Daily Digest

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Daily Digest 11/4 - Inflation Eases Worldwide, Health Care Costs Plague Small Businesses

Wednesday, November 4, 2015, 9:34 AM

Economy

BofA Sees Saudi Rating Risks Another S&P Cut Amid Oil Slump

The slump in oil prices by more than 40 percent over the last year is slowing growth in the kingdom’s non-oil economy and pushing the government to search for savings, contemplate project delays and sell bonds for the first time since 2007. The Emirates NBD Purchasing Managers’ Index for Saudi Arabia, a measure of growth in the non-oil economy, fell in October to its lowest level in six years, driven by weaker expansion in new business.

CPS Faces Possible Teachers Strike, Massive Layoffs This Winter (Chicago)

Now they want their help for a harebrained scheme that is not a long-term fix. We need a structural fix,” Lewis said, adding that the massive restructuring plan in the second semester could affect as many as 300,000 students and 5,000 teachers.

Obamacare prices increase for those who don't get subsidies

Average prices of the so-called bronze plans on the HealthCare.gov marketplace are rising 11 percent for nonsubsidized customers over 2015 prices. Average deductibles for individuals are increasing by the same percentage, to $5,731, according to a study by HealthPocket.com, an insurance comparison site.

Health Care Costs Plague Small Businesses, Survey Says

“A lot of them are really kind of struggling with how much longer can we continue to do this if we keep seeing the cost increases," said Karl Weiss, president of Market Perceptions & HealthCare Research, which did the research for Delta Dental of Colorado.

Winter could get tougher: Illinois budget impasse threatens road salt supplies

“The lack of pay-over puts us in an extreme predicament this winter and for the next year as to how we’re going to fund projects and how we’re going to do basic maintenance functions like plowing and patching,” said Freeport Mayor Jim Gitz.

Illinois Lottery ticket sales slowed by budget crisis, businesses say

"About 30-40 percent of our lottery sales is not even existent anymore," said Sid Hammad, owner of South Loop Market.

IRS report: 1 resident, $50,000 left IL in 2013 every 7 minutes

More and more people are moving out of Illinois and it’s leaving quite the financial burden for the state. According to an Internal Revenue Service report, Illinois lost 81,000 people and $4.1 billion of annual taxable income in 2013.

Debt Collectors Can Make Robocalls Those Who Owe Student Loans

It’s Washington, DC’s version of ‘the fine print’: A provision tucked into the bipartisan budget bill signed yesterday by President Obama gives new power to debt collectors. Their target? People who owe federal student loans.

Draghi Passes ECB Halfway Mark Still Missing Inflation Goal

Yet despite record-low interest rates, long-term loans to banks and a 1.1 trillion-euro ($1.2 trillion) asset-purchase plan, he hasn’t succeeded in returning inflation to the goal. Now, faced with a fragile recovery at risk from weaker global trade, a euro that may be too strong for the economy and the risk of a slump in energy prices, he’s holding out the prospect of another round of monetary easing in December.

South Korea's manufacturing sector logs first ever negative growth

A warning light is flashing for South Korea’s manufacturing sector, a major pillar propping up the country’s economy. The manufacturing sector saw sales fall last year, logging its first ever negative growth.

Hungary cenbank to extend cheap loans scheme into 2016 -paper

Hungary's central bank will provide an extra 600 billion forints ($2.11 billion) of funding for a cheap loans programme aimed at boosting economic growth, extending the scheme into 2016, a newspaper said on Tuesday.

CEOs wary of economic conditions worldwide: Survey

Chief executive officers are less confident about economic conditions in every major region across the globe, according to a quarterly survey of top business executives.

Inflation eases worldwide in September: OECD

Global inflation rates declined in September, sliding further below desired levels despite a wave of stimulus being provided by some leading central banks, which are now considering fresh measures.

Brazil GDP seen contracting 3.05% in 2015: survey

The forecast marked the 16th straight downward revision in the weekly survey of economists. For next year, economists expect GDP to contract 1.51% compared with a previous forecast of 1.43%.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/3/15

Provided daily by the Peak Prosperity Gold & Silver Group

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saxplayer00o1's picture
saxplayer00o1
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European Stock Rally Continues as Draghi Reiterates Ready to Act

European Stock Rally Continues as Draghi Reiterates Ready to Act

Bloomberg-5 hours ago
Mario Draghi's reiteration that the European Central Bank is ready to act to support the euro-area economy helped European stocks extend a ...

That Recession in U.S. Industrial Economy? Stocks Show It, Too

Bloomberg - ‎11 hours ago‎
A group of industrial stocks is posting its biggest declines since 2008, a sign that investors agree with a Fastenal Co. executive who said parts of the U.S. economy are in a recession. A Standard & Poor's 500 index that includes Fastenal, WW Grainger ...

Hungary central bank eyes new unconventional tools

MarketWatch-7 hours ago
BUDAPEST--Hungary's central bank plans to use new unconventional ... As a result of various central bank and government measures, households' and the ...

Japan PM calls for steps to achieve a $5 trillion economy

Reuters-4 hours ago
The four private-sector members of the 11-member Council on Economic and Fiscal Policy reckon that Japan needs a potential growth rate of around 2 percent ...

Brazil, Desperate for Cash, Plans Ranking of Corporate Debtors

Bloomberg-19 minutes ago
... trillion reais ($400 billion), mostly in unpaid taxes that are being questioned in courts, according to Luiz Roberto Beggiora, the manager for active debt at the ...

China's Latest Bond Scare Burns Holdouts as Default Risks Spread

Bloomberg-5 hours ago
The company tried reducing its debt load as coal prices slumped 21 percent this ... Total debt stood at 7.1 billion yuan versus 8.5 billion yuan over that period.

 

cmartenson's picture
cmartenson
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Yeah, right(!)

As cynical as I am, I cannot keep up.

Here’s the story:

Satellite Shows Heat Flash When Russian Metrojet Plane Crashed, But No Missile: U.S. Officials

Nov 3, 2015

While many have speculated that a missile may have struck a Russian commercial airliner that went down over Egypt's Sinai peninsula, U.S. officials are now saying satellite imagery doesn't back up that theory.

A senior defense official told NBC News late Monday that an American infrared satellite detected a heat flash at the same time and in the same vicinity over the Sinai where the Russian passenger plane crashed.

According to the official, U.S. intelligence analysts believe it could have been some kind of explosion on the aircraft itself, either a fuel tank or a bomb, but that there's no indication that a surface-to-air missile brought the plane down.

My problem with this is that the MH-17 shoot down over the Ukraine, on a clear day, with the entire eyes of the US and NATO military hotly on it somehow did not manage to secure a single satellite image showing either the missile or its trajectory despite that fact that the US is known to have such tracking satellites located all over the globe.

But now, over the vastly less interesting Sinai peninsula, the US managed to see the heat flash from the explosion but no signs of a missile. My problem is not with that report; it is correct.

My problem is with the US never releasing any such imagery from Ukraine’s MH-17 slaughter despite everybody knowing that the US has to have said images and data.

Why was it not released?

The only answer that makes sense to me is that the data/images did not fit the preferred conclusion that it was either Russia or Russian-backed rebels that did it.

The most likely culprits then are:

1) Incompetent and possibly drunk Ukrainian soldiers firing by accident, or what passes for an accident in a poorly trained military known for doing knuckle-headed things.

2) It was a false-flag attack carried out on purpose either by Ukrainian secret service members and/or western contracted mercenaries or agents.

Neither of those outcomes remotely fit the script that NATO and Washington wanted to run with, so the US satellite imagery was never released. But we know they have to have it and the prompt read-out of the Sinai plane disaster means the US will have to come up with a very good reason for why it is refusing to release it.  I mean besides "sensitive sources and methods" and all that...good grief everybody already knows those satellites are there and what they can see.

 

pat the rat's picture
pat the rat
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jet

No fire at the crash site ,no bomb seen either,looks like it just ran of gas from the engine damage.Maybe we are looking at a lie in Egypt.

Time2help's picture
Time2help
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Posts: 2888
Meh...
pat the rat wrote:

No fire at the crash site ,no bomb seen either,looks like it just ran of gas from the engine damage.Maybe we are looking at a lie in Egypt.

If so, add it to "the pile".

Bankers Slave's picture
Bankers Slave
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KugsCheese's picture
KugsCheese
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Bankers Slave

From Wikipedia: "In 1938 the Nazis instituted obligation of identity cards for men of military age and Jews (who had a 'J' marked on their card). [2] Shortly after the start of the war, this was extended to apply to all citizens over the age of 15."  

saxplayer00o1's picture
saxplayer00o1
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Yellen Doesn't Rule Out Negative Interest Rates in the Future

Yellen Doesn't Rule Out Negative Interest Rates in the Future

Wall Street Journal-20 hours ago
Yellen Doesn't Rule Out Negative Interest Rates in the Future. Central banker says she doesn't see the need for Fed to consider lowering rates below zero now.

Czechs Keep Currency Cap, Zero Rate as Policy Makers Weigh Risks

Bloomberg-2 hours ago
The regulator hasn't ruled out using negative interest rates, but they “aren't a preferred tool,” Tomsik and Holub said. The bank “doesn't need to actively think of ...

Swedish regulator considering debt-to-income ceiling for mortgages

Reuters-7 hours ago
Mortgage borrowing rose at its fastest pace in more than four years in September, fuelled by negative interest rates as the central bank fights fears of deflation.

Russian Banks Face More Pain

Bloomberg-3 hours ago
The central bank says it will continue to purge weaker players. ... Insolvent borrowers would be happy to take a loan, but banks are not ready to lend to them.”.
 

Draghi: ECB will consider how to step up stimulus program

MarketWatch-1 hour ago
The European Central Bank president, Mario Draghi, said the ECB's governing council would consider how to intensify its stimulus program if it concludes the ...

Albanian central bank cuts rate, promises 2016 stimulus

Reuters-21 hours ago
"The supervisory board believes that meeting the goals of the Bank of Albania requires an increase of the monetary stimulus and maintaining a stimulative policy .

Carney Signals Bank of England Rate Can Stay Low as China Drags

Bloomberg-1 hour ago
The MPC also offered fresh analysis of how its exit from emergency stimulus might occur, having previously said that gilt sales will only start after a number of ...

BOJ policymakers fret over hit from China slowdown: October minutes

Reuters-14 hours ago
Markets had been rife with speculation the BOJ could expand its already massive stimulus program at either of the two rate reviews last month, as soft exports ...

BOJ needs to adapt QQE for a long struggle to raise wages

euronews-8 hours ago
TOKYO (Reuters) – The Bank of Japan's former top economist said it should modify its stimulus programme to suit a protracted battle against deflation because ...

Canadians owe $1.88 trillion, 5% more than last year

CBC.ca-19 hours ago
Canadian households owed $1.88 trillion in outstanding debt in September, as the high cost of housing in some markets pushed borrowing levels higher, ...
 

Ontario's deficit target at 'significant risk,' budget watchdog warns

The Globe and Mail - ‎14 hours ago‎
In a report Wednesday, Financial Accountability Officer Stephen LeClair projected the province could be in line for a $5.2-billion deficit next year and a $3.5-billion deficit in fiscal year 2017-18, the year the Liberals have promised to balance the ...

National debt sees one-day record increase after debt limit suspended

USA TODAY - ‎17 hours ago‎
So on paper, the national debt had been frozen at $18.1 trillion since March, as the Treasury instead deferred payments to pension funds and borrowed from reserve accounts in order to keep the government running. But once President Obama signed a ...

Illinois faces millions in extra debt costs from budget fiasco

STLtoday.com-3 hours ago
Illinois last sold debt in April 2014 for a top yield of 4.5 percent, about 1.1 ... Not everyone expects Illinois will stay a stranger to the $3.7 trillion municipal market ...

The Bear Case for China Sees PBOC Following Fed to Zero Rates

Bloomberg - ‎19 hours ago‎
Like the U.S. and U.K. before it, China needs to face life with excess debt. China's total government, corporate and household debt load as of mid-2014 was equal to 282 percent of the country's total annual economic output, according to McKinsey & Co.

LA school district headed for major funding shortfall, panel warns

Los Angeles Times-17 hours ago
The Los Angeles Unified School District is facing a looming, long-term deficit that could force the system into bankruptcy, a panel of experts has concluded in a ...

Deflation Risks May Warrant Radical New Central-Bank Thinking ...

Wall Street Journal (blog)-10 minutes ago
The Bank of Japan and other central banks around the world may need to try radical new easy-money policies to stave off the rising specter of deflation and ...

EconomyDallas credit rating takes hit from pensions

Financial Times-14 hours ago
The GO debt downgrade is due to the city's rising pension liabilities and lack of a sufficient plan to address them in the near term. The stable outlook reflects our ...

Fifteen Million Self-Employed Americans to Next President: "Rising Healthcare ...

MarketWatch - ‎14 hours ago‎
What keeps them from reaching their savings goal? Fifty-one percent said they want the next President to reduce healthcare costs with 26 percent saying rising healthcare costs have reduced their ability to save and 35 percent adding the rising cost of ...

Doctors, Hospitals Won't Accept Obamacare Marketplace Plans

U.S. News & World Report - ‎Nov 4, 2015‎
Government health officials worked diligently this year to improve consumer experience on Healthcare.gov and make sure people know what they are getting for their money when they pick health insurance. But one thing is out of the government's control ...

Health Co-Ops' Failures Spur Finger-Pointing

Wall Street Journal - ‎18 hours ago‎
The Omaha, Neb., metal-fabricating company is one of thousands of small firms that relied on untested health-care cooperatives, which were intended to lower costs for consumers under the health law by giving established insurers more competition. But ...

Brazil Real Rises as Intervention Offsets Fiscal Voting Delay

Bloomberg-2 hours ago
Brazil's real swung between gains and losses as the central bank's plan to ... rating cuts after Standard & Poor's downgraded Brazil's debt to junk in September.

State lawmakers set sights on Detroit schools rescue after putting ...

Michigan Radio-5 hours ago
... millions of state dollars to help Detroit Public Schools pay off its crushing debt. ... is asking lawmakers to approve the DPS rescue and restructuring package by ...

 

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