Daily Digest

Image by kalleboo, Flickr Creative Commons

Daily Digest 9/9 - Seniors Turn To Debt, Japan Economy Minister Urges Stimulus

Wednesday, September 9, 2015, 10:01 AM

Economy

Chicago Schools Seek State Cash, as Crunch Looms

Chicago Public Schools—with 394,000 students and nearly 21,000 teachers—has closed more than half of a projected $1.1 billion shortfall through cuts, borrowing and other means, but is looking to the state to come up with the rest. The school board warns of deep cuts later this year if Illinois, which faces its own fiscal crisis, doesn’t deliver an additional $480 million in the coming months, representing roughly 8% of annual district spending.

Opinion: Junk bond market: Danger ahead

Such yields can often be a canary in the economic coal mine and warn of trouble ahead. And they are especially intriguing now, as U.S. companies in aggregate have never owed as much as they do currently.

Tumbling Markets Set to Thwart Hollande's 2015 Asset-Sales Goal (France)

With a stagnant French economy and 50 billion euros in spending cuts already in the pipeline, the divestment plan is key to Hollande’s strategy of containing borrowing. Even with the sales, public debt was slated to climb to the equivalent of 97 percent of economic output by the end of this year, up from 89 percent in 2012, the year the Socialist government came to power, according to International Monetary Fund estimates.

China's Shandong to Buy Unsold Homes Amid Property Downturn

China’s government this year has bought up stocks to stem an equities rout, orchestrated a debt swap for local government to switch loans into bonds, and spent reserves to support the yuan. Now, a provincial government is stepping in to the property market to snap up unsold homes.

Taiwan's per capita debt passes US$7,000 at end of August

However, if the "hidden debt" by the central and local governments, which totaled NT$18 trillion (US$549.5 billion), are included, the national debt will swell to as high as over NT$25 trillion (US$763.2 billion), or a per capita debt of NT$1.07 million (US$32,700), according to the government's statistics office.

Seniors turn to debt to finance lifestyle (Canada)

"They just don't have enough money," said Yvonne Ziomecki, senior vice-president of marketing and sales of HomEquity Bank, of the new lifestyle seniors are aspiring to. "We have a new term we have been using, right sizing. They are not downsizing. They don't really need bigger homes, but they move into a house that has all the upgrades."

Baby boomers burdened by mortgages, credit-card debt in retirement

The Consumer Financial Protection Bureau says the percentage of homeowners ages 65 and older with mortgage debt increased from 22 percent in 2001 to 30 percent in 2011. Among homeowners 75 and older, the rate more than doubled, from 8.4 to 21.2 percent. And the median mortgage debt for seniors increased by 82 percent, from about $43,400 to $79,000.

Problem debt: number of households affected rises by a quarter (UK)

By 2014, 3.2 million families were spending at least 25% of their gross monthly pay on servicing unsecured debts, the definition of problem debt. The figure for 2012 was 2.5 million, according to research commissioned by the TUC and Unison. Young people, the self-employed and low-income families recorded the biggest increases in debt.

Japan economy minister urges fiscal stimulus

Japan should consider an extra fiscal stimulus of Y2tn ($84bn) this autumn, the country’s economy minister has said, as fears grow that a Chinese slowdown will hit growth across Asia.

Indonesian Bond Yields Rise to Highest Levels Since Early 2011

Indonesian bonds fell, pushing the 10-year yield to the highest level since 2011, as the weakening rupiah stoked concern the country’s economic outlook is deteriorating.

Colombian Bonds Fall to Four-Year Low After Inflation Surprise

Colombia’s peso bonds dropped to a four-year low on concern inflation that accelerated to double what analysts had forecast would undermine returns on the securities.

Europe Stocks Climb Second Day on China Support, Led by Autos

Shares rebounded Monday from the previous week’s decline, with miners leading gains, helped by reassurances from China’s central bank governor that stability would return to markets. Chinese stocks rallied Tuesday for the first time in five days on speculation state-backed funds purchased shares after a weak trade report.

China Muni Bonds Sold at Highest Premium Over Sovereign in 2015

China’s Inner Mongolia region sold local-government bonds at at the highest premium over sovereign debt this year amid concern an economic slowdown is worsening and the cash supply is shrinking.

China’s Export Data Shows Fresh Signs of Steepening Industrial Downturn

Once seemingly indomitable as the world’s workshop, China is now facing its most protracted declines since the global financial crisis, with overseas shipments falling 5.5 percent last month compared with a year earlier. That has dragged total exports 1.4 percent lower in dollar terms in the first eight months of the year.

Italian banks' non-performing loans rise to 197 bln euros in July

Non-performing loans at Italian banks rose 14.3 percent to 197.096 billion euros ($220.37 billion) in July from a year earlier, central bank data showed on Tuesday, in a sign of the protracted damage to lenders' balance-sheets from a three-year recession which ended last year.

South Korea Fiscal Deficit Seen at Seven-Year High in 2016

South Korea’s fiscal deficit will widen to a seven-year high in 2016, as the government plans to spend more to shield the economy from a slowdown in China.

Brazil's 2016 inflation view rises for 5th week, to 5.58 pct

Economists raised their forecasts for Brazil's 2016 inflation rate for a fifth straight week, adding pressure on the central bank after it halted a nine-month-long cycle of interest rates hikes last week, a weekly survey showed on Tuesday.

Global Recovery Faces Hurdles as Economic Overhauls Stall

“Growth is too low, productivity is too low, trade numbers are too low, investment is too low, infrastructure projects are too few, and the only thing that is too high is unemployment,” International Monetary Fund Managing Director Christine Lagarde said here over the weekend, after two days of talks among the world’s top finance officials.

G-20 nations say growth short of expectations; remain confident recovery will

G20 finance ministers and central bank chiefs have pledged to act decisively to shore up stuttering global growth and to refrain from unsettling currency moves after China’s controversial devaluation last month. But Beijing did not touch on the Finance Minister’s comment that the tough times could last a decade.

OECD Leading Indicators Point to Further Slowdowns

Growth is set to slow across a number of the world's largest economies, including China, the U.S. and the U.K., according to leading indicators released Tuesday by the Organization for Economic Cooperation and Development.

China's FX forwards measure is not capital control: central bank

China's central bank defended on Tuesday new regulations imposed on the currency forwards market this month, saying they were not a form of capital control and were introduced after investors had speculated in the market.

Indonesia’s Foreign Exchange Reserves Fall as Central Bank Defends Rupiah

ndonesia’s foreign exchange reserves fell to USD $105.3 billion in late August 2015 (from USD $107.6 billion in the preceding month) as the government used foreign exchange (forex) for external debt payments while the central bank (Bank Indonesia) used part of the forex to intervene in the currency market in an effort to support the ailing rupiah rate which has been under severe pressure amid looming further monetary tightening in the USA and concern about the hard landing of China’s economy.

Tepid Japan GDP stirs central bank easing speculation

The Cabinet Office said the world's number three economy contracted by 0.3 percent in the April-June quarter, slightly less than an initial estimate of a 0.4 percent contraction - and beating market expectations of a 0.5 percent decline.

South Africa's central bank lacks ammunition to defend rand

South Africa's central bank has little muscle to defend the rand through the upheaval in global markets, with foreign reserves stuck at low levels that could easily be wiped out if it attempted to influence the exchange rate.

Australian Central Bank Official Warns Against Forgetting Lessons of Past

Ms. Ellis’ comments come as the RBA and the country’s bank regulator nervously watch a boom in housing prices in the major metropolitan areas of Sydney and Melbourne that is being fanned by record low interest rates and surging investor demand for property.

Schaeuble Sees Extended Low Rates and Financial Excess

German Finance Minster Wolfgang Schaeuble said he expects interest rates to stay low, increasing the risk of bubbles as an “overweight” financial industry distorts investment decisions.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/8/15

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."

8 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Stimulus, stimulus, stimulus.......

U.S. health spending accelerates, up 2.2% in second quarter

Yen Drops on Reduced Refuge Demand as Japan Considers Stimulus

Bloomberg - ‎1 hour ago‎
At the same time, some Bank of Japan officials see a growing likelihood the central bank will lower its inflation outlook and again delay the time frame for reaching its target due to cheaper oil prices, said people familiar with the discussions. Hedge ...

China's Stocks Advance for Second Day Amid Stimulus Speculation

Bloomberg - ‎9 hours ago‎
Global markets have rallied this week after central bank Governor Zhou Xiaochuan said over the weekend the plunge in Chinese equities is almost over. “Some type of stimulus is likely going to happen,” said Gerry Alfonso, a trader at Shenwan Hongyuan ...

Asian stocks gain after soothing comments from Abe, Beijing

MarketWatch - ‎7 hours ago‎
Despite the gains, many investors and analysts remain nervous. They remain anxious about the health of China and the global economy and are on alert ahead of next week's meeting of the U.S. Federal Reserve, when the central bank could raise short-term ...

China to roll out 'more forceful' fiscal policy

MarketWatch - ‎9 hours ago‎
Economic data in July and August indicated more softness in the world's second-largest economy despite a series of central-bank rate cuts and other policy moves. Economists have said Beijing needs to implement a more-proactive fiscal policy in the ...

How Low Can New Zealand Go?

Wall Street Journal - ‎13 hours ago‎
Economists polled by The Wall Street Journal unanimously expect the central bank to cut the benchmark cash rate by 25 basis points to 2.75%, following on from two consecutive cuts in June and July. There is only a 5% chance the central bank remains on ...

Brazil's Central Bank Intervenes Again to Defend Currency

Latin American Herald Tribune-13 hours ago
RIO DE JANEIRO – Brazil's Central Bank said Tuesday that it would sell up to $3 billion in greenbacks to stem the steep depreciation of the real, now hovering at ...
 

Czech Inflation Slows as Central Bankers Ponder Stimulus Span

Bloomberg-6 hours ago
Czech inflation slowed for a second month in August as falling commodity prices continued to hamper the central bank's efforts to lift price growth with ...
 

Interest rate rise: emerging markets set to feel the wrath

Financial Times-17 hours ago
That, in turn, threatens to feed directly back to the US by contributing to a reduction in Chinese buying of US Treasuries. Analysts are concerned that China had ...

Federal Reserve rate rise would cause panic and turmoil, warns World Bank

Telegraph.co.uk - ‎15 hours ago‎
Federal Reserve rate rise would cause panic and turmoil, warns World Bank. World Bank's chief economist urges US central bank to delay rate rise. Reverse side of a US twenty dollar bill matched up with the north side of the. Premature Fed rate hikes ...

Fed to Have Less Room to Raise Rates in Future, Kocherlakota Says

Wall Street Journal - ‎15 hours ago‎
NEW YORK—The last U.S. central bank official scheduled to speak ahead of next week's pivotal Federal Reserve meeting again argued that changes in the economy mean the Fed over time is likely to find itself with short-term rates back near zero percent.

More Costs Less in Poland With Debt Surge Offset by Lower Yields

Bloomberg-8 hours ago
For such financial alchemy, Poland can thank the European Central Bank, whose bond-buying program has made zloty debt impervious to the ructions ...

The 600% Jump in Dollar Loans That Shows Saudis' Riyal Aversion

Bloomberg-6 hours ago
That reduced bank liquidity and helped send the three-month Saudi ... the governor of the kingdom's central bank Governor Fahad Al-Mubarak said last week ...
 

No End in Sight for Slide in Singapore Home Prices as Rates Rise

Bloomberg-14 hours ago
“It will take time because foreign investors can't borrow domestic funds to speculate," he said, citing central bank rules. The Singapore dollar is set for its biggest ...
 

Putin drafts bill to eliminate dollar and euro from Russia's trade with ...

International Business Times AU-15 hours ago
In August, China's central bank gave a fillip to Russian rouble by floating it into circulation in Suifenhe City, Heilongjiang Province, with a two-currency (rouble ...
 

Chile's budget consolidation needs to be gradual, fin min says

Reuters-Sep 8, 2015
The central bank has forecast economic growth of 2.0 to 2.5 percent this year and 2.5 to 3.5 percent in 2016. Inflation is expected to remain over 4 percent into ...

Taiwan shares soar in mid-morning session

Focus Taiwan News Channel-11 hours ago
"Buying in the local electronics sector also reflected a move by Taiwan's central bank to keep the Taiwan dollar cheaper in a bid to protect Taiwanese exporters," ...

========================================================

Google news search on stimulus. Direct copy/paste

Look at this part first:

Explore in depth (584 more articles)

 

(0.42 seconds) 

Search Results

  1. Story image for stimulus from Reuters

    Global stocks rally as investors scent fresh stimulus

    Reuters-6 hours ago
    LONDON Global shares rose on Wednesday, led by an 8 percent surge in Japanese stocks, helping lift the dollar as the prospect of more economic stimulus ...
  2. Story image for stimulus from Reuters

    Futures rise on hopes of more Chinese stimulus steps

    Reuters-3 hours ago
    U.S. stock index futures rose sharply on Wednesday as positive comments from Chinese officials kept alive hopes of further stimulus measures for the economy ...
    Stocks Rise on China Stimulus Hopes
    Morningstar.com-Sep 8, 2015
    Explore in depth (7 more articles)
  3. Story image for stimulus from Foreign Affairs

    China's Pledge Spurs Dead-Cat Bounce in Emerging-Market Stocks

    Bloomberg-6 hours ago
    China's fiscal support -- in addition to its monetary stimulus -- gave bulls an edge in the debate over whether the $6.6 trillion wipeout since mid-June through ...
  4. China Stimulus: Enough To Cause U.S. Stock Rally?

    Barron's-18 hours ago
    When rumors that China would be amenable to implementing a stimulus program hit the wires, global markets went up in a hurry. But one look at the charts ...
  5. Bad News Is Good for Markets Dependent on Stimulus

    Barron's-3 hours ago
    China's stock market reversed Tuesday after horrendous trade numbers amid rising expectations of stimulus schemes, and the upward momentum carried over ...
  6. China: Trade data suggests more fiscal stimulus on the way - Nomura

    FXStreet-3 hours ago
    We expect more fiscal stimulus in H2, especially to boost infrastructure investment. Moreover, we expect one more 50bp reserve requirement ratio cut in Q4 and ...

 

DennisC's picture
DennisC
Status: Gold Member (Offline)
Joined: Mar 19 2011
Posts: 311
"Panic and Turmoil", oh my

I'm fairly sure it's not just me but I continue to find the near constant news cycle about a Fed rate increase, will they or won't they, the hand-wringing, the angst, the constant "pleading" from all corners of the globe to "stay the course".  It will be really entertaining, I think, if the Fed is overcome by events, so to speak, and rates take off (and the train leaves the station) without them.  Anyway, a ZH member posted this link in a comment today regarding  the "Interest Rate Magic Show" ZH article.  I thought it was entertainingly appropriate:

A couple lines near the end are pretty spot on if you think in financial terms:

"...he's putting in a peg down there, because I'm quite a way up now, and if I come unstuck here, I go down quite a long way."

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
More US public debt could help monetary policy in long run -Fed

More US public debt could help monetary policy in long run -Fed official

Reuters - ‎17 hours ago‎
"Fiscal policymakers can mitigate these risks by choosing to maintain higher levels of public debt than markets currently anticipate," Kocherlakota said in remarks prepared for delivery at Northwestern University in the Chicago suburb of Evanston.
 

Financial Markets 'Sitting On A Time Bomb'

Forbes-20 hours ago
“The decision to respond to the debt crisis in 2008/2009 with further monetary easing – rather than monetary tightening as had been the case during the Great ...

Chinese Companies Face Premium to Resume Selling Dollar Debt

Wall Street Journal-7 hours ago
Improving market sentiment has Chinese banks and companies restarting their offshore-debt engines—but given the economy's struggles to revive, this comes ...

Puerto Rico Lays Out 5-Year Plan for Restructuring Its Debts

New York Times-2 hours ago

Puerto Rico issued a five-year plan on Wednesday for broadly restructuring its mammoth debts, opening what is likely to be a turbulent new chapter in its efforts ..

Puerto Rico Sees a $13B Debt Gap in Next Five Years

Bloomberg-1 hour ago
Puerto Rico is facing a debt-funding shortfall of $13 billion over the next five years as it releases its fiscal and economic growth plan. Bloomberg's Erik Schatzker ...

Puerto Ricans leave amid unemployment, debt

CCTV-America-14 hours ago
Puerto Rico is dealing with massive debts and high unemployment. That all is causing Puerto Ricans to leave the island in droves. The population of the island ...

Detroit schools plan $121 million note sale to refinance debt as enrollment slumps

Crain's Detroit Business - ‎19 hours ago‎
The notes, which mature in August and are being sold through the Michigan Finance Authority, will refinance debt to help cover the schools' budget shortfall, according to offering documents. The sale is expected to price on Thursday, Michelle ...

Interest-only clock ticking: Act fast to clear your debt or risk losing ...

Express.co.uk-21 hours ago
Hundreds of thousands do not even realise that they need to clear the debt at the end of the mortgage term while one in three could be forced to sell their home.

UK Rate Increase Could End Property Boom

Wall Street Journal-21 hours ago
Now, the company's debt compared with the value of its assets—the so-called loan-to-value ratio—is about 30%, one of the lowest of the sector, according to ...

Worries grow over India's share-backed debt binge

Pulse-7 hours ago
The fondness of Indian shareholders for share-backed debt funding is exposing investors to losses if a market downturn were to trigger a wave of liquidations, ...
 

Student loan debt exploding

KTRH-3 hours ago
Student loan debt has reached staggering proportions. Some people are wondering if the student debt "bubble" could be the next major problem for the ...
 

Oil Default Wave Seen Spreading to China With 40-Cent Bonds

Bloomberg-12 hours ago
The wave of defaults and debt restructuring hurting oil bonds around the world looks set to reach China. Notes of oil services firms are the nation's worst ...
 

Illinois Infrastructure Crumbles Amid Budget Warfare

Bond Buyer-21 hours ago
The state has issued $11.4 billion of debt to support the program, with its ... The report notes that the state has seen a significant increase in bond debt since ...
 

The Untimely Death of Finland's Economic Growth Hits Bond Market

Bloomberg-9 hours ago
The self-made millionaire leader of the Center Party is cutting spending and raising taxes to avoid debt from swelling too much, even as key industries such as ...
 

Mexican Government Submits Austerity Budget, Reflecting Oil Price ...

Wall Street Journal-15 hours ago
Any funds received next year from the central bank will be applied to lowering debt, he said. Any money that the Bank of Mexico has left over from its operations ...
 

Detroit schools plan $121 million note sale

Toledo Blade-22 hours ago
The notes, which mature in August and are being sold through the Michigan Finance Authority, will refinance debt to help cover the schools' budget shortfall, ...
 

Brazil's BMG tender unattractive for investors, JPMorgan says

Reuters-17 hours ago
Corfield said that BMG could buy as much as $100 million of the 2020 bonds, while the maximum accepted amount for the buyback of the 2019 debt should not ...

Credit ratings bolster risky bank bonds

Financial Times-Sep 8, 2015

Tier 1 contingent convertible bonds, the riskiest debt issued by banks, pay a bond-like fixed coupon but convert to equity or are written off completely when

Sinking currencies reflect grim African prospects

Reuters-10 minutes ago
More worryingly, government debt is climbing steeply, threatening another driver of growth: the debt forgiveness a decade ago which freed up funds for social ...

EU to Present Deposit-Insurance Plan by Year End, Juncker Says

Bloomberg - ‎2 hours ago‎
He was referring to efforts to overhaul supervision of lenders in the 19-nation euro zone and break the link between banking woes and sovereign debt struggles that were made in the wake of the crisis that spread from Greece. Details of the proposal ...

South Koreans burying themselves with billions of debt

Hong Kong Standard-8 hours ago
Debts owed by households to banks and non-bank deposit takers amounted to 763.3 trillion won (US$641 billion) as of end-July, up 3.3 trillion won from a ...

Korea's Gov't Debt-to-GDP Ratio to Break 40% Mark for 1st Time

BusinessKorea-13 hours ago
The Korean government finalized its budget for next year at 386.7 trillion won (US$324.3 billion), up 3 percent compared to this year. The rate of increase is the ...
 

Jim Chanos: China is running out of room to borrow

CNBC-4 hours ago
"The debt is still growing two to three 'X' the economy every year," said the closely ... and founder and president of Kynikos Associates, with $3.3 billion in assets ...

German yields rise after failed auction, China selling fears

Reuters-5 hours ago
Investors waiting for bumper U.S. debt auction ... Market participants were also keen to see how a sale of $21 billion of similar maturity paper in the United States ...

 

Illinois bill backlog hits $6 billion as GOP, Dems butt heads over ...
 

Reboot Illinois-12 hours ago
The rest of the spending is is attributable to continuing appropriations, such as debt service and pension payments, and to spending demanded by consent ...

REPEAT: UK Industrial Output Falls Unexpectedly; Trade Gap Widens

London South East-3 hours ago
The surplus on services remained unchanged at GBP 7.7 billion in July. Consequently, the total trade deficit widened to GBP 3.4 billion from GBP 0.82 billion in ...

Saudi deficit could erode reserves: IMF

Yahoo! Maktoob News-15 minutes ago
It said the deficit is projected to be lower in 2016 but will remain high in the medium term and is estimated at 9.5 percent of GDP -- around $80 billion -- in 2020.

North Sea oil and gas companies to slash investment after worst ...
In-Depth-Herald Scotland-17 hours ago

 

U.K. occupational pension fund deficit rises 10.3% in August

Pensions & Investments-22 hours ago
The aggregate deficit of U.K. occupational pension funds covered by the Pension Protection Fund's 7800 index increased 10.3% to £280.4 billion ($431.5 ...
 

Philippines' Deficit Budget Up To US$688.96 Million In July

Bernama-11 hours ago
HANOI, Sept 9 (Bernama) -- The Philippines ran a budget deficit of 32.2 billion peso (nearly US$688.96 million) in July, 1.8 billion peso (US$38.51 million) ...
 

Rupee Options Bears Retreat as Rajan Puts India Reserves to Work

Bloomberg-12 hours ago
India's currency hoard has fallen $3.4 billion from $355 billion on Aug. ... as moderating inflation, low short-term currency liabilities and a narrowing fiscal deficit.

Italy to Seek EU Flexibility for Renzi's Tax Cuts, Adviser Says

Bloomberg-2 hours ago
Italian Prime Minister Matteo Renzi will finance 35 billion euros ($39 billion) of ... The deficit-to-gross domestic product ratio will stay at a projected 2.6 percent ...

State tells school districts it won't help pay for bonds

Juneau Empire (subscription)-8 hours ago
John Coghill, R-North Pole, the majority leader, said the Legislature was dealing with a multi-billion deficit during the last session and cuts were necessary.

Brazil's Finance Minister Says Government Evaluates to Raise ...

Folha.com-3 hours ago
... other proposals to cover the hole in the budget proposal for 2016 presented to Congress last week. It projects an US$ 8 billion (R$ 30.5 billion) primary deficit.

Chicago's budget woes draw national media attention Tuesday

Chicago Business Journal - ‎21 hours ago‎
The New York Times today focused on the financial troubles and how they were affecting Mayor Rahm Emanuel, writing that "Emanuel finds himself grappling with Chicago's fiscal problems, including a starkly underfinanced pension system and rising ...

Global Job Cuts in the Oil Industry Nearing 200000

Greentech Media-7 hours ago
... strategies -- including making buildings more efficient and investing in public transportation -- they could save a combined total of $17 trillion by 2050.

Shale gas production in retreat amid low prices, shortage of pipelines

Bakken.com (press release)-Sep 8, 2015
The 2.25 trillion cubic feet of natural gas that companies pulled from the Marcellus and other shale formations beneath Pennsylvania during the first six months ...

Retail Prices to Go Up Next Month Due to Weak Rupiah

Jakarta Globe-13 hours ago
Roy expressed the hope that sales could be boost to Rp 175 trillion despite the anticipated price increases if the government would remove some regulatory ...

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Citigroup Sees 55% Risk of a Global Recession Made in China

States and cities face scrutiny for optimistic investment assumptions ...

Stanford University News-22 hours ago
But this year the state will have to spend $9 billion on pensions and other retirement costs, up 50 percent, while universities will receive no increase even though ...

Citigroup Sees 55% Risk of a Global Recession Made in China

Bloomberg - ‎7 hours ago‎

While he said there is unlikely to be a repeat of the 2008 financial crisis of a Depression-like decline in global gross domestic product, he warne

World Bank chief economist warns Fed to delay rate rise

Financial Times-4 hours ago
Such a decision could yield a “shock” and a new crisis in emerging markets, Mr Basu ... that have grown since Beijing's move last month to devalue its currency.

S. Africa gold industry fades as margin squeeze erodes output

Chicago Tribune-1 hour ago
The four largest producers in the country are losing money on about 35 percent ... Prices were lower than they are now in 2008, when the global financial crisis ...

turning point looms for US debt binge

Financial Times-6 hours ago
Interest rate rise: turning point looms for US debt binge ... With a $4tn mountain of debt maturing over the next five years, corporate America's reliance on cheap ...
 

Moody's on defensive over China research

Financial Times-10 hours ago
Moody's is preparing to defend itself against claims of “substandard” research as it appeals against a HK$23m ($3m) fine from the Hong Kong watchdog for a ...
 

China tightens capital controls

Financial Times-36 minutes ago
China has tightened its capital controls, in a sharp reversal of its market liberalising rhetoric, as it struggles to contain the fallout from last month's devaluation of ...
 

New rules change risks and rewards of bank debt

Financial Times-2 hours ago
Investors are gradually becoming more comfortable with loss-absorbing AT1 bonds, while other, safer kinds of bank bonds — senior bank debt, which survived ...

Most bankers expect bad loans to worsen: Survey

Times of India-19 hours ago
MUMBAI: The banking sector's prospects do not look all that good with a majority of lenders expecting the bad loan situation to worsen in coming years. There is ...
 

In China, a Forceful Crackdown in Response to Stock Market Crisis

New York Times-5 hours ago
The Communist Party's response to China's monthslong stock market crisis has been swift and forceful. In addition to spending as much as $235 billion to buy ...

Brazil's Rousseff under pressure to loosen austerity

Reuters-19 minutes ago
As Brazil sinks into a deep recession, no one wants to bite the bullet, even if they ... who also opposed sending Congress a budget with an unprecedented 0.34 ...

U.S. Oil Producers May Lose 500000 Barrels a Day on Funding Gap

Bloomberg-4 hours ago
A funding squeeze threatens to cut U.S. oil output by as much as half a million ... Access to high-yield credit markets for debt-strapped producers is “sharply ...

 

jonesb.mta's picture
jonesb.mta
Status: Silver Member (Offline)
Joined: Jun 11 2008
Posts: 126
The Stock Market

The DOW and NASDAQ are in the red again after making an effort to stay in the green.

pat the rat's picture
pat the rat
Status: Silver Member (Offline)
Joined: Nov 1 2011
Posts: 116
ziggy's

Ziggy had a cartoon yesterday that said it all. The fed reserve just took out a reverse mortgage on the country! No truth has ever been said better!!!  

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
S&P Cuts Brazil's Debt Rating to Junk

S&P Cuts Brazil's Debt Rating to Junk

Wall Street Journal-2 hours ago
RIO DE JANEIRO—Brazil lost its coveted investment-grade credit standard in the eyes of one major ratings firm on Wednesday, dealing a blow ...
S&P cuts Brazil's credit rating to junk
Financial Times-3 hours ago
 

Illinois' unpaid bill pile grows as budget battle drags on

Business Insider-7 hours ago

CHICAGO (Reuters) - Illinois' pile of unpaid bills is on track to top $8.5 billion by ... as well as continuing appropriations that cover pensions, debt service on state

Illinois lottery sued for not paying winnings due to state budget ...

Chicago Tribune-2 hours ago
Nonetheless, the lottery has continued to sell tickets even though those who win large prizes must wait until a budget is passed to collect their money.

State budget impasse causing homelessness in Illinois, report says

WLS-TV-2 hours ago
Illinois has no state budget, but it does have more homeless people - and the two ... The report, authored by the Chicago Coalition for the Homeless, chides Gov.

What Japan's Next Stimulus May Look Like as Abe Runs on Fumes

Bloomberg-4 hours ago
Japan's anemic economy is prompting calls for another fiscal boost. ... of Finance has leeway to fund stimulus without adding to the world's heaviest debt load.

Study: Houston is repeating Chicago's pension mistakes

Watchdog.org-12 hours ago
Chicago's $72 billion in real pension debt (calculated using market standards) was 10 times the size of its budget. Houston's $13.7 billion in unfunded liability is ...

Milliman: Corporate pension funding drops in August

Pensions & Investments-6 hours ago

The funded status of the 100 largest U.S. corporate pension plans fell 150 basis points to 83.4% at the end of August, the Milliman 100 Pension Funding index ..

Older Canadians don't have funds to retire: survey

Fulton News-7 hours ago

While retired Canadians receive government pension checks — the Canada Pension Plan (CPP) and Old Age Security (OAS) — that is often not enough to live .

A third of over 65s live on less than people on minimum wage

AOL Money UK-3 hours ago
People are living longer than ever, and with many relying on their state pension alone, they face decades on a low income, finding it harder and harder to make ...

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Central Banks

Serbia's Central Bank Cuts Rates to Spur Inflation, Economy

Bloomberg-3 hours ago
Serbia cut borrowing costs for a second month, taking advantage of a stable currency as it seeks to rev up inflation and boost economic growth. The National ...

ECB Said to Seek 597 Million Euros of Dutch Mortgage-Backed Debt

Bloomberg-5 hours ago
The central bank is targeting 13 residential mortgage-backed securities, including notes secured by loans originated by units of insurer Delta Lloyd NV and ING ...

China deflation risks grow, foreign central banks on alert

Reuters - ‎7 hours ago‎
Some foreign central banks are increasingly worried about the impact falling Chinese prices and a weaker yuan CNY=CFXS could have on their economies, following a surprise devaluation in the currency last month. Since then investors have been betting ...

China under mounting pressure to ease policy as economy ...

Reuters UK-11 hours ago
He said China's central bank would likely need to further cut interest rates again, having already cut four times since November in the most aggressive easing in ...

-NZ central bank cuts rates, flags more easing as China ...

Reuters-10 hours ago
WELLINGTON, Sept 10 (Reuters) - New Zealand's central bank cut its benchmark interest rate on Thursday and said a further economic slowdown in China, the ...
 

Brazil Central Bank Says Balance of Risk to Inflation Goal Worse

Bloomberg - ‎1 hour ago‎
Brazil's policy makers said the balance of risks for its goal to bring inflation back to 4.5 percent next year has worsened as the real slides and the budget gap widens. The minutes published Thursday morning predate Standard & Poor's decision to cut ...
 

Brazil central bank to sell dollars through repo agreements

Reuters-47 minutes ago
The central bank said it will sell as much as $1.5 billion on the spot market through repurchase agreements. The repurchase dates will be January 4, 2016 and ...

Hot money flees Philippines in August; net outflow reaches $542 M

Philippine Star - ‎21 hours ago‎
The central bank said the rest of the investments were in peso time deposits and other peso debt instruments. In August, the BSP said foreign portfolio investments in PSE-listed securities recorded a net outflow of $323 million followed by peso ...

Indonesia unveils massive stimulus packages

Xinhua-22 hours ago
The Indonesian central bank stressed to keep effort to keep rupiah stable by continuing its presentation at the currency markets, scaling down limit to purchase ...

S&P: Company Debts Under Pressure if Rupiah Hits 15000 per ...

Jakarta Globe-6 hours ago
The central bank just started requiring companies to hedge their overseas debt in Oct. 2014, leaving 47 percent of Indonesian companies' overseas debts ...

Rusal Chief Warns Stock Rout Only First Act of China Drama

Bloomberg-9 hours ago
Central bank Governor Zhou Xiaochuan said at the weekend that the stock market plunge that wiped about $5 trillion in value from mainland bourses was almost ...

QE-Aided Portuguese Shoppers Boost Borrowings as Banks Open ...

Bloomberg-8 hours ago
The ECB's 1.1 trillion ($1.2 trillion) bond-buying plan has sent the yield on the ... including those granted by specialized lenders and revolving debt, rose 21.5 ...
==============================================
Other news:

Puerto Rico's plan to pay all of its debt still falls short

CNNMoney - ‎19 hours ago‎
The Puerto Rican government proposes a wide range of spending cuts and tax hikes to help pay off its debt over the next five years. First, the island's sales tax sharply increased from 7% to 11.5% in July. On top of that, the government plans to fully ...

Brazil's real falls to all-time low after S&P downgrades country's debt

MarketWatch-1 hour ago
The Brazilian real fell to an all-time low of 3.90 real to the dollar Thursday after Standard & Poor's Ratings Services downgraded Brazilian sovereign debt into ...

China Stocks Drop as Factory Price Slump Spurs Economy Concerns

Bloomberg-10 hours ago
... high to erase $5 trillion in value on mainland bourses as leveraged investors ... outstanding balance of margin debt on the Shanghai Stock Exchange rising ...

Creditors doubt China province's plan to resolve debt crisis

Reuters-2 hours ago
... provincial government's plan to settle a multi-billion yuan debt crisis created by ... sold nearly 150 billion yuan ($23.5 billion) worth of guarantees to more than ...

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments