hunger, thirst and chaos in southern Gaza as hostilities drive humanitarian aid to the brink of collapse.

“A dire food and water shortage is putting many at risk of infection and death, according to humanitarian aid groups that stressed difficulties in delivering aid due to the intensity of hostilities. Israel continued to intensify its offensive in southern Gaza into Sunday.”

https://www.nbcnews.com/news/world/hunger-thirst-chaos-southern-gaza-rcna128687


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“Violence escalates between Israel, Lebanon’s Hezbollah…

“Senior Hezbollah politician Hassan Fadlallah, in a statement to Reuters, said Israeli air strikes were a “new escalation” to which the group was responding with new types of attacks, be it “in the nature of the weapons (used) or the targeted sites”.”

https://www.reuters.com/world/middle-east/lebanons-hezbollah-fires-drones-israel-mounts-air-strikes-2023-12-10/


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“Middle-class fears of losing a high standard of living because of green policies is driving the rise of the far right across the world, the president of Colombia has warned.

“In a wide-ranging interview with the Guardian at the Cop28 UN climate summit, Gustavo Petro, Colombia’s first leftwing president, said the world had to find carbon-free ways of being prosperous…”

https://www.theguardian.com/environment/2023/dec/09/middle-class-fear-green-policies-fuels-rise-of-far-right-colombias-petro-warns-aoe


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“COP28 enters crunch time with countries at odds over fossil fuels…

“Despite the rapid growth of renewable energy, today, fossil fuels produce around 80% of the world’s energy. Negotiators told Reuters other OPEC and OPEC+ members [in addition to Saudi] including Russia, Iraq and Iran have also resisted attempts to insert a fossil fuel phase-out into the COP28 deal.”

https://www.reuters.com/business/environment/cop28-enters-crunch-time-with-countries-odds-over-fossil-fuels-2023-12-11/


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“The US and OPEC+ are once again locked in a battle to establish a dominant position for control over oil prices.

“Oil prices have been on the slide for the past seven weeks; the longest sustained drop for around five years. From a 2023 high point of $94 a barrel at September’s end, international benchmark Brent Crude sunk to $75 per barrel on Friday.”

https://www.cityam.com/opec-and-the-us-wrestle-for-control-of-oil-prices/


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

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