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1 Article
Source: Common Domain

Mnuchin has a simple reason why the Dow is poised for its worst December since 1931

Today 06:04 GMT

Treasury Secretary Steven Mnuchin has weighed and measured the recent destruction that has put the Dow Jones Industrial Average on track for its worst December since 1931, and he appears to have drawn his own conclusions as to the impetus.

In fact, if the Dow finishes at its current level, down about 7%, it would mark the worst December since 1931 when it fell 17.01%, according to Dow Jones Market Data.

1 Article
Source: Common Domain

Bond market’s inflation gauge slides to lowest since Oct. 2017 as Fed meeting gets underway

Today 06:04 GMT

The bond market’s gauge of inflation expectations slid to its lowest level since last December after crude prices slumped to a 16-month low.

While the bond market’s inflation gauge tends to follow the turbulent moves in the crude oil market, making it too volatile for the central bank as a reliable gauge of inflation, in recent speeches several members of the Federal Open Market Committee, including St. Louis Fed President James Bullard and Fed Vice Chairman Richard Clarida, have cited the merits of watching the market-based measure of price prospects.

1 Article
Source: Global News

U.S. stocks face ‘biggest December fall’ since 1931 as world stocks, oil price tumbles

Today 04:15 GMT

World stock markets, the U.S. dollar and oil prices tumbled on Tuesday as fears about a slowing global economy gripped investors, just as the U.S. Federal Reserve looks set this week to deliver its fourth interest rate hike of the year.

“We’re facing the biggest December fall in U.S. stocks since 1931 and this is striking and worrying at the same time,” said Chris Bailey, European strategist at international financial services firm Raymond James. “We are at a regime shift moment and the debate is how big that regime shift will be.”

1 Article
Source: The Guradian

Why are markets falling, and are we heading for global recession?

Today 06:04 GMT

Financial markets have been nervously eyeing the US Federal Reserve as it prepares to raise interest rates for the fourth time this year on Wednesday, with big investors fearing that higher borrowing costs could damage the global economy.

Oil prices have had a rollercoaster couple of years, so a surge or sudden drop in the price of crude could pose problems for the world economy.

1 Article
Source: Common Domain

Asian markets fall as Fed worries override Xi’s reassurance on economic reforms

Today 04:14 GMT

Asian stocks fell on Tuesday following a major speech by Chinese President Xi Jinping, tracking losses on Wall Street as traders braced for an interest rate hike by Federal Reserve.

In his speech in Beijing, Xi called for China to “stay the course” on economic reforms, adding a defiant note that “no one is in a position to dictate to the Chinese people what should or should not be done,” an apparent job at the Trump administration’s efforts to force a trade deal.

1 Article
Source: Fox News

Fiorina: Trump 'Jawboning' the Fed on Interest Rates Is 'Wholly Inappropriate,' Won't Help Markets

Today 06:04 GMT

Responding on "America's Newsroom," former Republican presidential candidate Carly Fiorina said President Trump "jawboning" the Federal Reserve over interest rates will not help matters.

Trump took to Twitter Tuesday morning, imploring the Federal Reserve officials to read an editorial in the Wall Street Journal and not "make yet another mistake" by raising interest rates again.

1 Article
Source: Reuters

From Jakarta to Buenos Aires, the world feels Fed's sting

Today 06:04 GMT

When the U.S. Federal Reserve kept lifting interest rates this year, a world away in Jakarta profits dropped to next to nothing at Andy Kurniawan’s shop selling collectible action figures.

Months later, three or four of the 30 employees at TAAD, a light-switch manufacturer on the working-class outskirts of Buenos Aires, were about to lose their jobs. The company’s president, Daniel Araujo, said the plunging local peso currency made raw copper and plastics the firm imports so expensive that he had to halve production.

1 Article
Source: DW

Is angst about China behind Germany's stricter foreign investment rules?

Today 06:04 GMT

China and Germany have major disagreements over protection of intellectual property and government subsidies to Chinese state-owned companies.

Germany is planning to tighten rules on share purchases in German firms by non-EU companies, business daily Handelsblatt reported on Sunday. Chancellor Angela Merkel's cabinet plans to approve the law change on Wednesday and send it to parliament, the paper said.

1 Article
Source: Common Domain

‘It’s Been a Rout’: Apple’s iPhones Fall Flat in World’s Largest Untapped Market

Today 04:14 GMT

The number of iPhones shipped in India has fallen 40% so far this year compared with 2017, and Apple’s market share there has dropped to about 1% from about 2%, research firm Canalys estimates.

The declines followed reductions in planned iPhone production and analysts’ reports that consumer interest in new iPhones is waning. In price-sensitive markets such as India or African countries, most people buy phones outright and choose pay-as-you-go plans.

1 Article
Source: Reuters

Breakingviews - Indian unicorns will feast on richer pastures

Today 04:15 GMT

The support of wealthy foreign investors like Japan’s SoftBank, its affiliate Vision Fund, and China’s Ant Financial, is also encouraging Indian startups to think big.

There’s a second windfall too: Australians eat out about ten times more every month than a middle-class Indian, says one industry insider. Even if the cut of fees demanded by Zomato or Ola is close to the take-rate in India, the absolute amount they can pocket per a delivery or taxi ride is higher almost anywhere else, because of the country’s low per-capita income.

1 Article
Source: Reuters

Oil drops 4 percent on oversupply, equities sell-off

Today 04:15 GMT

Oil prices fell 4 percent on Tuesday, dropping for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in global stock markets.

North Sea Brent crude lost $2.41, or 4.0 percent, to a low of $57.20, a 14-month low, and last traded around $58.06, down $1.55.

1 Article
Source: BBC

Is the UAE still a high-paid expat haven?

Today 04:15 GMT

A handpicked selection of stories from BBC Future, Culture, Capital and Travel, delivered to your inbox every Friday.

The oil-rich UAE is home to millions of expatriate workers of all levels and nationalities, lured by tax-free salaries and year-round sunshine. The majority of foreigners live in the main business hubs of Abu Dhabi and Dubai, the latter a major tourist destination famous for luxury beach resorts, soaring buildings and glossy shopping malls.

1 Article
Source: Common Domain

U.S. stock market looks set to rebound after two days of pummeling

Today 04:15 GMT

U.S. stock index futures pointed to a higher open Tuesday, after a multisession rout took the Nasdaq and the S&P 500 to their lowest levels since the autumn of 2017.

Read: Here’s why the Fed won’t save the stock market, despite its worst December start since 1980. Persistent fears that sluggish global growth will wash up on U.S. shores continues to unsettle investors and has thus far resulted in the worst equity market selloff in recent memory, primarily underpinned by rising interest rates and trade-war jitters.

1 Article
Source: Common Domain

Stocks reverse rally; S&P threatens fifth straight day of losses

Today 06:04 GMT

U.S. stocks were trading flat in the final hour of exchange Tuesday, with all three major benchmarks turning negative after attempting a modest rally earlier in the day, and as investors remain laser-focused on the Federal Reserve, which begins its final policy meeting of the year Tuesday, with a policy announcement set for Wednesday.

The Dow Jones Industrial Average DJIA, +0.50%  edged up 40 points, or 0.2%, at 23,640, while S&P 500 index SPX, +0.18% was down 4 points, or 0.2% at 2,541.

1 Article
Source: BBC

Could Greenland become China's Arctic base?

Today 04:14 GMT

The Greenlandic prime minister and foreign minister refused to speak to us about their government's attitude to China, but a former prime minister, Kuupik Kleist, told us he thought it would be good for Greenland.

There'll be pressure from the Danes and Americans to ensure the Chinese bid doesn't succeed, but that won't stop China's involvement in Greenland. The Greenlandic government has decided to build three big international airports capable of taking large passenger jets.


“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte