Case Study On Dollar Aids World Economy In Currency War
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Economics
BRIEF
NEWS, ANALYSIS AND COMMENTARY
MOST READ ON BLOOMBERG
Draghi Buying Spree Seen Starting Modestly
Dollar Aids World Economy in Currency War
DATA REPORTS (NEW YORK TIME)
TIME
EVENT
SURVEY ACTUAL PRIOR
7:00
RU Gold, Forex Reserve
—
— 458.3B
7:30
US Challenger Job Cuts YoY
—
— -20.70%
7:30
US RBC Consumer Outlook
—
—
52.4
0.05%
—
0.05%
7:45
EC ECB Main Refo Rate
7:45
EC ECB Deposit Fac. Rate -0.20%
— -0.20%
7:45
EC ECB Marg. Lend. Facility 0.30%
—
8:00
BZ Industrial Prod. YoY
— -3.60%
8:30
US Initial Jobless Claims
9:45
US ISM New York
9:45
US Bloomberg Cons. Com.
10:00 US Factory Orders
0.30%
297K
—
293K
—
—
57.1
—
—
35.5
442.3
—
441.6
-9.50%
www.bloombergbriefs.com
Draghi to Detail QE Plans; U.S. Factory Orders
WHAT TO WATCH: Mario Draghi, rarely far from the spotlight, dominates it today. The European Central Bank president has said he will use his 8:30 a.m. press conference to set out
Alex Brittain details of a forthcoming asset-purchase program (see chart on page 4). In the U.S., factory orders for August at 10 a.m. may reverse most of a record-beating increase notched up in July. Fed policy maker William
Dudley gives a speech at 12 p.m and colleague Dennis Lockhart speaks at 1 p.m.
DAYBOOK
Yellen’s Job Slack Sticks as Workers Languish
10:00 DE Foreign Reserves
10.02.14
■■
War Severs Ukraine’s Industrial Arteries
-5.70%
Thursday
ECONOMICS: Euro-area PPI data suggested downward pressure on core consumer prices. U.S. initial jobless claims at 8:30 a.m. may edge up to a three-week high.
■■
GOVERNMENT: China announced plans to cap the amount of debt local governments can take on. Ukraine’s military fought off a separatist assault on the Donetsk airport as shelling killed 10 civilians in the eastern city, destabilizing a cease-fire.
■■
COMPANIES: Pimco’s Total Return Fund suffered its worst ever withdrawals last month of $23.5 billion, highlighting the challenge facing new CIO Daniel Ivascyn.
■■
MARKETS: Stocks fell around the world, led by the biggest drop in Tokyo shares in almost seven months. The dollar fell the most in three months ahead of the ECB’s decision. WTI crude fell below $90 for the first time in 17 months.
■■
— 10.50%
19:30 AU AiG Perf of Serv. Index
—
—
49.4
21:00 CH Non-manufacturing PMI
—
—
54.4
21:35 JN Markit Services PMI
—
—
49.9
21:35 JN Markit/JMMA Cmp. PMI
—
—
50.8
22:30 HK HSBC Hong Kong PMI
—
—
49.6
Global Income Distribution Shape Changes Over Time
2000
OECD
UsjfiotGlobal
jaekl tutue
Forum
kdlsessa on Knowledge Economy
UK
FI
Valls,
Tktktktk
Hollande Meet Finnish Premier Stubb
Griot
Fed's jaekl
Dudley
tutue
Speaks
kdlsessa in New unte. York
5:00 US
13:00
EC
Griot
Fed's jaekl
Lockhart
tutueSpeaks kdlsessa in Atlanta unte 8:00 US
20:00
PO
Portugal
Fed's
Bullard cabinet Speaks meeting in Tupelo, Mississippi
KEENE’S
CORNER
Pierpont Securities’ Chief Economist
Stephen Stanley on unemployment and its role in economic growth. Millions of people
JN
SZ
1960
1950
1929
1820
250
TIME
1:00
—
1970
300
ECONOMIC-EVENTS CALENDAR
TBA
—
1980
350
200
150
100
50
0
100
1 000
Gross income in 1990 GK$
10 000
100 000
Source: Clio-Infra, OECD report on global well-being
A thickening in the “right tail” of the world income distribution is noticeable as early as 1950, according to a new report from the OECD on global well-being since 1820. “After 1980, globalisation contributed to higher income inequality within countries, while at the same time leading to a decline of income inequality between countries,” according to the report (http://bit.ly/YUkX2x).
