China
- World Bank sees risks as China rebalances (SCMP)
- CBRC may tap shadow banking to free up funds (SCMP)
- China’s hunger for foreign food groups soars (FT.com)
- Guotai Boss Resigns amid Inquiry into Executives with Overseas Links (Caixin)……hot tip is he has a collection of places in Sydney
- How Should China Ease Monetary Policy? (Peterson Institute)
- Growth moderates in China amid rebalancing: World Bank (WantChinaTimes)
- Super-rich look abroad in record numbers (China Daily)
- Reforms to keep growth on right path (China Daily)
- China’s migrant workers don’t want to live in jobless cities (China Economic Review)
Asia
- Russia-China Gas Pact Stirs Dream of Bridge Across Amur (Bloomberg)
- Xi urges joint efforts in building Silk Road economic belt (WantChinaTimes)
- Zombie firms pressured to act (Japan Times)
United States
- US employment passes pre-recession peak (FT.com)
- Economy needs to tighten up before rates can rise: Fed’s Powell (Reuters)
- U.S. consumer credit surges on increased credit card use (Reuters)
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U.S. Payrolls Rose 217,000 in May, Unemployment at 6.3%, Nearly a 6-Year Low (Bloomberg)
- This is why it’s so hard to define unemployment (Washington Post)
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The economy has reached a milestone. No thanks to the housing sector. (Washington Post)
- How the Recession Reshaped the Economy, in 255 Charts (NY Times)…massive collection of charts
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Job recovery in Southern California is outpacing U.S. gains (LA Times)
North America
- Mexico makes surprise half-point rate cut as growth flags (FT.com) could become a trend
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In Toronto’s housing market, ‘$2-million is the new $1-million’ (Financial Post)
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Rich Chinese sue Canada over immigration rules (China Daily)
United Kingdom
- IMF tells Britain to rein in riskier mortgages (Reuters)
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Reasons for scepticism on the ‘one-way bet’ of buy-to-let (Telegraph)
Europe
- Draghi has pulled another rabbit out of his hat (FT.com)
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An intellectual storming of the beaches is required in Europe (BillyBlog) ….good read from Bill Mitchell
- Inside Ukraine’s economic crisis (Euromoney)…good read
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Lithuania set to join eurozone in 2015 (EU Observer)
- The German economy – Clouds ahead (Economist)
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ECB drama highlights the central bank transparency dilemma (The Conversation)
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Explainer: why does the eurozone need a negative interest rate? (The Conversation)
Global Macro
- Deutsche Bank warns over probes as it seeks to raise capital (SCMP)
- Lawrence Summers on ‘House of Debt’ (FT.com) …..very good read
- IMF not fated to be led by European, says fund’s head (Reuters)
- Cashless Society Ushering in Global Government on Steroids, Says Head of World’s Largest Private Mint (Financial Sense)
- Uber Attains Eye-Popping New Levels of Funding (Dealbook NY Times)
- Diversification Is Futile; Economy a ‘House of Cards’: Axel Merk (Think Advisor)
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Why a six-hour workday is being tested in Sweden (CBS MoneyWatch)
- D.C. is a bigger financial powerhouse than Shanghai (Washington Post) …….useful look at global financial centres
- Gender and the labour market: Evidence from experiments (Vox)
Commodities
- China clampdown to spur rare earths projects abroad (SCMP)
- Not Your Cup of Tea (Slate) …the greatest crisis facing humanity
- Coal cargo price slips to four-year low (FT.com)
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Virus Killing 8 Million Pigs Means Expensive Barbecues (Bloomberg)
- Palladium Rises to 34-Month High on South Africa Impasse (Bloomberg)
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Rice Posts Longest Run of Weekly Drops Since ’08 on Ample Supply (Bloomberg)
- As It Turns Out, There’s Still an Awful Lot of Coffee in Brazil (MoneyBeat WSJ)
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Gold Created Through ‘Advanced Metallurgy’? (KItco)
Capital Markets
- The Great Credit Mistake (Project-Syndicate) …magnificent read from Adair Turner
- ECB’s €400bn in cheap bank loans seen as ‘star of show’ (FT.com)
- Fed’s easy money has disconnected markets from the real economy (FT.com)
- The Justice Department Is Finally Getting Tough on a Megabank, and France Is Royally Ticked About It (Slate)
- Brazil Extends Currency Intervention Plan to Boost the Real (Bloomberg)
- The 4% Non-Solution (Project-Syndicate)
- Here’s One Set of Potential Losers from the ECB’s Rate Move (MoneyBeat WSJ)
- S.E.C. Chief Offers Rules to Govern Fast Trading (Dealbook NY Times)
- Why Investors are Flocking to EM Dollar-Denominated Debt (Institutional Investor)
- An investigation into the procyclicality of risk-based initial margin models (Vox)
And furthermore
- An Office for Introverts (Atlantic) …..the layout of our offices certainly does shape our workplace personalities for mine
- World Cup allegations crown bad year for Qatar (FT.com) ….the Olympics, Cricket, World Cup, Chess, Boxing: there isn’t a sport the uber money set cant trash
- Welcome to Baku, the Fiercely Modern, Millennia-Old, Capitalist-Socialist, Filthy-Rich Capital of Azerbaijan (Bloomberg)…I am here to tell you, you can have a big old time in Baku
- Here is how to make mass transit in the US financially sustainable (Quartz)
- The “Apple doesn’t get the cloud” era is officially over (Quartz)
- The culture that made the whole of GM miss one engineer’s fatal mistake (Quartz)
- You Don’t Have to Hate Your Job (Dealbook NY Times) ….but it is the norm isn’t it
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Before World Cup Games Even Start, Has Brazil Dropped The Ball? (IB Times)
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Breakthrough In Energy Storage: Electrical Cables That Can Store Energy (Jewish Business News)
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Beyond digital discontent (Eurozine)
- Mining’s March quarter boom not as loud as it sounds (Fairfax, Gitto making sense)
- US ties at risk over climate (Fairfax)
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The NBN is in a regulatory hole – time to stop digging (The Conversation)
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Queensland budget shows why the federation is broken (The Conversation)
Video
- Citizenship for Sale: How to Buy a Second Passport (Bloomberg)
- Has Draghi opened the floodgates? (FT.com)
- Iron ore: Game of thrones (FT.com)
Australia