financializer news A weblog highlighting financial topics making news in the international media.

energy sector: The benchmark S&P/ASX200 index was down 136.9 points, or 2.06 per cent, to 6,503.0 points at 1015 AEST on Thursday, while the broader All Ordinaries was down 134.4 points, or 1.99 per cent, to 6,618.9 points, according to Nine News Australia. Tech shares collectively fell 2.85 per cent, leading losses, and the energy sector shed 2.76 per cent in the first 15 minutes of trading. To improve your experience update it share market dives at open as all sectors flash red By AAP10 54am Oct 3, 2019Facebook Tweet Mail The Australian share market has opened sharply lower, with every sector losing at least 1.0 per cent, after a second day of significant falls on Wall Street. The ASX is expected to fall. The big four banks - ANZ, Commonwealth, NAB and Westpac - were down between 2.33 per cent and 3.0 per cent. Supplied The financial, consumer discretionary, consumer staple, healthcare and telecommunications sectors each fell more than 2.0 per cent. (news.financializer.com). As reported in the news.

fuelling fears: World stocks hovered near four-week lows after Washington moved to impose new tariffs on European goods, fuelling fears about global growth and dousing risk appetite, according to Nine News Australia. The latest US-European trade tensions added to fears over the standoff between Washington and Beijing, which has cast a shadow over global growth prospects. To improve your experience update it 'safe port in the storm' amid global recession worries, says Scott Morrison By 9News Staff7 23am Oct 4, Minister Scott Morrison has labelled Australia's country's economy the safe port in the storm amid global trade tensions due to its policy predictability and openness to international investment. Washington will enact 10 per cent tariffs on Airbus planes and 25 per cent duties on French wine, Scotch and Irish whiskies and cheese from across the continent as punishment for illegal EU subsidies to Airbus. AAP Earlier in the week, disappointing data on US manufacturing and the jobs market suggested the trade war with China had damaged the world's largest economy. Prime Minister Scott Morrison In a speech at the Lowy Institute foreign affairs think tank last night in Sydney. (news.financializer.com). As reported in the news.

netflix: With more than 10 million Netflix UK subscribers by the end of last year paying 5.99- 11.99 a month, with its 8.99 package by far the most popular Netflix UK raked in more than 700m, after sales tax, from British streamers, according to data and analytics firm Ampere Analysis, according to The Guardian. Revenue from British subscribers jumped 40% year-on-year in 2018, up from 500m in 2017 when the company received a 199,000 tax rebate from the UK government. Netflix's UK financial filing states the company reported revenues of 48m last year, and pre-tax profits of 2.3m, because the hundreds of millions of pounds it makes from British subscribers' monthly fees are funnelled through separate accounts at its European headquarters in the Netherlands. Netflix's UK subscription revenues are estimated to rise by about a third again this year to just short of 1bn. Netflix UK's financial filing also revealed the company has committed hundreds of millions of pounds to rental deals to secure studio space over the next decade. Netflix reports low revenue figures in the UK because, similarly to Google and Amazon, it positions the British operation as a service arm for its European headquarters where all subscriber revenues from across the continent are booked. (news.financializer.com). As reported in the news.

portugal: Austrian elections offer latest sign far right's rise is faltering in Europe Read more Although the rightwing Portugal Ahead coalition, led by pro-austerity then prime minister Pedro Passos Coelho, took the most votes in the October 2015 general election, its minority government lasted a mere 11 days, according to The Guardian. It was toppled by the socialist leader, Ant nio Costa, thanks to a promise to turn the page on austerity and a jury-rigged, non-coalition alliance with the far-left. While populist parties have erupted at both ends of the political spectrum elsewhere across the continent, Portugal has proved an enduring, if improbable, beacon of social democracy. Since then, Costa and his backers in the Left Bloc and Communist parties have confounded expectations by holding together their unprecedented deal, known as the geringon a or improvised solution. As Portugal prepares to vote in Sunday's general election, Costa is hoping that his track record will win him another term in office. They have also brought political and economic stability to a country that received a 78bn bailout from the European Union and the International Monetary Fund during the financial crisis eight years ago. (news.financializer.com). As reported in the news.

wework debt: The amount of a company's bonds that are being borrowed at any one time is considered a proxy for investors taking shortpositions, which are bets that the company's fortunes will deteriorate, according to The Guardian. The cost lenders were charging to borrow the bonds also surged to record levels, indicating a clamour among speculators to obtain WeWork debt to take a short position on it. About 10% of WeWork's bonds, worth 67m 60m in total, were out on loan as of Tuesday, according to financial data firm IHS Markit. At the same time, the cost of buying the bonds outright fell below 85 cents on the dollar, compared with nearly 1.05 90p in mid-August when the company filed its intention to float. WeWork's co-founder, Adam Neumann, was ousted as chief executive last week, amid investor concern over his behaviour, spending appetite and level of control he wielded over the company, WeWork's cancelled IPO was prompted by doubts from investors, including Japanese investment fund Soft Bank, which expressed doubts about its sky-high valuation. The decline in the market value of its bonds indicated falling confidence in the company's ability to repay debts. (news.financializer.com). As reported in the news.

analysis extras: Against the euro, it was 0.14 per cent lower, at 1.1240, according to The Independent. Reports emerged late on Tuesday that Mr Johnson's final Brexit proposal would likely create a regulatory border between Great Britain and Northern Ireland until 2025 and require border checks between Northern Ireland and the Republic of Ireland. By 4.25pm, the pound was broadly flat at 1.2309. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. You can form your own view. (news.financializer.com). As reported in the news.

brussels anxiety: Payrolls firm ADP estimated the U.S. added 135,000 private-sector jobs in September, according to The Japan Times. The figures were below expectations and bolster anxiety following data Tuesday that showed the weakest manufacturing conditions since the Great Recession. The Dow Jones Industrial Average ended at 26,078.62, down 1.9 percent or nearly 500 points, the second day in a row with a loss of more than one percent. ; The broad-based S&P 500 dropped 1.8 percent to close at 2,887.61, while the tech-rich Nasdaq Composite Index fell 1.6 percent to 7,785.25. Other factors behind the drop included fresh worries over a no-deal Brexit after British Prime Minister Boris Johnson's latest plan drew a tepid response from Brussels and anxiety over potential new U.S. tariffs on Europe following a World Trade Organization ruling on subsidies for Airbus that cleared the U.S. to impose new levies. Analysts also cited a drop in U.S. Treasury yields, often seen as a harbinger of economic slowdown. Shortly after the market closed Wednesday, senior U.S. trade officials announced new punitive tariffs on the European Union starting October 18. (news.financializer.com). As reported in the news.

equity markets: Wells Fargo Investment Institute Caption outside of wrapper for normal article images October certainly got off to a rocky start, according to Market Watch. The S&P 500 SPX, 0.80% gave up early gains Tuesday after a weaker-than-expected reading on manufacturing activity to end 1.2% lower, while the Dow Jones Industrial Average DJIA, 0.47% shed 1.3%, wiping out their gains for the third quarter. As shown in the chart below from Wells Fargo Investment Institute, which tracks the standard deviation of daily returns of the S&P 500 index SPX, 0.80% dating back to 1928, October has historically been the most volatile month for U.S. equity markets. This year, October offers more than its fair share of market worries, wrote Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute. Read Blackstone's billionaire co-founder says investors should worry about these 5 market dilemmas U.S.-China trade talks will continue in mid-October, the Federal Reserve meets again in late October, and the U.K. will face an end-of-the month deadline that could see it exit the European Union without a withdrawal agreement, she noted. That includes weighing a number of potential geopolitical flash points and trade talks against a backdrop of weakening U.S. consumer confidence and slowing global economic growth, McMillion said. (news.financializer.com). As reported in the news.

heritage foundation: Moore, a senior economics analyst at the Heritage Foundation, highlighted on Fox & Friends a new study that shows median incomes in the middle-class are rising much faster than they did under Presidents George W. Bush and Barack Obama, according to The Independent. SANDERS UPS ANTE WITH HIGHER WEALTH TAX PROPOSAL THAN WARREN'S BILLIONAIRES SHOULD NOT EXIST' Moore, who helped write the 2017 tax cuts, cited a report from the Census Bureau and said Since Donald Trump was elected and took office through July of 2019, median family incomes, middle-class incomes are up 4,100. Author and economist Stephen Moore pushed back Wednesday against Democrats who claim only the rich benefit from President Trump's policies. In the entire eight years that Obama was president, incomes only budged up about 1,000, so in one-third of the time, Trump has increased income by four times as much. That shows pretty clearly that the middle-class has been benefiting, he added. We now have a median income of 65,000 dollars. (news.financializer.com). As reported in the news.

isn t: You bookmarked an article somewhere about the newest rotation to read later, according to Market Watch. But, despite it all, you have a nagging feeling There's got to be an easier way to invest. You've got a pile of newspaper clippings about the strategy of the month. If that sounds like you, it's time to get acquainted with factors. Factor investing isn't new it dates back to the mid 1970s but it's gotten a boost over the past few years from the proliferation of exchange-traded funds. Consider factors the performance qualities of a stock that can be identified and tracked to create an investing strategy that outperforms the broader market. (news.financializer.com). As reported in the news.

l ensemble: L'UE s'est f licit e de cette action, particuli rement dans le cadre de l'Alliance Afrique-Europe pour des investissements et des emplois durables, according to The Independent. Cecilia Malmstr m, commissaire europ enne charg e du commerce, a d clar La r gion de l'Afrique orientale et australe est pionni re pour l'ensemble de l'Afrique en ce qui concerne notre partenariat commercial. Compte tenu des r sultats positifs de l'accord actuel, qui en est sa huiti me ann e d'application, les cinq pays se sont d clar s pr ts aller au-del du commerce des marchandises pour passer un accord plus complet. L'approfondissement de l'accord actuel fera progresser notre partenariat au niveau sup rieur. L'UE soutient pleinement cet effort important . Depuis l'entr e en vigueur de l'accord initial en 2012, les exportations de biens des cinq pays de la r gion vers l'UE ont augment de pr s d'un quart, pour atteindre pr s de 2,8 milliards d'euros en 2018. Il stimulera le commerce bilat ral et les flux d'investissement et contribuera la cr ation d'emplois et la croissance conomique dans nos r gions respectives, tout en promouvant le d veloppement durable. (news.financializer.com). As reported in the news.

macao students: This September, for example, witnessed the opening of the city's first medical school since the Portuguese settled here permanently in 1557, according to Global Times China. The new faculty of medicine at the Macau University of Science and Technology is primarily composed of local Macao students and will see more community and high-tech based simulation training for Macao and the Greater Bay Area. Leading up to this December 20, 2019's historic 20-year Macao handover anniversary from Portugal, the city is witnessing an acceleration of its diversification beyond the usual gambling economy. Also, in September, the Guangdong Macao Traditional Medicine Park in Macao and on Hengqing island of Zhuhai held their annual meeting, sharing their collaboration with Portuguese speaking countries from Cape Verde to Mozambique, as well as to the Middle East and Europe. In fact, many silent majority in Greater China view these teeny-boppers as monstrous vandals. By embracing traditional medicine from China in Zhuhai in this way, Macao is illustrating a very warm embrace of its historic Chinese roots that extend back thousands of years particularly of the region's glory years when the Greater Bay Area held the last court of the Southern Song Dynasty 1127-1279 . Indeed, imploring Chinese youths of this region to understand their ancient and glorious past is something that regional economic and cultural cooperation is being fostered to do from Macao much more so than the basket of deplorable, social media driven fantasies of certain fanatical teeny-boppers in Hong Kong. (news.financializer.com). As reported in the news.

cent: Research from ING released on Wednesday revealed over a third of Australians 34 per cent admit shopping through social media has led to unplanned purchases, according to Nine News Australia. On average Australians are spending an extra 860 annually, with 20 per cent revealing they consider buying something on social media every time they scroll through their feed. To improve your experience update it here News National Social media splurging costing Aussies 16b a year By AAP2 20pm Oct 2, 2019Facebook Tweet Mail It only takes a quick scroll and some clicks to buy online and for Australians the dollars are adding up with more than 16 billion spent on shopping via social media each year. ING's Head of Retail Melanie Evans said close to a quarter of respondents admitted to not keeping track of their online spending. Online shopping is big business in Australia. Online shopping is undoubtedly very convenient and the recent emergence of shopping via social media has made it easier than ever to get what we want, but it's also easy to unintentionally overspend, Ms Evans said. (news.financializer.com). As reported in the news.

gap: That is second only to the banking industry, where women earn about 32% less than men on average, according to The Guardian. It is the only sector among the five worst performers which include banking, insurance, property and travel that failed to narrow the gap, according to the report by PwC and the industry's Diversity Project group. The average gender pay gap for the sector has increased by 0.8% to 31% since mandatory reporting was introduced in the UK two years ago. Helena Morrissey, the chair of the group and head of personal investing at Legal & General Investment Management, said the pay gap data was both depressing and galvanising . However, she said there was no use in trying to persuade colleagues. Instead, diversity and inclusion needs to be treated just like any other business issue, featured on every strategy day agenda, in every performance review, every hiring, promotion and reward decision, every risk and culture assessment. No amount of talk will convince this group in fact, it is likely to be counterproductive, Morrissey said. (news.financializer.com). As reported in the news.

dismay: Ireland's modern dismay, however, is at rampant and growing inequality, and the way in which its cities and cultural spaces are being hollowed out by speculation, gentrification, poor or absent planning and squandered opportunities, according to The Guardian. After five years of what could justifiably be called social revolution in Ireland, the cliche is that the country responded uniquely to the crippling austerity that followed the 2008 financial crash, not with anti-immigrant populism but with progressive politics. The line comes from Yeats's September 1913, which poured scorn on how the greed and hypocrisies of the business class had replaced the romanticism of previous Irish generations. Protest movements and grassroots campaigning, much of it driven by young people, resulted in landmark referendums that had a global impact, with Ireland legislating for marriage equality and overturning a ban on abortion. Rent is Dublin is now on average 36% higher than it was at the peak of the Celtic Tiger boom The most urgent crisis is housing. But this much-needed social progress is now serving as a veneer to mask harsh neoliberal economic policies and political myopia. (news.financializer.com). As reported in the news.

facebook: By Laura Hazard Owen laurahazardowen Oct. 2, 2019, 11 25 a.m, according to MSNBC. Oct. 2, 2019, 11 25 a.m. Audience & Social College students who go off Facebook for a week consume less news and report being less depressed When users stop getting news from Facebook, they don't necessarily start getting it somewhere else. Threatening to leave Facebook, or talking about how you should spend less time on it, is common. The paper is The economic effects of Facebook, published this week online in the journal Experimental Economics by Roberto Mosquera of Ecuador's Universidad de las Americas and Mofioluwasademi Odunowo, Trent McNamara, Xiongfei Guo, and Ragan Petrie of Texas A&M University. Actually leaving is less common though it is happening . If you do leave, it might be good for you and you also might miss it A study of 1,769 U.S. undergrads found that those who got off Facebook for a week consumed less news, experienced greater wellbeing and, uh, valued Facebook 20 percent more highly, in monetary terms, than they had before they took their break. (news.financializer.com). As reported in the news.

focus pm: Photo by Evan Vucci/AP Trump's failure on manufacturing comes into sharper focus 10/02/19 12 43 PM Updated 10/03/19 01 33 PM By Steve Benen CNBC's Kayla Tausche earlier this week asked White House trade advisor Peter Navarro about the nation's manufacturing sector, according to MSNBC. Navarro, who has Donald Trump's ear on these issues, was incredulous. Photo by Evan Vucci/AP President-elect Donald Trump and Vice President-elect Mike Pence wave as they visit to Carrier factory, Dec. 1, 2016, in Indianapolis, Ind. Manufacturing is strong as a rock, he said. September marked the worst month for U.S. manufacturing in more than a decade since June 2009 according to the closely watched Institute for Supply Management's manufacturing index. Yeah, about that U.S. manufacturing fell deeper into a contraction last month, erasing hope of a quick turnaround for the industry and handing a blow to President Trump's promises that he would revive blue-collar jobs and companies. (news.financializer.com). As reported in the news.

manufacturing index: The euro was at 1.0918-0922, up from 1.0887-0891, and at 117.58-58, down from 117.96-97. ; In overseas trading Tuesday, the dollar dropped to levels around 107.70 on selling triggered by the U.S. Institute for Supply Management's manufacturing index for September slipping through the boom-or-bust line of 50, according to The Japan Times. After moving narrowly in early Tokyo hours, the greenback gradually rose toward noon on real demand-backed buying. At 5 p.m., the dollar stood at 107.67-68, down from 108.34-34 at the same time on Tuesday. But in late afternoon trading, it met with speculative selling by European players and fell back into a range around 107.60, traders said. The dollar also faced a headwind from U.S. President Donald Trump's criticism of the Federal Reserve after the release of the dismal index, a currency broker said. The manufacturing index's below-50 reading for the second straight month had a big impact, a market source said. (news.financializer.com). As reported in the news.

percent: The rising competitiveness came mainly from the Chinese mainland's progress in training, education and scientific concentration, the report showed, according to Global Times China. The annual ranking is based on an economy's capacity to understand and learn new technologies, competence to develop new digital innovations and preparedness for coming developments. The mainland's ranking rose from the 30th to the 22nd in the latest World Digital Competitiveness Ranking by IMD Business School, the largest increase among 63 rated economies. Global market intelligence firm IDC expects the digital economy to account for 60 percent of global GDP by 2022, with the share in China even higher at 65 percent. Digital technologies Why engagement is better than containment (news.financializer.com). As reported in the news.

reforms opening-up: Over decades of reforms and opening-up, China has accumulated a hefty amount of advantages as a destination of foreign investment during its ascent to a global manufacturing powerhouse, according to Global Times China. Denis Depoux, managing partner at consulting firm Roland Berger Greater China, saw an incomparable investment environment for foreign companies in the country. Photo VCG Investing in China still holds great appeal for foreign investors as their top choice, as the country's economic strength and business infrastructure offer unmissable opportunities despite trade uncertainties. An integrated industry system, efficient infrastructure, a huge domestic market, well-educated human resources, a considerable economic growth rate as well as the application of new technologies -- these are all part of the allure of China, Depoux told Xinhua. Foreign investors have displayed firm faith in the Chinese economy in spite of international trade uncertainties. We see many of our clients looking into new investments in China, with a different angle how to design, develop and test new products or services in an incredibly reactive and innovation-savvy Chinese market, how to tap into the vivid innovation ecosystem to develop products faster, for the Chinese market but also for other markets, said Depoux. (news.financializer.com). As reported in the news.

time period: The yellow metal had settled below the psychologically significant level at 1,500 in the last two consecutive sessions, according to Market Watch. Meanwhile, December silver SIZ19, -0.26% picked up 38.1 cents, or 2.2%, to 17.683 an ounce. Gold for December delivery GCZ19, 0.01% on Comex gained 18.90, or 1.3%, to settle at 1,507.90 an ounce, after advancing 1.1% on Tuesday. Automatic Data Processing Inc.'s private-sector employment showed that businesses added a modest 135,000 private-sector jobs in September and the average monthly job growth for the past three months also fell to 145,000 from 214,000 for the same time period last year. The lackluster report came after the Institute for Supply Management's survey on manufacturing on Tuesday registered at 47.8, down from 49.1 in July, representing the worst reading since June 2009. The ADP labor data come ahead of a more closely watched Friday jobs report. (news.financializer.com). As reported in the news.

trade investment: But Di Maio said Rome's so-called golden powers in supply deals for fifth-generation 5G telecom services, approved by the government in September, make us among the most advanced in Europe on security, according to The Japan Times. We have no intention of taking part in trade accords that might harm our sovereignty as a state, he added. China has a predatory approach in trade and investment and represents a mutual threat to the two countries, Pompeo said during a joint news conference with Italian Foreign Minister Luigi Di Maio. ; When the Chinese Communist party shows up to make an investment to gain political power or threaten a nation's security, that's what needs to be protected against, he said. The special powers allow the government to impose conditions and requirements on the purchase of goods and services for 5G networks or deals between telecoms companies. The U.S. has expressed fears that it could contain security loopholes that allow China to spy on global communications traffic, and has been lobbying European countries to stay clear of it. Chinese telecom giant Huawei is considered the world leader in high-speed 5G equipment. (news.financializer.com). As reported in the news.

manufacturing: A level above 50 marks growth, according to CNN. That was the lowest reading since June 2009, the last month of the recession, according to the Institute of Supply Management, which puts out the report. The ISM manufacturing index dropped to 47.8 in September, compared with the Refinitiv consensus forecast of 50.1. The manufacturing sector shrank for the first time in three years in August, according to the ISM index, which measures month-over-month activity, as the effects of the trade war and slowing global demand set in. Read More Stocks didn't like the data one bit and pared earlier gains. Manufacturers cited the US-China trade war as weighing on demand and making materials more expensive, according to the ISM. The disappointing data is only fanning long-standing fears of slowing global growth, said Alec Young, managing director of global markets research at FTSE Russell. (news.financializer.com). As reported in the news.

newsletters: Email Sign UpBy signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time, according to MSNBC. Facebook Twitter Email Print POLITICO Playbook What Republicans are saying privately about impeachment By ANNA PALMER and JAKE SHERMAN 10/02/2019 05 47 AM EDTPresented by There's rising GOP alarm with how the Trump administration is handling impeachment. Sign up for POLITICO Playbook today. Chip Somodevilla/Getty Images DRIVING THE DAYWE'RE GOING TO LOS ANGELES!!!!! LET'S GO NATS! BEAT L.A.!!!SIREN REPUBLICAN CONCERN RISING WITH TRUMP'S REACTION TO IMPEACHMENT ON TUESDAY NIGHT, a very seasoned and well-known GOP operative sent us this stunning note, underscoring GOP alarm with how the Trump administration is handling impeachment -- GOP lawmakers and operatives are concerned at what appears to be a lack of urgency from the Trump administration in forming an organized, unified response engine to the Democratic impeachment threat. Nobody wants to look like Kevin McCarthy did on 60 Minutes' and right now they'll duck and cover until they're on firmer footing. There is either a failure to fully appreciate the gravity of the situation; or an inability to protect the president like they did his Supreme Court nominees with a centralized war room that has credibility with stakeholders across the party. (news.financializer.com). As reported in the news.

substance: They've got a very high-level statement about alignment with Paris but I want to see them do more, he said, according to The Guardian. The substance behind its statement needed to be developed. Australian Super's head of environmental, social and governance issues, Andrew Gray, told Guardian Australia the council was a good example of a group of industry associations that had made a general commitment to the principles of the Paris agreement, designed to limit global heating to 2C, but had failed to say how their members would do so. A high-level statement like that was probably where people were at a few years ago, but people need to keep evolving, he said. BHP could quit Minerals Council after clashes over climate policy Read more Other members of the 370-strong group include Australian fund manager BT, global bank HSBC and California's state pension fund Calpers. Over the coming year, tackling industry associations whose climate agendas did not match the stated goals of member companies would be a priority for Climate Action 100 a global group of investment funds including Australian Super that control more than 35tn in assets. (news.financializer.com). As reported in the news.

tina lawrence: Gavin and Tina Lawrence, of Wollongong in NSW, spent more than 20,000 on a 15-day scenic river cruise from Amsterdam to Budapest last year booked with Scenic Tours, according to Nine News Australia. The trip was part of their wedding celebrations. To improve your experience update it here News National River cruise passengers consider class action after drought-hit holiday turned into bus tour By Richard Wood12 27pm Oct 2, 2019Facebook Tweet Mail An Australian couple who claim their luxury river cruising holiday turned out to be a Contiki bus tour have joined other dissatisfied passengers in possible legal action. But Mr Lawrence says the luxury break rapidly became a disaster after low river levels forced them to spend most of the holiday travelling on buses and public ferries. Gavin and Tina Lawrence spent only a few days sailing during their cruising holiday. If I wanted a Contiki bus tour, I would have booked one and saved myself a lot of money, he told Nine.au. (news.financializer.com). As reported in the news.