Sunday Macro November 23

China

• Bank regulator proposes tightest shadow lending oversight to date (SCMP)
• Early signs of a floor under China’s sinking property market (CNBC)
• A Real Deal: To appreciate the U.S.-China climate agreement, there’s only one number you need to pay attention to. (Slate)
• At Factory Waste Ponds, Fumes Choke Fantasies (Caixin)
• The Low Official Found with Towering Pile of Cash, Gold and Properties (Caixin)
• Xi puts the willies up China’s super wealthy (Finance Asia)
• Chinese general caught with tonne of cash (FT.com)
• China’s 600 Million Searchers Push Global Internet Toward Censorship (Bloomberg)
• Interest rates liberalization should be China’s top priority (WantChinaTimes)
• Is China Building a Mortgage Bomb? (Pesek, Bloomberg)
• China blinks as economic downturn deepens (Telegraph)
• Reforming China’s Commanding Heights (Project-Syndicate)
• Central Bank Cuts Benchmark Lending Rate (Caixin)

Asia

• China shows faith in Tajikistan with $3.2bn investment (BNE)
• China commits US$45.6b for economic corridor with Pakistan (SCMP)
• Modi Races to Give Indians Biometric IDs in Graft Fight: Economy (Bloomberg)
• Japan’s economy About that debt (Economist)
• Three assumptions about the Middle East that are just plain wrong (Reuters)
• Risk of disinflation looms over Asia as China’s prices stall (WantChinaTimes)
• THE LAND OF THE SETTING SUN (Pieria)

Europe

• Russian stocks’ secret membership of Euroclear (BNE)
• Lessons from the Bank of Japan for the euro area (Bruegel)
• Why the ECB Needs to Go Risk-On (WSJ)
• Greece defies troika with new budget (FT.com)
• Google break-up plan emerges from Brussels (FT.com)
• ‘Globalisation 2.0’ – the revolution that will change the world (Telegraph)

United Kingdom

• Why UK needs ‘radical’ change as exports fall (CNBC)
• Chancellor haunted by deficit and £1.45 trillion debt pile (Telegraph)
• Britain’s net worth rises to £7.6tn (Guardian)
• Bank of England to probe whether staff helped rig money auctions (FT.com)
• Is the UK facing another financial crisis? (3 graphs) (Steve Keen, RWER) …turns his gaze to UK, and nails it…

United States

• The Fed’s Culture War (Project-Syndicate)
• U.S. underlying inflation rising; economy firming broadly (Reuters)
• The Global Economy’s Slowdown Weighs On US Manufacturing (Capital Spectator)
• Hidden story in US PPI increase (Sober Look)
• President Obama Announces Sweeping Immigration Reform Through Executive Action (Slate)
• Federal Reserve Could Add to Toolkit for Raising Rates (WSJ)
• Fed signals curbs on banks’ commodities trading business (FT.com)
• Under heat, Fed reviewing its large-bank examination process (Market Watch)
• The Fed Under Goldman’s Thumb: Segarra’s Picture Gets Senate Hearing (Bloomberg)
• Fed asks whether it is too close to banks (FT.com)

Americas

• Housing bubble begone. Turns out we just might need all those new condos and houses (Financial Post)
• ‘A lot of choices to be made’ about GM’s future in Canada, says new president (Financial Post)

Terra Incognita

• Why RBA’s move to cool housing could backfire (CNBC)
• Reserve Bank unveils new banknotes (NZ Herald)
• China ‘fox hunt’ aid may be sought from NZ (NZ Herald)
• Australian-made submarines substantially cheaper than government suggests (Fairfax)
• Australian regulator moves against failed fund house LM (SCMP)
• In Defence Of Financial Planners (well not really) (The Idiot Tax) …good read, as always…
• Blackstone to buy Aussie chemicals firm for A$750m (Finance Asia)
• RBA’s Heath Says Mining Investment Decline a ‘Significant’ Drag (Bloomberg) …no surprise to anyone who has been following MB for any time …
• Meat Producer JBS to Pay $1.3 Billion for Primo (Bloomberg) …another ag producer goes offshore…
• Victorians – how we’ve changed and what it means for the state election (Fairfax) …lovely read from Tim Colebatch…
• It took only two days for Abbott’s ‘conversion’ to climate change to be exposed (Fairfax)
• ‘One in four Aussies will run out of money’ (Christopher Joye, AFR)
• News Corp’s new reality: Rupert Murdoch losing grip on empire (Fairfax) …bummer [not]…
• FOFA doesn’t clean up the financial advice minefield (Fairfax)
• Some perspective on the cuts to the ABC (Fairfax)
• Iron ore, coal slump to hit Federal Government budget hard (ABC) …Neal Woolrich nails it…
• Graphics: Sino-Australian Trade Deal (Caixin) …good graphic…
• The conservative crusade against the ABC (The Monthly)
• Modi Takes India’s Mojo to Australia (Bloomberg)

Commodities

• Senate Report Pulls Back Veil on the Banks’ Commodities Business (WSJ)…there are more veils to be pulled back…
• Gold volatility spikes in Asia during China’s lunch break (SCMP)
• Oil industry risks trillions of ‘stranded assets’ on US-China climate deal (Telegraph)
• At Denver marijuana trade show, green is the new gold (Market Watch)
• Russia to Cooperate With Saudis on Oil, Avoiding Output Cuts (Bloomberg)
• Iron Ore Completes Fifth Weekly Loss as ‘Worst Is Yet to Come’ (Bloomberg)
• LNG Plant Goes Against Australian Export Flow to Fuel Miners (Bloomberg)
• China Climate Pledge Needs 1,000 Nuclear Plant Effort (Bloomberg)
• ON OIL PRICES AND PROSPERITY (Pieria)
• DON’T BLAME IT ON RIO – GLENCORE MAY TURN OUT TO BE FORTUNATE IT HAD ITS ADVANCES REBUFFED (Pieria)
• Plunging iron ore price exposes ailing Chinese growth (Mineweb)
• In Senate hot seat, Goldman denies commodity manipulation (Reuters)
• Aluminium pricing may never be the same again (Mineweb)
• Unusual gold moves in Asian hours puzzle traders (Mineweb)
• BHP Billiton’s iron ore margins still good (Mineweb)
• Uranium prices continue huge rally as positive catalysts take hold (Financial Post)
• The Goldman Sachs Aluminum Conspiracy Was Pretty Silly (Bloomberg)
• China ends world’s oldest monopoly (FT.com)
• The cocoa crisis: why the world’s stash of chocolate is melting away (Guardian)

Capital markets

• Markets Love Central-Bank Gifts (El-Erian Bloomberg)
• Bankers are about to ensure money transfers go underground (The Conversation)
• Germany’s Four Neins (Project-Syndicate)
• ON THE NEED FOR LARGE MOVEMENTS IN INTEREST RATES TO STABILIZE THE ECONOMY WITH MONETARY POLICY (Pieria)
• Wrath of Draghi: German Banks Impose ‘Punishment Interest’ (Contra Corner)
• Deformations On The Dealer Lots: How The Fed’s ZIRP Is Fueling The Next Subprime Bust (David Stockman)
• Vicious circle(s) 2.0 – while trying to sever the sovereign-banking link, we may be disregarding vulnerabilities from banks’ mutual interconnectedness (Bruegel)
• A Conundrum For Treasury Yields (Capital Spectator)

Global Macro

• Darling of EMs about to get more love (CNBC)
• Solving the investor’s Big Data problem (CNBC)
• Creativity, Corporatism, and Crowds (Project-Syndicate)
• The Next Trade Breakthroughs (Project-Syndicate)
• Does it really cost $2.6 billion to develop a new drug? (Washington Post)
• The Bloody History of Money, From Ancient Rome to ISIS (The Atlantic)
• 10,000 Foot View (Ivanhoff Capital) …where one candlestick equals a year…
• THE FIX IS IN (Pieria) …good read…
• Breaking the white male grip on markets (FT.com)
• Companies on trial: are they ‘too big to jail’? (Lawrence Summers, FT.com)

And Furthermore…..

• The World’s Most Powerful Computer Is Still in China (Recode)
• Why It’s So Hard for Millennials to Find a Place to Live and Work (The Atlantic)
• No country for young people: Demography may explain secular stagnation (Economist)
• Capital punishment: why new technologies are hurting us (for now) (Prospect)
• Monitoring Momentum With A Set Of Moving Averages (Capital Spectator)
• Post-Soviet Confidence Games (Project-Syndicate)
• Your Brain Can’t Handle the Stock Market (Ritholtz, Bloomberg)
• Flight MH370: Emirates chief Sir Tim Clark believes information is being concealed (Fairfax) …there are an awful lot of unanswered questions…