Weekend Links 7-8 November, 2015

More coming as time is available……..

China

• China grapples with strategic implications of TPP – Nikkei Asian Review
• Businesses struggle to deal with ‘new normal’ – Nikkei Asian Review
• China’s Intervention Lessons – Project-Syndicate
• Taiwan, China gear up for first-ever summit – Nikkei Asian Review
• China resumes initial public offerings after four-month break – SCMP
• Corporate Debt in China: Above Cruising Altitude – Peterson Institute
• China and the IMF: The IMF Blinks – Peterson Institute
• Companies Cash In through Creative Bond Scheme – Caixin
• HK-Listed Cement Company Says Subsidiary Could Default on 2 Bln Yuan Debt – Caixin
• China’s residential property glut is going nowhere fast – China Economic Review

Asia

• Prime minister presses big business for wage hikes – Nikkei Asian Review
• Risk of Japan Recession Seen by Economists in Data Torrent – Bloomberg
• China and Japan Face Off in New Asian Infrastructure Race – Bloomberg
• South Korean Exports – Short Side of Long

Europe

• Italy’s negative bond yields speaks volumes about Europe’s economy – SCMP
• Communists ready to assume power in Portugal and topple conservative government – Telegraph
• Tackling Corporate Raiding in Ukraine – Economonitor….just turn up with the muscle…
• How to tackle Europe’s non-performing loan problem – VoxEU
• German industrial production drops in September – BBC

United Kingdom

• Why does George Osborne have it in for the workers? – Telegraph
• Global growth risks likely to keep rates at record low well into 2016, BoE suggests – Telegraph
• Bank of England should have seen signs of global economic weakness – Guardian
• Brexit vote would trigger a run on the pound, warns Bank of America – Telegraph
• Low interest rates could allow ‘unsustainable’ house price growth – Telegraph…huh? has anyone at the RBA heard about this?…
• Offshoring and the geography of British jobs – VoxEU
• UK manufacturing output strengthens in September – BBC

United States

• Robust U.S. jobs report bolsters case for December rate hike – Reuters
• The October Jobs Report in 12 Charts – WSJ
• Economy adds a surprising 271,000 jobs; unemployment rate falls to 5% – LA Times
• New York is investigating Exxon Mobil for allegedly misleading the public about climate change – Washington Post …a company telling fibs to the public? Whooda thought?…
• US Federal Reserve is right to raise interest rates, yet risk remains – Guardian
• Obama rejects Keystone XL pipeline – CBS
• The October Jobs Report Gives Fed Officials a Green Light to Raise Rates – Bloomberg
• Job data rarely work as gauge of economy’s health – Reuters
• One of Yellen’s Most Important Labor Market Measures Now Looks a Lot Better – Bloomberg
• Cracks are showing in the American Dream – Telegraph
• Dollar jumps as blistering US jobs growth puts Fed on course for December rate rise – Telegraph
• There’s only one thing that can stop Janet Yellen from raising interest rates now – Quartz
• How the five most contentious issues in Obama’s big trade deal turned out – Washington Post
• Wealthiest Americans Ominously Remind Nation They Could Easily Drop Another $10 Billion On Election – Zero Hedge
• Consumer Credit Has Biggest Jump In History, Led By Government-Funded Car And Student Loans – Zero Hedge
• The Rigging of the American Market – Economonitor, Robert Reich

Americas

• Why ‘non-Anglicised Chinese names’ matter in Vancouver’s housing market: No, it’s not about race – SCMP
• Canada’s jobs growth smashes expectations — and it wasn’t all the election – Financial Post
• Canadian banks help Chinese flout their laws to get piece of ‘smurfing’ billions – Financial Post…would Australian banks do this?…
• Brazil private sector banks: Pessimism takes root – Euromoney
• LatAm central banks: Monetary policymakers need fiscal friends – Euromoney
• Brazil: playing with fire – Bruegel
• Look to Mexico for some of the best oil market story lines through 2020 – Platts

Terra Tax Breakus

• Reserve cuts forecast growth, raising prospect of multibillion-dollar budget hit – Fairfax….does that AAA look right to you?…
• Australia ‘could be sued for billions’ by foreign companies under TPP – Fairfax
• Increasing GST to cut income tax would be a zero sum game – The Conversation
• GST compensation trades one inefficiency for another and won’t achieve ‘fairness’ – The Conversation
• Trans-Pacific Partnership critics concerned about environment, IP clauses in trade pact’s fine print – ABC
• The TPP has been released and our concerns have been vindicated – ABC
• Housing sentiment may be turning, says Reserve Bank’s Malcolm Edey – Fairfax
• Bill Shorten considers capital gains and fringe benefits tax in spirit of ‘fairness’ – Guardian
• We need to talk about tax – Fairfax
• ‘Special purpose’ approach by accountants hides corporate secrets – Fairfax, West
• Rich get slugged $380 million on their superannuation contributions – Fairfax
• Emissions hold key to economic and environmental harmony – Fairfax, Gitto
• No knockout in Australia’s $6 bln waterfront brawl – Reuters
• Bill Shorten: Counsel assisting trade union royal commission makes no submission that ALP leader engaged in unlawful conduct – ABC..but is it a good look?…
• Labor to oppose tighter vetting of Asian investment in farms and agribusiness – Fairfax…because all that money is clean and because it contributes to Australian well being?…
• Winning bidder throws auction system into turmoil by refusing to buy in Glen Waverley – News…so close yet so far away…

Commodities

• Gold’s medium-term outlook brightens on China, India – Reuters, Clyde Russell
• World’s Largest Steelmaker Reports Huge Loss, Suspends Dividend, Blames China – Zero Hedge
• Sluggish steel market slows iron ore demand, pricing – Platts
• Mining in space could cost less than a gas plant – Mineweb
• Commodity rout has room to run as fund sees oil, iron at $40 – Mineweb

Capital Markets

• Bond Traders Start to Buy Into Yellen’s Path on Interest Rates – Bloomberg
• Global buyers snap up Russian corporate debt – Euromoney….there’s 9.5% yield on VTB USD bonds, what’s not to like?….
• Is Pound The Next Shoe To Drop? – Short Side of Long

Global Macro

• Robots may shatter the global economic order within a decade – Telegraph, AEP
• Confronting the Coming Liquidity Crisis – Project-Syndicate
• What To Do About Debt – Project-Syndicate
• Trans-Pacific Partnership: Japan, US will make rules for global economy under deal, Shinzo Abe says – ABC…is this good for Australians?…
• Uncertainty over future interest rates should shape policy today – Economist
• Austerity’s Grim Legacy – NY Times
• On the global ZLB economy – VoxEU
• The End of Chapter 11 Bankruptcy Protection – NY Times

…and furthermore…

• Avoiding Armageddon: Nuke could turn Toutatis to space dust before asteroid potentially makes a fireball of earth, say Chinese scientists – SCMP
• The perils of keeping interest rates so low – Telegraph
• Fossil crisis deepens as Exxon probed on climate cover-up – Telegraph
• The mathematical case for not freaking out about first dates – Quartz
• Driving in old age: Hell’s grannies – Economist… does something need to be done about aged drivers?….
• Goldman Sachs Takes a Stab at Making Banking a Little Less Soul-Crushing – Slate
• Toyota is investing $1 billion into artificial intelligence research – Quartz
• The Flawed “Logic” Of Letting Banks Implode – Capital Spectator
• Krugman, Summers and Secular Stagnation – Economonitor
• Income inequality in pre-industrial Europe – VoxEU
• Epidemic of pain, suicide, and drug overdoses (3 graphs) – RWER
• The Myth of US Democracy – WEA Pedagogy
• Alpha Wounds: Passive Management Is Not Passive – CFA Institute
• The stranger-than-fiction story of how the Fed was created – LA Times
• Stressed, Tired, Rushed: A Portrait of the Modern Family – NY Times
• Interest rates ‘not tool for housing market’ – BBC…now they tell us…

The last word

• The War Nerd: That Russian airliner… bomb or loose screw? – Gary Brecher (War Nerd) …few truer words written…