Sunday Macro
China
- Mainland investment abroad surges 90pc (SCMP)
- China’s land price gains slow in third-quarter – land ministry (Reuters)
- Zero Bailout Policy for Local Gov’t Debt Leaves Doubts (Caixin)
- China tightens rules for bond sales by local governments (SCMP)
- Decline in foreign reserves fuels talk of outflows in China (SCMP)
- Demand for land in first-tier mainland cities remains strong (SCMP)
- China Chart of the Week: Headwinds to Further Residential Investment (Peterson Institute)
- Is China’s Rebalancing for “Real”? (Peterson Institute)
- China’s Silk Road Revival (Project-Syndicate)
- China’s Vicious Growth Circle (Project-Syndicate)
- China’s local government debt binge curtailed (Sober Look)
- China’s housing market rescue still risky business (Want China Times)
- Why do official statistics show a record drop in highway shipping? (China Economic Review)
- China’s PBOC Said to Plan $32.7 Billion Bank Injection (Bloomberg)
- Beijing to inject 200b yuan of loans into banks (SCMP)
Asia
- Turkey protests preface wider problems if Kurdish peace talks break down (BNE)…good read…
- British firm to carry out feasibility study for Turkmenistan-India gas pipeline (BNE)…they will build it, the same as they will build one from Iran….
- India Has Until Oct. 21 To Back Global Customs Deal: EU Minister (IB Times)
- Afghanistan’s Economy: Are Minerals The Key To Development? (IB Times)
- Bank of Japan fails to meet bond-buying goal (FT.com)
- U.S. Treasury report calls out ‘Abenomics’ for failings on reform, demand (Japan Times)
- Japan rolls out ‘long-held dream’ with first commercial jet in 50 years (Reuters)
Europe
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- Downfall of a dynasty: The last days of Ricardo Salgado and Banco Espírito Santo (Euromoney)…Very good read…
- The ECB’s Faulty Weapon (Project-Syndicate)
- Rouble’s plunge shows Russia’s reliance on Western money (Reuters)
- Eurozone inflation slumps as currency bloc faces triple-dip recession (Telegraph)
- Eurocrisis Round Two, Blame the Germans Edition (Edward Hugh, Economonitor)
- To G-20 Leaders: Urgent Need to Boost Demand in the Eurozone (Economonitor)
- Bloc in Europe Starts to Balk Over Austerity (NY Times)
- To Restore Confidence in Economy, a Test of Europe’s Banks (Dealbook, NY Times)
- Life in Russia with $80 oil (Chris Weafer, BNE)
- Russia shale-acked on oil price fall and sanctions (BNE)
- Polish central bankers sow confusion (BNE)
- China seeking to cash in on Europe’s crises (Bruegel)
- Draghi prays for a miracle but capital weightings leave his ABS purchase programme fatally hobbled (Euromoney)
- Russia: Banks will shrug off sanctions (Euromoney)…not sure about shrug, but they will last quite some time…
- European growth panic gets reality check as car sales rise 6.4% (Fortune)
- Greek sell-off revives eurozone fears (FT.com)
- Eurozone crisis, five years on: no happy ending in sight for Greek odyssey (Guardian)
- Greece’s latest woes signal next stage of the eurozone crisis (Telegraph)
United Kingdom
- Andrew Haldane: interest rates could stay low for longer in ‘gloomier’ economy (Telegraph)
- A Recovery Driven by Manufacturing? It’s Not Happening, George (David Blanchflower, Peterson Institute)
- Sorry, George, but Simply Cutting the Benefits of the Poor Is Not Going to Make Them Work Harder (David Blanchflower, Peterson Institute)
- Simmering row over bankers’ pay erupts between E.U. and U.K. (Fortune)
- Disinflation spreads to the UK (Sober Look)
- WHAT HAPPENED TO BRITISH DECLINE? (Piera)
- The agony and ecstasy of UK recovery (Peston, BBC)
- HSBC slashes mortgage rates to 0.99pc (Telegraph)
United States
- A Pair Of Bullish Surprises: Jobless Claims & Industrial Production (Capital Spectator)
- Data shows U.S. economy’s pulse is still strong (Reuters)
- At least 113 staffers at U.S. Fed earn more than Yellen (Reuters)
- Terrifying US cluelessness on interest rates suggests politics is powerless (Telegraph)
- Timing US market turnaround a chancy proposition (SCMP)
- Fed considers using bank stress tests for crisis prevention (Reuters)
- U.S. repo rate rises to highest since March (Reuters)
- Fed likely to end bond buying, may signal caution on rate hikes (Reuters)
- Why the Fed Should Stop Talking About Raising Interest Rates (Time)
- Rates Below 4% Leave U.S. Refinancing Banker Sleepless (Bloomberg)
Americas
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- 75% of Metro Vancouver neighbourhoods too costly for average family: Sun database (Vancouver Sun)
- The end (Garth Turner)
- A brave view in an uncertain world: Why Canada’s energy boom remains on course despite sliding prices (Financial Post)
- No matter what statistics show, Canada’s housing boom is about to end, experts say (Financial Post)
- Argentina’s Economy Set To Weaken Further, Government Figures Dubious, Say Economists (IB Times)
- Canada requests WTO help over Chinese paper pulp dispute (Want China Times)
- Can Ecuador’s digital currency save its economy? (World Finance)
Meanwhile back at the ranch….
- Rein in SMSFs’ property investment: Keating (AFR)...has anyone got PJK’s comments on housing prices?….
- Can you still bank on the banks? (AFR)
- A taxing time for Rupert Murdoch (Fairfax)
- Rio chief hits back at Fortescue boss over iron ore production (Fairfax)
- ANZ chief Mike Smith plays down housing fears but worries over household debt (Fairfax)
- WikiLeaks’ free trade documents reveal ‘drastic’ Australian concessions (Guardian)
- Australia’s national security laws are ushering in a reign of terror (Guardian)
- Coalition’s policy bodes ill for health in free trade negotiations (The Conversation)
- Australia’s procurement policy leaves our exporters behind (The Conversation)
- Million-dollar degree pay-offs: how real are they? (The Conversation)
- Abbott’s G20 agenda: climate still the elephant in the room (The Conversation)
- Auckland CVs jump by almost third (NZ Herald)
- Chinese investment in NZ housing tipped to rise (NZ Herald)
- Training colleges securing thousands in Government funds by targeting people with disabilities (ABC)
- Australian Food and Grocery Council welcomes ACCC court action against Coles (ABC)
- Shareholder activists target long-serving and over-committed directors (ABC)
Capital Markets
- How insurers differ from banks: Implications for systemic regulation (Vox)
- The great mortgaging (Vox)…very good read: explains a lot……
- Jean Tirole’s legacy (Bruegel)…good read about the man…
- FISCAL POLICY, MONETARY POLICY, AND SAY’S LAW (Piera)
- How Do Liquidity Conditions Affect U.S. Bank Lending? (NY Fed)
- Beware of calls for QE4 (El-Erian, FT.com)
- Dollar hit by taper delay speculation (FT.com)
- Why We Must Break Up the Financial Herd (Peterson Institute)
- New Zero Bound Only Game In Town (Market oracle)
- Fed Can — and Should — Ignore Markets Right Now (WSJ)
- Fears That Pimco and Other Big Firms Could Be Unable to Unload Risky Bonds (Dealbook, NY Times)
- The stock market, inevitably, is going to crash (Hulbert, Market Watch)
- Smaller Emerging Markets ETF Hot New Trend (ETF.com)
- Short Term Inflection Point (The Short Side of Long)
- A marriage of convenience comes to an end (FT.com)
- Regulatory work underway and lessons learned (Economic Voice)…interesting comments last week from Mark Carney…
- One simple reason why global stock markets are reeling (Telegraph)
- Greek Bonds Lead Periphery Drop With German Yields at Record Low (Bloomberg)
- Banks Charge for Euro Deposits After ECB Imposes Fees (Bloomberg)
Commodities
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- Cliffs to Take $6 Billion Writedown After Iron Ore Plunge (Bloomberg)
- How do oil producers balance their books? (FT.com)
- Lundin surges on massive Arctic oil discovery (Irish Independent)
- Coal and Corruption (Project-Syndicate)
- Crude Signalling Weak Economy (The Short Side of Long) ….I think it is signalling a clear decision by people to make oil cheap…
- As prices plunge, the global oil showdown begins (The Globe and Mail) ..very good read and graphic…
- The coal industry is in a state of denial – Russell (Mineweb)
- Banks tell petrostates to keep calm and bet on oil bouncing back to $100 (Quartz)
- Falling oil prices shaking up global economies (Japan Times)
- Latin American plantations – the future for chocolate? (FT.com)
- Cheaper oil: Both symptom and balm (Economist)
- Ebola Outbreak 2014: An Impending Food Crisis Worries Officials (IB Times)
- Tighter grip needed on Switzerland’s gold? (Turkish Weekly)
- OPEC Finding U.S. Shale Harder to Crack as Rout Deepens (Bloomberg)
- Bugs Joining Robots to Overcome Global Shortage of Copper (Bloomberg)
Global Macro
- Family farms produce 80 percent of world’s food, speculators seek land (Reuters)
- How deflation fears are rearing its ugly head again — and not just in Europe (Financial Post)
- The Age of Vulnerability (Stiglitz, Project-Syndicate)
- The Inequality Trifecta (El-Erian, Project-Syndicate)
- World economy so damaged it may need permanent QE (Telegraph)
- Are Services the New Manufactures? (Project-Syndicate)
- The Spider of Finance (Project-Syndicate) …good read about financial regulation…
- Your Data or Your Life (Project-Syndicate)
- World braces as deflation tremors hit Eurozone bond markets (Telegraph)
- Governments Need Inflation, Economies Don’t (Peter Schiff, Market oracle)
- It’s official: Inflation is dead (Washington Post)
- Bullard’s surprise suggestion of continuing QE lifts markets (Market Watch)
- IMF Members Call For Bold Action To Boost Global Economic Recovery (IB Times)
- Bears, but no picnic (Economist)
- Markets are parched for liquidity despite a flood of cash (FT.com)
- Ebola Outbreak Boosts Odds of Mutation Helping It Spread (Bloomberg)
And furthermore…..
- The Risk That Will Bite You Next Is NOT The One That Bit You Last (Cassandra does Tokyo)
- Have Economists Actually Read Thomas Piketty? They Say They Have (NY Times)
- The Self-Made Man:The story of America’s most pliable, pernicious, irrepressible myth. (Slate)
- The Artist Who Trained Rats to Trade in Foreign-Exchange Markets (Atlantic)
- Why Germany Is So Much Better at Training Its Workers (Atlantic)..it has a culture of training and application for starters…
- Why You Almost Never Dream About Money (Time)
- Titanium-based batteries charge in two mins, last 20 years (Mineweb)
- Poison Ivy League: The dangers of a world-class education (New Statesman)
- The Case for Cheap Weddings (Pricenomics)
- Lawyer’s Only Job Hope in Spain: Hospital Orderly (Bloomberg)
- Facebook is now bigger than IBM (Quartz)
At the end of the day…..
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