Daily Digest

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Daily Digset 12/17 - Brazil's Currency Plunges, Chinese Industrial Activity Shrinks

Wednesday, December 17, 2014, 12:35 PM

Economy

Financial Help Available For Detroit Retirees Hit With Pension Cuts

Attorney Ron King said 4.5 percent cuts for 12,000 retirees would likely kick in by March 1 as a key part of Detroit’s bankruptcy. Detroit police and fire retirees are exempt from the cut.

Workers sue to block Chicago pension restructuring

According to the suit, the changes mean that a retiree with a $34,000 pension in 2014 would lose more than $2,223 in cost-of-living adjustments over the next two years, compared with the old plan.

Brazil's currency plunges as oil, ruble spook investors

Brazil's currency fell sharply on Tuesday as diving oil prices, a plunge in the Russian ruble, and uncertainty over the central bank's currency-intervention program drove investors toward safe-haven assets. The Brazilian real fell as low as 2.76 per dollar, near its weakest in 10 years.

China industrial activity shrinks in December, calls grow for more stimulus

Activity in China's factory sector contracted in December for the first time in seven months, the latest in a string of weak economic indicators that will intensify calls for more stimulus measures to head off a hard landing.

Apple Stops Online Sales in Russia Over Ruble Fluctuations

Apple Inc. has halted online sales in Russia due to “extreme” ruble fluctuations, the company said.

Petrobras Said to Cut Exploration Spending in Cash Crunch

Petroleo Brasileiro SA (PETR4), the biggest oil producer in ultra-deep waters, is curbing refining and exploration spending in response to the collapse in prices and difficulties tapping debt markets during a corruption probe, said two people with direct knowledge of the matter.

Rajoy admits people still suffering from crisis (Spain)

Spain technically exited recession in mid-2013, but the unemployment rate remains extremely high at close to 24 percent.

"In many ways the crisis is history, but its consequences are not," Rajoy said on Monday after signing an accord with unions to extend long-term unemployment benefits.

Sweden Pledges Whatever It Takes as Crisis Policies Are Reversed

Governor Stefan Ingves today vowed to keep the main rate at zero further into 2016 and said the bank was planning for all eventualities. The first option would be to further postpone rate increases, Ingves said today at a press conference. After that the bank is looking other measures including asset purchases, lending and negative rates with currency interventions as a last resort, he said.

Some companies won't survive the oil meltdown

For example, the bonds of SandRidge Energy, Midstates Petroleum and Resolute Energy are trading at distressed levels of just 50 cents or 60 cents on the dollar, according to FactSet.

"It's hard to go from cash flow negative to cash flow positive on the turn of a dime when the commodity you're selling falls by 45%," said Cutter.

Venezuela benchmark bond yield hits highest ever as oil slides

The country's Global 27 bond was down 5.765 points in price to yield 27.197 percent, the highest since its 1997 issuance, yielding close to 25 percentage points more than comparable U.S. Treasury bills.

Russians must get used to new way of life after rouble crash, says bank chief

The head of Russia’s central bank warned Russians on Tuesday morning that they should get used to a new way of life, as the country’s embattled currency continued to plummet. After a brief rally, the rouble hit new historic lows on Tuesday, just hours after an overnight rise in interest rates designed to halt its fall.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/16/14

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

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New York State Bans Fracking, Citing Health Risks

BREAKING: New York Will Ban Fracking

“Would I live in a community with [fracking] based on the information we have now? … After looking at the plethora of reports, my answer is no,” acting state health commissioner Howard Zucker said. “I cannot support high volume hydraulic fracturing in the great State of New York.”

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