3 July 2014



Today’s Issue Cluster: Water

China – Seeks Great Power Status After Centuries of Sea Retreat
E-Cigs – Philip Morris announces hybrid containing tobacco
EU – Brussels Eyes Digital Agenda to Better Compete with the US


MAJOR DATA POINTS

EZ – Jun: Markit PMI slows as French activity drops; 52.8 from 53.5 / R / WSJ * *

US – Jun: Employers added jobs at a robust clip; +288k from +224k / WSJ / AP / FT / NYT / B *

US – Week: Jobless claims rise slightly; +2k to 315k / R *

US – Jun: Challenger planned layoffs fell 40.6%; 31k / *

US – Jun: Markit services PMI accelerates; 61.0 frim 58.1 / R

US – Jun: ISM Services PMI Pulls Back Slightly; 56.0 from 56.3 / WSJ / AP / B / R *

US – May: Trade Gap Shrinks More Than Forecast on Record Exports; -$44b from -$47b / R / AP / WSJ / B *


MARKETS

Argentina – Consensus Emerges: Pay Off Debt WSJ / FT

Argentina – Row triggers interest in defaulted debt FT *


ECONOMICS

UK – Manufacturing growth soars but productivity remains dire FT * * * *


POLITICS & FISCAL POLICY

China – Seeks Great Power Status After Centuries of Sea Retreat B * *


MONETARY POLICY

Fed – Yellen holds firm on rate rises FT / WSJ / B / R / nyt

Fed – Yellen may be poised to rewrite rule book on wages, inflation R / FT / B / ft / r * * *

Fed – Consumer Inflation Hits Highest Level Since 2012, Near 2% Target WSJ / wsj *

Fed – What the Gap Between CPI and PCE Means for Overshooting wsj * *

Fed – Bond traders bet Bank has got it wrong on interest rates FT

Fed – FOMC Tenures: Long Terms Mean Current Committee Could Be Going Nowhere wsj *


FINANCE



REAL ESTATE

UK – Lending curbs set to bite first in London and southeast FT *

UK – Housing market must still face rising interest rates FT *

UK – ‘Mansion tax’ fears chill London’s luxury housing market FT / FT *


SERVICES

E-Cigs – Philip Morris announces hybrid containing tobacco wsj *

E-Cigs – Tobacco Bonds Feel Heat WSJ *

Pot – US Ganjapreneurs Hit the Jackpot S * * *


MANUFACTURING



TECH

EU – Brussels Eyes Digital Agenda to Better Compete with the US S * *


TRADE & TRANSPORTATION

Air – Delta Adds To Capacity Worries As Gulf Carriers Grow IBD *

Air – Delta, Alaska Airlines Go to War Over Seattle WSJ *


COMMODITIES

Water – Meteorologists shift tone on El Niño FT / WSJ / wapo / N * *

Water – South America Better Positioned Financially for El Niño, Moody’s Says WSJ

Water – Investing in Scarce Resources WSJ *

Water – California Cities Crack Down WSJ *

Water – Feds don’t want irrigation used to grow pot AP

Water – California city looks to sea AP

Water – Drought Plagues Brazil’s Biggest City WSJ

Water – Irish braced for new annual charge FT *

Water – This June could be the driest ever in India TOI / PTI / ET / * * *

Water – Mismanagement blamed for New Delhi’s crisis FT * *


ENERGY & ENVIRONMENT

Oil – Islamic State seizes field and towns in Syria’s east R *

Oil – Libya Could Lift Force Majeure on Key Eastern Ports WSJ / FT / r *

Oil – Slides on reports of possible Libya exports recovery FT *

Oil – US Gas Prices Wallop Wallets WSJ *

Oil – Explorers hit rock bottom FT / FT *


LABOR & EDUCATION



HEALTH

Pharma – European drugmakers sold before they reach full maturity FT * * *

Pharma – Which states prescribe the most painkillers? wapo * * *


ENDNOTE

When each country celebrates national/independence day motw *


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