Supplementary Sunday Links, 22 June

China

• Mainland home prices fall as downturn bites (SCMP)
• The four stages of Chinese growth (Michael Pettis)
• China’s property market may not be as bad as it looks (Reuters)
• Chan Ka-keung calms fears of higher rates after cut in Fed bond purchases (SCMP)
• Permanent stimulus is putting China’s economic health at risk (SCMP)
• PBOC Mulls New Tool for Regulating Money Supply, Guiding Rates (Caixin)
• Qingdao Metals Trader Facing Probe over Collateral ‘Got 15 Bln Yuan in Loans’ (Caixin)
• China must crack down on rampant insider trading (SCMP)
• Citic Resources unable to secure all its metal at scandal-hit Qingdao port (SCMP)
• China’s Trilemma (Project-Syndicate)…well worth a read…
• Metals probe at Qingdao Port cuts appetite for debt risk (SCMP)
• Home prices fall in further in China’s cities, adjustment expected (WantChinaTimes)
• China shuffles the deckchairs of state ownership (CER)
• China’s shipping veto changes world competition landscape (Japan Today)

Asia

• Despite Defenses, Asia Remains Vulnerable to Capital Outflows (WSJ Real Time Economics)
• Purchasing tweaks hint BOJ shy of monetizing debt (Japan Times)

Europe

• International Monetary Fund Says Europe Should Weigh Bond-Buying (NY Times)
• Greece Needs a Deep Debt Write Off (Economonitor)
• EU closes tax loophole for multinational firms (Reuters)
• German minister calls for EU budget rules to be loosened (EU Observer)
• Germany Warns About Global Risk of Asset Bubbles (MoneyNews)
• Russia’s Unemployment Plunges to Record Low as Wages Grow (Bloomberg)
• Spanish Bonds Drop a 2nd Week on Bets ECB Rates Spur Is Waning (Bloomberg)
• IMF ‘Waived’ Sustainability Requirement in Lending to Euro Area Countries (Constantin Gurdiev) …some significant implication touched on there
• The best currency for an independent Scotland would be Norway’s kronor (NewStatesman)
• European Commission may widen tax probe beyond Apple (RTE)

United Kingdom

• George Osborne plans creating ‘supercity’ for northern England (FT.com)
• Homeowners face £1,000 rise in mortgage bill by next year (Telegraph)
• Interest rates need to be raised – and fast (Telegraph)
• Bank of England Minutes give rate debate another twist (Reuters)
• The British recovery. No conundrum there… (RWER) ……though there are questions to be asked
• Britain’s economic scars will outlast its long convalescence (FT.com)
• UK Productivity – an Enigma but not quite a Mystery (Piera)
• Higher UK state borrowing hits struggle to cut deficit (Guardian)

Americas

• Ruling on Argentina Gives Investors an Upper Hand (NY Times)
• Northern Gateway pipeline approval first step to Canada becoming energy superpower (Financial Post)
• With inflation climbing higher, is it time for a reality check at the Bank of Canada? (Financial Post)
• Government unveils reforms to temporary foreign workers’ program (Vancouver Sun)

United States

• Federal Reserve’s Bond-Buying Fades, but Stimulus Doesn’t End There (NY Times)
• Majority of Latino Workers Are Now U.S.-Born — Not Immigrants (WSJ Real Time Economics)
• Fed: Q1 Household Debt Service Ratio at Record Low (Calculated Risk)
• Housing Falters as Forecasters See US Sales Drop (MoneyNews)
• ZIRP Doing Nothing For Main Street—-Real Weekly Wages Down 1.5% Since 2010 (David Stockman’s Contra Corner)

Capital Markets

• Why stock markets keep shrugging off crisis after crisis (Washington Post)
• TAX BADS, NOT GOODS (Economonitor)
• Credit Bubbles Redux (Economonitor)
• Monetizing QE bonds (SoberLook)
• Bill Gross: Fed Doesn’t Get ‘New Neutral’ (ETF.com)
• IMF reveals ‘third way’ on sovereign debt (FT.com)
• Re-emerging markets offer opportunities (FT.com)
• Re-emerging markets offer opportunities (FT.com)
• Credit Agricole’s Buy Aussie Call Vindicated as Forecasts Raised (Bloomberg)
• Andy Haldane: Preparing For The Next Financial Crisis (INET) …good interview with this….
• Ann Pettifor’s bizarre ideas on money (Ralphanomics) …..get into your theories on money creation here…..

Commodities

• Burning at both ends (Economist)
• Iraq shows that the global economy needs Saudi Arabia again (Quartz)
• What Green Revolution? Coal Use Highest In 44 Years (OilPrice.com)
• Central Asia supplies close to half of Chinese gas imports in 2013 (BNE)
• The Birth Of An Oil-Producing Nation (Moneybeat WSJ)
• Australia’s gold export to China boom as India imports fade (Mineweb)
• Allocated gold at Bank of England drops 755 tonnes (Mineweb)
• World Gold Council Seeks Price Fix Reform At Conference (ETF.com)
• LNG Rally Fading on New Supply as Nukes Set to Restart (Bloomberg)
• Is Geopolitical Unrest Finally Driving Crude Oil Higher? (SeeItMarket)
• Platinum Union Says Breakthrough Is Made in Bid to End Strike (Bloomberg)

Australia/New Zealand

• Economy on a AAA high, but consumers just aren’t buying it (Fairfax)
• Chinese, Kiwis see the light, but Australians share Europe’s gloom (Fairfax)
• ‘Australian Made’ doesn’t mean anything: SPC executive (Fairfax)
• In our two-speed economy, first states could become last (Fairfax)
• Why we needn’t fear the end of the Four Pillars policy (The Conversation)
• Down Under, Smiles Over Pacific Trade Talks Are Frowns (WSJ Real Time Economics)
• Like its rugby team, New Zealand’s economy is hard to stop (Quartz)