10 July 2015

July 9th, 2015



Today’s Issue Cluster: Shale

Puerto Rico – Shippers push back in battle over import costs
Japan – Chinese Descend on Property Market, Pushing Prices Up
Cigs – Smoking rates still rising in many countries, even some in the rich world


MAJOR DATA POINTS

Canada – Jun: Sheds jobs; -6,400 from +58,900 / CBC / FP / G&M *

US – May: Wholesale inventories rise; +0.8% / R


MARKETS

Yen – Rally fuelled by fears of China turmoil spilling over FT * * *


ECONOMICS

Japan – Abe counting on growing way out of fiscal mess N * *

Japan – Tankan shows effects of Chinese buying spree N *

Japan – Travel balance turns positive 1st time in 55 years N *


POLITICS & FISCAL POLICY

Puerto Rico – Pain Is Tied to Minimum Wage WSJ *

Puerto Rico – Shippers push back in battle over import costs R *


MONETARY POLICY

BOJ – Is quantitative easing putting solvency at risk? N *


FINANCE



REAL ESTATE

Japan – Chinese Descend on Property Market, Pushing Prices Up B

Japan – Tokyo is Asia’s hottest investment destination N *


LABOR & EDUCATION

Japan – Population slide set to accelerate FT

Japan – Women in the workforce FT * * * *


SERVICES

Cigs – Smoking rates still rising in many countries, even some in the rich world E *

Cigs – Hawaii Raises Smoking Age To 21 / dv *


MANUFACTURING



TECH



TRADE & TRANSPORTATION



COMMODITIES

Crops – Cereals: El Niño hits Asian and African production FT

Crops – Wheat: Concerns over US winter harvest may boost low prices AP

Crops – Corn: Ukraine set to become top exporter to China FT *

Crops – Rice: Asia prices poised to climb as drought deepens N *

Crops – Rice: Myanmar hungry to become top exporter again N *


ENERGY & ENVIRONMENT

Shale – Has been stymied by Saudi Arabia, says Shell CEO FT *

Shale – Drillers’ Safety Net Is Vanishing B *

Shale – Refracking Is the New Fracking B * *

Shale – US industry has a future; many firms do not E * * *

Shale – US equity sales slow FT * *

Shale – PA Governor and Fracking Sector Face Off WSJ *

Shale – NY farmer group proposes fracking using propane AP

Shale – UK fracking boom hits northern setback FT / WSJ / NYT / FT


HEALTH



ENDNOTE

The Tour De France Used To Be Way Longer dv *


9 July 2015

July 8th, 2015



Today’s Issue Cluster: Metals

Greece – Euro, Envisioned as Force for Unity, Becomes Weapon
TPP – Potential Impact Weighed in Asia and US
Arctic – A region braces itself for Russia’s next move


MAJOR DATA POINTS

China – Jun: CPI up; +1.4% from +1.2% / AFP / X *

China – Jun: PPI down; -4.8% from -4.6% / X *

Germany – May: Trade surplus hits new record; +€22.8b from +€22.3b / AP / AFP

US – Week: Jobless claims rise to highest level since February; +15k to 297k / R / WSJ


MARKETS

China – Beijing’s Efforts Have Failed to Tame Market WSJ / FT / WSJ * * *

China – Beijing’s barrage of support stems rout FT / WSJ / NYT *

China – Who Blew Up Stock Bubble? B / CER *

China – Stock Sale Ban Draws Scorn B / R / WSJ / FT / B / NYT / b *

China – Stock crash sparks fears of contagion to financial system FT / WSJ *

China – Rout Spills Into Debt, Currency Markets WSJ *

China – Equity rescue: The cost of a bigger boat b * *


ECONOMICS

World – Data point to poorer middle class FT * * * * *


POLITICS & FISCAL POLICY

Greece – Fear Grows as Decisive Hour Nears WSJ *

Greece – ‘Countdown to Grexit’ FT / ft * *

Greece – Banks face closures, bailout or not R

Greece – ECB Holds Key to Future WSJ *

Greece – Crisis Sparks Fears of Contagion Among Neighbors WSJ

Greece – Euro, Envisioned as Force for Unity, Becomes Weapon NYT

Greece – German Critics Say Bailout Was Doomed From Start WSJ / *

Greece – Germany’s Power Polarizes Europe WSJ *

Greece – Germany Has a Lot to Lose in a Grexit WSJ *


MONETARY POLICY

Fed – Global Tumult Gives Pause on Rates WSJ / FT / NYT / R / B / AP / FT *


FINANCE



REAL ESTATE



LABOR & EDUCATION



SERVICES



MANUFACTURING



TECH

Mobiles – Microsoft to Cut 7,800 Jobs on Nokia Woes WSJ *

Mobiles – Smartphone growth to slow this year N / WSJ *

Mobiles – Sharp Wants Deep Price Cuts From Suppliers WSJ *


TRADE & TRANSPORTATION

TPP – Potential Impact Weighed in Asia and US NYT

TPP – Butter On the Table in Trade Talks as Japan Faces Shortage WSJ *


COMMODITIES

Metals – China’s equity rout sparks meltdown FT / WSJ *

Metals – The Mining Supercycle’s Long Goodbye WSJ *

Iron – Recovery Turns to Rust WSJ / WSJ *

Steel – Demand May Improve on ‘One Belt One Road’ b * * * *

Nickel – ‘Industry Is in a Severe Depression’ b *

Nickel – Knives out despite bullish supply signals r *

Aluminum – Glut Dents Alcoa’s Prospects WSJ / FT / WSJ *

Rare Earths – Fate of miners rests on China smuggling crackdown R


ENERGY & ENVIRONMENT

Arctic – A region braces itself for Russia’s next move N *

Arctic – Shell Places Huge Bet on Arctic WSJ *


HEALTH



ENDNOTE

Peak Road, Hong Kong is Most Expensive Street dv *


8 July 2015

July 7th, 2015



Today’s Issue Cluster: India

Petrochemicals – Synthetic resin prices firm
Dairy – US Producing Record Amount of Milk and Dumping the Leftovers
Insurance – Sharp Drop in Spending on Birth Control


MAJOR DATA POINTS



MARKETS

Bonds – US, Germany, UK Rally on Global Uncertainties WSJ

Bonds – Asia’s Rich Show Love for Junk WSJ *

Bonds – Liquidity pitfalls threaten parched markets FT * * *


ECONOMICS

India – Pressure rises on stock exchanges to list FT *

India – Set to change listing rules for start-ups FT * *

India – Infrastructure Built on Debt FT * * * *

India – Ecommerce groups target online grocery shoppers FT * *


POLITICS & FISCAL POLICY

India – Reforms Set Stage for Growth b * *


MONETARY POLICY



FINANCE

India – Companies Bypass Banks WSJ *


REAL ESTATE

India – Reforming other bits of its economy, but not farming E *

India – Land in demand FT *


LABOR & EDUCATION



SERVICES

E-Cigs – FDA Proposes Warning Labels on Liquid Nicotine Bottles WSJ

E-Cigs – FDA Cloud Hangs Over Vape Shops WSJ *


MANUFACTURING

Petrochemicals – Synthetic resin spot prices firm in Asia N *

Plastics – Companies stretched by rising prices FT * *


TECH



TRADE & TRANSPORTATION



COMMODITIES

Dairy – Brussels cheese ruling grates with Italians FT *

Dairy – US Producing Record Amount of Milk and Dumping the Leftovers B * *


ENERGY & ENVIRONMENT

Coal – Australian miners cry foul over China testing regime FT

Coal – German government drops plans for contested tax AFP

Coal – Mick Davis is ready to make a contrarian bet FT


HEALTH

Insurance – Sharp Drop in Spending on Birth Control NYT

Insurance – Fight Over Affordable Care Act Turns to Medical-Device Tax WSJ


ENDNOTE

The world’s tallest cow dies after a lifetime of Photoshop accusations CBC *


7 July 2015

July 6th, 2015



Today’s Issue Cluster: China

Currencies – Skirmishes become pitched battles
Commodities – Yuan globalization shifts commodities trading
Oil – Approaches bear market


MAJOR DATA POINTS

Canada – May: Trade deficit 2nd highest ever; -$3.3b / CBC / B

US – May: Trade Gap Increases Modestly; +2.9% to -$42b / WSJ / R / AP / cr *

US – May: JOLTS Jobs Openings increased; 5.36m from 5.33m / cr *


MARKETS

Currencies – Skirmishes become pitched battles FT

Currencies – Bet on Aussie offers respite from Greece FT *

Currencies – Aussie and kiwi hit by China fears FT

Currencies – Mexico’s Peso Is Stung by Bets on US Rates WSJ *

Currencies – Korea’s wonky won defies convention FT * *


ECONOMICS

China – Stocks fall in defiance of Beijing’s support efforts FT / WSJ / R / NYT / B

China – Blue-chips get Beijing boost FT / ft *

China – Slump Spreads as Alibaba Sinks B

China – Companies accelerate US corporate exodus FT *


POLITICS & FISCAL POLICY

China – Market turbulence tests Xi’s reform agenda FT / FT / WSJ


MONETARY POLICY

PBOC – Will China join the zero interest rate club? FT *


FINANCE

China – Slump in equities heralds surge in bad debt FT / NYT * * *

China – Bank Listing Gives Glimpse of Rising Bad Debt WSJ *

China – Bad loans pile up at small, unlisted banks E *


REAL ESTATE

China – Zeroing in on empty homes, Beijing throws developers a lifeline R

China – Green shoots in flagging property market FT *


LABOR & EDUCATION

China – Hunger for Robots Marks Significant Shift WSJ *


SERVICES

Gaming – Macau Gambling Revenue Falls for 13th Straight Month WSJ

Gaming – Macau casino shares rally after China reverses visa policy FT

Gaming – Macau Builds, but Gamblers Don’t Come WSJ *


MANUFACTURING



TECH



TRADE & TRANSPORTATION



COMMODITIES

Commodities – Yuan globalization shifts commodities trading b * *

Commodities – Fall saves China’s blushes FT *

Commodities – China: Cornering the markets E *

Commodities – Markets diverge as supply and demand come to the fore FT *

Commodities – Get Ready to Weather the Price of El Niño WSJ *


ENERGY & ENVIRONMENT

Oil – Approaches bear market FT / WSJ * * *

Oil – Headed for bear market after biggest drop in five months FT / WSJ *

Oil – Market throws cold water on US export ban push FT * *

Oil – Iran Wants to Double Exports WSJ / B *

Oil – Stocks Hit Two-Year High in Europe Hub WSJ * *

Oil – Oversupply Meets Rising Demand in Quietest Market Since 2013 B *


HEALTH



ENDNOTE

Day & night populations: NY, Chicago, SF time * * *


6 July 2015

July 5th, 2015



Today’s Issue Cluster: US Labor

Ship – Cargo Industry Gloomiest Since 2009 as Glut Endures
Insurance – US Companies Seek Big Rate Increases for 2016
Insurance – In Health Law, a Boon for Diet Clinics


MAJOR DATA POINTS

Germany – May: Factory orders slip; -0.2% from +2.2% / AP / b *

US – Jun: ISM services rises; 56.0 from 55.7 / AP / R / cr *


MARKETS

China – To Suspend New Stock Sales to Preserve Liquidity WSJ / FT / NYT / R / WSJ *

China – Stabilizes But HK Shares Plunge WSJ / NYT / FT / R / WSJ *


ECONOMICS



POLITICS & FISCAL POLICY

Greece – Defies Europe with overwhelming referendum ‘No’ FT / WSJ / R / AP / NYT / B

Greece – Finance Minister Resigns WSJ / FT / R / NYT / pol *

Greece – Mirage of Economic Turnaround Masked New Crisis WSJ *

Greece – Needs €60b in new aid, says IMF FT *

Greece – Banks prepare plan to raid deposits to avert collapse FT / NYT

Greece – Shows ECB’s stress tests were nonsense ft

Greece – Capital controls squeeze a suffocating economy FT *

Greece – Cash Crunch Hits Everyday Life WSJ *


MONETARY POLICY

Fed – Jobs Report Keeps Bank on Track for 2015 Rate Increase wsj

Fed – Slower US bond demand may urge rethink FT *

Fed – When economists and markets diverge FT *


FINANCE

UK – Bankers call for Budget rethink on levy FT / R

UK – The Wider Cost of Banks Behaving Badly WSJ *


REAL ESTATE



LABOR & EDUCATION

US – Jobs Market Continues Its Fitful Recovery WSJ / FT / NYT / IBD *

US – Stands Out on Labor Force Participation Rates wsj / B * *

US – Wage Measures Send Mixed Signals WSJ *

US – Jobs Gains Don’t Ease Spending Strains WSJ *

US – ‘Jobs Numbers Are Weaker Than They Look’ nyt / wsj *

US – Jobless claims adjusted for the labor force cd *

US – Seen That Job Listing for a While? It’s No Coincidence WSJ *


SERVICES



MANUFACTURING

Ship – Surf’s up as cruise vessel orders hit record FT *


TECH



TRADE & TRANSPORTATION

Ship – Cargo Industry Gloomiest Since 2009 as Glut Endures B


COMMODITIES

Copper – China’s low rates sound death knell for carry trade FT / FT / FT / FT

Copper – China’s scrap imports in long-term decline r * *


ENERGY & ENVIRONMENT



HEALTH

Insurance – Aetna to buy Humana for $37b FT / WSJ / NYT *

Insurance – US Companies Seek Big Rate Increases for 2016 NYT

Insurance – In Health Law, a Boon for Diet Clinics NYT


ENDNOTE

Europe’s Most Useful Foreign Languages statista *

Europe’s Second Most Useful Foreign Languages statista *


2 July 2015

July 1st, 2015



Today’s Issue Cluster: Autos

China – Equity bubble has echoes of Nasdaq in 2000
Iran – Oil exports could jump by 60% in a year
Air – China’s aviation boom drives airport building frenzy


MAJOR DATA POINTS

US – May: Factory orders fall on transportation; -1.0% from -0.7% / R / AP

US – Jun: Jobs Market Continues Fitful Recovery; +223k from +254k (was +280k) / WSJ / R / NYT / FT *

US – Week: Jobless Claims Rise; +10k to 281k / WSJ


MARKETS

China – Weighs Options to Stem Market Rout WSJ / FT *

China – Firms Discover Margin Lending’s Downside WSJ *

China – Equity bubble has echoes of Nasdaq in 2000 FT / FT *


ECONOMICS



POLITICS & FISCAL POLICY

Iran – Eyes $100b of investment in oil industry FT / FT *

Iran – European oil majors hold Tehran talks FT / WSJ

Iran – Oil exports could jump by 60% in a year R *

Iran – Maps out plans to revive economy when sanctions are lifted FT *

Iran – European groups rev up for return to Tehran FT / WSJ * *

Iran – Should Russia and China expect an arms bonanza? E *


MONETARY POLICY

Fed – Looming Problem: Too Little Debt WSJ *

Fed – Inflation Undershoots 2% Target for 37th Month wsj / WSJ *


FINANCE



REAL ESTATE



LABOR & EDUCATION



SERVICES



MANUFACTURING

Autos – US: Chrysler Hits Retail Milestone, Tops Ford WSJ *

Autos – US: Industry Develops a Weak Spot WSJ *

Autos – US: Fuel Economy Targets May Be Less of a Stretch NYT

Autos – Asia: Car Makers Out-Earn US Rivals WSJ *

Autos – World: Profits of Manufacturers / dv *

Autos – China: Europe’s premium makers warned ‘cash cow is dying’ FT

Autos – China: Car Sales Slow in the West WSJ *

Autos – India: Eicher Motors unveils truck that doubles as a generator FT *

Autos – Russia: Lada revs up as sales reverse off a cliff FT *

Autos – EVs: Electric car sales ready to move out of the slow lane FT *


TECH



TRADE & TRANSPORTATION

Air – Justice Department Probes Airlines for Collusion WSJ / FT / NYT / R *

Air – The Next Frontier in Baggage: Digital Bag Tags WSJ *

Air – China’s aviation boom drives airport building frenzy R

Air – Airports Commission recommends third Heathrow runway FT / WSJ *


COMMODITIES

Crops – Corn, Soybeans Rise on Smaller-Than-Expected Stockpiles WSJ *

Crops – Wheat Prices Up Nearly 6% on Heavy Rains WSJ / FT *

Crops – Meat eating set to drive growth in grain demand FT

Crops – Deere, Potash Face a Glutted Market WSJ


ENERGY & ENVIRONMENT



HEALTH



ENDNOTE

Different US regions favor different types of stocks bi *


1 July 2015

July 1st, 2015



Today’s Issue Cluster: Solar Power

Japan – Growth Rebound Short-Lived as Challenges Loom
US – Low Interest Rates, Jobs Boost Subprime Auto Lenders
Rare Earths – Bet Flopped as Scarcity Was a Mirage


MAJOR DATA POINTS

Japan – Jun: Tankan Confidence Index Unexpectedly Improves; 15 from 12 / B / FT

China – Jun: HSBC manufacturing remains weak; 49.4 from 49.2 / AP / R

EZ – Jun: Markit factory growth tepid; 52.5 from 52.2 / R / WSJ

US – Jun: Markit factory activity slowest since October 2013; 53.6 from 54.0 / R

US – Jun: ISM Manufacturing Index Rises; 53.5 from 52.8 / WSJ

US – Jun: ADP Private Sector Jobs Up; +237k from +203k / WSJ / R

US – May: Construction spending rises to 6-1/2-year-high; +0.8% from +2.1% / R


MARKETS

Currencies – Indonesia Bans Foreign Currencies in Domestic Transactions WSJ *

Currencies – Rupiah slump dents corporate Indonesia FT *

Currencies – Yen is running out of wiggle room FT *


ECONOMICS

Japan – China’s Slowdown Stings Companies WSJ *

Japan – Bets on growth to curb debt as Abe reveals three-year plan FT * *

Japan – Growth Rebound Short-Lived as Challenges Loom b *

Japan – Takes On Its Deficit-Ridden Finances WSJ *

Japan – ‘Productivity Revolution’ Plan Offers Few Major Steps WSJ


POLITICS & FISCAL POLICY

Greece – Tsipras backs down on many Greece bailout demands FT

Greece – Proposal Falls Short of Creditors’ Demands WSJ / R / B

Greece – Default Deals Blow to IMF WSJ *

Greece – Athens Race to Sway Bailout Referendum WSJ *

Greece – Heat dries up new stock sales in EU FT * *

Puerto Rico – Close to Deal to Avoid Default WSJ / NYT / WSJ *


MONETARY POLICY



FINANCE

US – Online Lenders Offer New Competition for Banks WSJ *

US – Shadow banks take up the running in risky lending FT *

US – Low Interest Rates, Jobs Boost Subprime Auto Lenders IBD

US – Banks Feel Pinch From Declining Overdraft Fees WSJ * *


REAL ESTATE

US – Office Market Is on a Slow Roll WSJ *

US – Housing stages ‘lopsided’ recovery FT * * * *


LABOR & EDUCATION

HigherEd – Surge of Chinese Applicants Tests US Colleges WSJ

HigherEd – Foreign Grad-School Applications Rise, Driven by India WSJ *


SERVICES



MANUFACTURING



TECH



TRADE & TRANSPORTATION



COMMODITIES

Rare Earths – Molycorp Files for Bankruptcy Protection WSJ / FT

Rare Earths – Bet Flopped as Scarcity Was a Mirage B

Rare Earths – After the boom and the bust r *


ENERGY & ENVIRONMENT

Alt – Solar: Boom Raises Doubts on Sale of Australia Power Assets WSJ *

Alt – Solar: Japan aims for space power N *

Alt – Solar: How Chinese Billionaire’s Bet Soured WSJ *

Alt – Solar: Investors again sour on Chinese stocks N *

Alt – Solar: Industry Hustles As Tax Credit Deadline Nears IBD

Alt – Solar: High-Tech Projects Fail to Deliver WSJ *

Alt – Solar: Battle Puts Hawaii at Forefront of Changes NYT

Alt – Solar: ‘Enjoys a glowing outlook’; r *


HEALTH



ENDNOTE

Interest rates lower than at any time in the past 5,000 years ft *


30 June 2015

June 29th, 2015



Today’s Issue Cluster: Asean

Ship – South-East Asia is the new piracy capital of the world
Cocoa – Rising prices eat into chocolate bars
Carbon – Coal power plants feel the heat of Alberta’s new tax rules


MAJOR DATA POINTS

EZ – Jun: Inflation Rate Eased; +0.2% from +0.3% / WSJ / AP / AFP *

Canada – Apr: Surprise Contraction Opens Door to 2nd Rate Cut; -0.1% from -0.6% / B / G&M

US – Apr: Case-Shiller Home Price Index Flattens; +4.2% from +4.3% / WSJ / cr *

US – Jun: ConfBd consumer confidence jumps; 101.4 from 94.6 / AP / R


MARKETS



ECONOMICS

Asean – Economies turn sluggish as exports sag N *

Myanmar – New kyat note brings back bad memories N

Myanmar – Opens its banking sector to foreign entrants N *

Thailand – Falls further into deflation FT *

Thailand – Eases capital curbs in effort to revive economy FT / WSJ * *

Thailand – Economy tests the junta’s steering skills N *

Thailand – Household debt begets a major dilemma N *

Malaysia – Ringgit Sinks to 9-Year Low vs. Dollar WSJ *

Indonesia – Consumer growth story falters R *

Indonesia – No more Mr nice guy FT * *

Indonesia – High-Yield Corporate Bonds Are Stars in Asia WSJ *

Indonesia – Oil industry r *

Indonesia – ‘Held back by bad policy as much as bad infrastructure’ E * *

Brunei – Oil-dependent nation struggles to diversify N *

Vietnam – Scraps foreign ownership limits in investment push FT *

Vietnam – Hanoi is eager to seize the chance for economic reform N *

Vietnam – Wooing investment from a former foe N *

Vietnam – Mobile Revolution Catapults Millions Into the Digital Age WSJ *

Vietnam – Bkav launching high-end smartphones N *

Philippines – Port gridlock puts growth in the slow lane FT *


POLITICS & FISCAL POLICY



MONETARY POLICY

World – ‘Picts’ most exposed to Fed rate rise fallout FT * *

World – Low rates hold back global growth, BIS warns FT *


FINANCE

M&A – Maths, not history, drives mergers and acquisitions FT * *

M&A – Record valuations drive 2015 boom FT *


REAL ESTATE



LABOR & EDUCATION



SERVICES



MANUFACTURING



TECH

Silicon Valley – Inside the winners’ circle FT * * * *

Silicon Valley – How to short ‘unicorns’ FT *

Silicon Valley – ‘Why This Tech Bubble Is Less Scary’ wsj

Silicon Valley – Talk of bubbles does not really lead to a burst SFC *


TRADE & TRANSPORTATION

Ship – South-East Asia is the new piracy capital of the world e *

Ship – Kra Isthmus shortcut would mean big shifts in Southeast Asia N *


COMMODITIES

Cocoa – Rising prices eat into chocolate bars FT

Cocoa – Ghana’s Seeks $1.8b Loan for 2015-16 Crop WSJ

Cocoa – Sector hits at new Ivory Coast export rules FT * *


ENERGY & ENVIRONMENT

Carbon – Supreme Court tells EPA to consider industry costs FT / WSJ / B / AP / NYT

Carbon – Big differences hold up deal FT * *

Carbon – EU climate policies lead to US trees being cut down WaPo

Carbon – Coal power plants feel the heat of Alberta’s new tax rules FP *

Carbon – G-7 pact cements long-term coal market decline N *


HEALTH



ENDNOTE

Populations of the US, Canada and Europe by latitude prooff *


29 June 2015

June 28th, 2015



Today’s Issue Cluster: Greece

China – A Shortage of Tools for Betting Against Market
Travel – ‘Asia’s most visited cities need more than Chinese tourists’
TPP – US doesn’t favor deal as much as others


MAJOR DATA POINTS

Japan – May: Industrial Production Slumps; -2.2% from +1.2% / B / AFP

EZ – Jun: Consumer Confidence Unchanged; -5.6 / WSJ *

US – May: NAR pending home sales rise to nine-year high; +0.9%, +10.4% yr / R / B


MARKETS

China – Stocks Are Battered Anew WSJ *

China – Rout bolsters view bull run is over FT / WSJ / NYT * * *

China – Shadow lending crackdown looms over stock market FT *

China – Beijing may see silver lining in ballooning stock market FT * *

China – A Shortage of Tools for Betting Against Market WSJ *


ECONOMICS

China – Deflation flatters GDP figures FT * *

China – Rural ghost towns are on the rise N *

China – Plan for Local Debt Amounts to a Bailout WSJ *


POLITICS & FISCAL POLICY

Greece – Tsipras gambles political future on bailout referendum FT / WSJ / NYT

Greece – Banks Will Not Open Monday WSJ / FT / NYT / B

Greece – Fragile Banks Leave Tsipras Few Options WSJ / FT *

Greece – Wave of contagion expected after ‘Grexit’ chances rise R / WSJ / WSJ *

Greece – Capital outflows, then and now ft *

Greece – Bucking upward trend of the other peripheries / b *

Greece – Full Default Would Be 4x All Previous Defaults Combined cfr *

Puerto Rico – Governor Says Debts Are ‘Not Payable’ NYT / WSJ *


MONETARY POLICY

PBOC – Cuts benchmark interest rates FT / WSJ / NYT / R / AP / B *

PBOC – Rate Cut Hacks a Perilous Path WSJ / WSJ * *

PBOC – Easing Makes It Cheaper to Raise Cash at Home WSJ *


FINANCE

China – Moves to scrap long-held loan-to-deposit cap FT / WSJ * *


REAL ESTATE

Australia – Housing prices going through the roof N *

Australia – Property Lending Sparking Fears of Banking Crisis WSJ *


LABOR & EDUCATION

China – Seeks productivity salvation in robots FT / CD * * * *


SERVICES

Travel – ‘Asia’s most visited cities need more than Chinese tourists’ R *

Travel – Chinese tourism boom growing N *


MANUFACTURING

Textiles – US Asks Vietnam to Cut Out Chinese Supply WSJ *

Textiles – How a US Maker Came to Embrace Free Trade WSJ * *

Textiles – The Weakening Of Chic: Basic Apparel Makers Rally IBD


TECH



TRADE & TRANSPORTATION

TPP – Progress in Japan shakes up sake and crackers FT

TPP – Why everyone is so keen to agree new trade deals e * *

TPP – US doesn’t favor deal as much as others q *

TTIP – ‘Nein Danke’ – smaller German firms see threat R


COMMODITIES



ENERGY & ENVIRONMENT



HEALTH



ENDNOTE

Shape of Australia reddit *


26 June 2015

June 25th, 2015



Today’s Issue Cluster: Latin America

Ship – Rates for US-bound containers drop on tepid global demand
Crops – Robust consumption in Asia boosting fruit prices
Insurance – Ruling May Have Just Killed State-Based Exchanges


MAJOR DATA POINTS

Japan – May: Consumer prices tepid; +0.1% AFP / AP / FT

US – Jun: UMich consumer sentiment rises; 96.1 from 90.7 / R


MARKETS



ECONOMICS

SK – Cuts growth forecast as MERS saps spending AP

SK – MERS Outbreak Prompts Stimulus WSJ

SK – External Headwinds Delay Recovery b * *

SK – Pins hopes on creative economy to end chaebol reliance FT *


POLITICS & FISCAL POLICY

LatAm – Learning the lessons of stagnation E * * * *

LatAm – Open more bank accounts but fail to use them FT * *

LatAm – Super-rich are multiplying faster than anywhere else AFP *

Mexico – Suffers the costs of lawlessness FT *

Venezuela – Bond soars above mounting chaos of shortages FT * *

Brazil – Jobs disappear as Brasilia hunts for sources of growth FT *

Brazil – ‘Economic Fault Lies Not in Its Stars, But in Itself’ b *


MONETARY POLICY



FINANCE

Mexico – Banks say US clampdown has damaged legitimate activity FT * *

Mexico – Technology is taking finance where banks fear to tread E *


REAL ESTATE

Canada – Oil Slump Has Calgary Awash in Vacant Office Space WSJ * *


LABOR & EDUCATION



SERVICES

Ads – Former Google exec raises $10m to block the blockers FT

Ads – Push for big data escalates as viewers tune out of TV FT * * *


MANUFACTURING



TECH

Games – SK makers go mobile FT *

Games – Microsoft has significantly lagged Sony this time round e *


TRADE & TRANSPORTATION

Ship – Oil Tankers Are Filling Up and Raking It In WSJ *

Ship – Rates for US-bound containers drop on tepid global demand N *


COMMODITIES

Crops – Rain delays to US planting lift corn and soya prices FT * *

Crops – Robust consumption in Asia boosting fruit prices N *

Crops – World’s kitchens brace for olive oil price shock FT * *


ENERGY & ENVIRONMENT

Oil – Alberta doubles carbon tax on large emitters by 2017 FT / G&M / FP *

Oil – Russia takes over as top supplier to China FT *

Oil – Opec share of market fell to lowest since 2003 / b *


HEALTH

Insurance – Obamacare ruling ignites health stocks FT / WSJ / 538 * *

Insurance – Ruling May Have Just Killed State-Based Exchanges nyt

Insurance – Americans Who Prefer to Go Without WSJ * * *


ENDNOTE

An unprecedented 3-way tie leading into Canada’s Fall election reddit / 308 * *