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China manufacturing contracts at a slower pace
Telegraph
HSBC's flash manucturing PMI shows factory activity in China rose to 48.3 in April from 48 in March
Related: China's Factory Production Is Slow, but At Least It's Picking Up Slightly
Michael S. Arnold / WSJ China Real Time Report
An initial peek at April manufacturing data Wednesday suggests China's economy is beginning to stabilize after growth slowed sharply in the first quarter of the year.
Related: Yuan Falls to 14-Month Low
WSJ
China's yuan fell to its weakest level in more than a year as Beijing signals it isn't done pushing the currency lower, a move aimed at shaking out speculators who bet on gains and flood the economy with excess cash.
Related: Can China Achieve Its 7.5 Percent Growth Target?
Petersen Institute
China announced its first quarter GDP growth in April. The economy slowed to 7.4 percent on a year-over-year basis in the first quarter of 2014, down from 7.7 percent on the same basis in the fourth quarter of 2013, slightly higher than the market expectation of 7.3 percent. Comparing the ...
 
US vows more sanctions on Russia unless tensions ease in Ukraine
Hurriyet
US Secretary of State John Kerry told Russian counterpart Sergei Lavrov that Washington would impose more sanctions on Russia if tensions did not de-escalate in eastern Ukraine
Related: Is Ukraine on a Long Road to Rupture?
CFR
Ukraine may be heading for the type of frozen conflict that occurred in Georgia, Azerbaijan, and Moldova immediately after the breakup of the Soviet Union, says CFR's Stephen Sestanovich.
 
David Einhorn: we are in a new Tech Bubble
Cullen Roche / Pragmatic Capitalism
Pretty interesting comments from the latest David Einhorn letter. The savvy hedge fund manager says we are indeed in a new tech bubble and has even form an entirely new group of stocks in his portfolio that he has dubbed the "bubble basket". Here are some highlights from the letter: ...
Related: Einhorn shorts the tech bubble
Houses and Holes / MacroBusiness
The recent reversal in the tech bust has been quite something to behold: This looks like a classic short squeeze following Janet Yellen's recent dovish speech. Zero Hedge has a useful chart for evidence: We are still a good way from any new high in the Nasdaq and the chances ...
Related: David Einhorn takes stake in HFT-nemesis IEX
NetNet
Greenlight Capital supports the subject of the book 'Flash Boys' and thinks investors should consider routing orders there.
 
Deflation Is About to Wallop Europe
A. Gary Shilling / Bloomberg Views
Real gross domestic product growth in the euro area is only 0.9 percent annually, well below the 2.3 percent in the U.S. Does the euro really deserve to be strong against the greenback?
Related: A New ECB Outlook: Part II
Petersen Institute
As argued in Part I of this posting, the European Central Bank (ECB) has tiptoed toward a policy of monetary easing but is unlikely to act quickly. Here I discuss what the ECB might do in the second half of 2014, if the inflationary environment continues to deteriorate. RealTime post ...
 
India and Indonesia Pursue Different Economic Paths
Pankaj Mishra / Bloomberg Views
Indonesia may gain in the next few weeks what India may not until the next general election: a leadership compelled by disgruntled masses to focus on growth as a means of creating jobs, not just as a playground for plutocrats.
Related: India elections: daily wrap
Beyond BRICs
After a long weekend break for Easter, beyondbrics takes a look at the criminal records of India's would-be representatives and Narendra Modi's difficult relationship with Hindu extremists calling for intimidation of Muslims, amongst other inflammatory statements.Continue reading ...
 
Human capital and income inequality
VoxEU
Amparo Castell-Climent , Rafael Domnech , 23 April 2014 Most developing countries have made a great effort to eradicate illiteracy. As a result, the inequality in the distribution of education has been reduced by more than half from 1950 to 2010. However, inequality in the distribution of income has hardly ...
Related: The American Middle Class Is No Longer the World's Richest
David Leonhardt ... / David Leonhardt
After three decades of slow growth, middle-class incomes in the U.S. appear to trail those of Canada. Poor Americans now make less than the poor in several other countries.
Related: How to respond to Thomas Piketty's inequality alarmism
James Pethokoukis / AEI
As with physicist Stephen Hawking's "A Brief History of Time," economist Thomas Piketty's 700-page "Capital in the Twenty-First Century" is a bestseller destined to have a steep purchased-to-read ratio. For many on the left, it will be enough to simply know ... read more >
Related: Review of Piketty's Capital in the 21st Century
Josh / Everyday Economist
My review of Piketty's Capital in the 21st Century will run in the May 5 issue of National Review. In the meantime, here is a link to a longer version of the review.
 
Existing Home Sales in March: 4.59 million SAAR, Inventory up 3.1% Year-over-year
Bill McBride / Calculated Risk
The NAR reports: Existing-home sales were essentially flat in MarchClick on graph for larger image.This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1993. Sales in March (4.59 million SAAR) were slightly lower than last month, and were 7.5% below the March 2013 rate.The ...
Expand sublinks   Also:  Paper Economy | Zero Hedge
Related: Comments on Housing and Existing Home Sales
Bill McBride / Calculated Risk
A decline in existing home sales doesn't mean the housing recovery is over. Far from it! For existing home sales we need to look at the composition of sales (distressed vs. conventional), and the percent of conventional sales are increasing (even as investor buying has slowed too). That is a ...
 
Time to invest in Britain's future
FT
Fine words on infrastructure spending are not enough. To sustain its growth spurt, the UK needs a supportive strategy
Related: UK energy quest highlights human rights concerns in gas-rich countries
Terry Macalister / Guardian
Ukraine crisis brings questions over human rights in countries such as Azerbaijan, Algeria and Qatar to the fore George Osborne and Boris Johnson were lined up to speak, the London Stock Exchange was to provide the venue and the Royal Philarmonic Orchestra the evening entertainment. A plush red carpet was ...
 
Black Knight: Mortgage delinquency rate in March lowest since October 2007
Bill McBride / Calculated Risk
According to Black Knight's First Look report for March, the percent of loans delinquent decreased in March compared to February, and declined by more than 16% year-over-year. This is the lowest level for mortgage delinquencies since October 2007.Also the percent of loans in the foreclosure process declined further in March ...
 
Behind Janet Yellen's inflation dilemma
Steve Liesman
The new Fed chair faces the challenge of whether to hold the line on interest rates.
Related: Is U.S. Inflation Headed Higher?
James Picerno / EconoMonitor
Has the slow decline in the pace of consumer price inflation in the US hit bottom? If so, is that good news for the economy? A cautious "yes" applies in both cases, albeit with the usual caveats. Looking at the core reading of consumer price inflation through last month suggests ...
 
Bernanke Says Fed Actions Could Have Been Better Communicated to Public
David George-Cosh / WSJ Economics
Mr. Bernanke said that he would have liked to have done a better job telling the U.S. public that the Fed's extraordinary measures were done for the greater good of the U.S. economy.
Related: How the Fed Could Say What It Means
Mark Gilbert / Bloomberg Views
Forward guidance, where central banks steer expectations about where interest rates are headed, isn't working very well in either the U.S. or the U.K. The solution is pretty simple.
Related: Report Card on Fed Policy During the Great Recession
josh / Fiscal Times
Brendan Smialowski/Getty Images Mark ThomaThe Fiscal TimesApril 22, 2014 If the economy evolves according to the Federal Reserve's forecast, quantitative easing is on track to come to a close by the end of this year. Increases in the federal funds rate are likely to follow. Thus, as the Fed's policies ...
 
The Democratic Disruption of Finance
Mohamed A. El-Erian / Project Syndicate
There seems to be no limit to the exciting possibilities that come from combining technical innovations, the Internet, and social media. What is less appreciated is the extent to which the same phenomenon is starting to play out in finance, via a democratization process that could transform the institutional landscape.
 
The Future of the Captured State
Simon Johnson / Project Syndicate
The extreme free-market view of finance gained less traction in Europe than it did in the US in recent decades (with the exception of the United Kingdom). But the challenges of implementing effective regulatory reforms in Europe are actually more difficult.
 
U.S. Funds Nervous About U.S. Sanctions On Russia
Charles Kennedy / EconoMonitor
Several U.S. funds are concerned about the investment risk posed by potentially broad economic U.S. sanctions on Russia in response to Moscow's actions in Ukraine. According to Reuters, securities filings submitted by major funds show that fund managers believe that there is a major downside risk to investments in Russian ...
Expand sublinks   Also:  BBC | CNBC | MSNBC | JPost | Hit & Run | Macleans | FT | Telegraph
Related: Europe braces for gas showdown with Russia, helped by Japan's nuclear restart
Ambrose Evans-Pritchard / Telegraph
European regulators and power companies are battening down the hatches in case the crisis escalates
Related: How a Coordinated IEA SPR Release Could Enable Russia Energy Sanctions
Aaron Menenberg / EconoMonitor
I read a nice report today from Securing America's Future Energy (SAFE) and the owner of Economonitor, Roubini Global Economics (RGE), called Crisis and Its Implications for Global Energy Markets," and it gave me an idea: America should export crude to IEA member states who agree to energy sanctions on ...
 
U.S.-Japan squabble over beef threatens Trans-Pacific Partnership
Don Lee / LA Times
As President Obama goes to Tokyo for a two-day summit with Prime Minister Shinzo Abe, their aides try to reach a compromise on tariffs for beef and other products.WASHINGTON - After more than four years and 20 rounds of negotiations, the world's biggest free-trade deal in a generation has come ...
Related: Obama, Abe under pressure to salvage Pacific trade pact
CNBC
A meeting between U.S. President Barack Obama and Japanese Prime Minister Shinzo Abe this week may give pacific trade talks a much-needed boost.
 
Are Markets Better Described as Robust than Efficient?
Dan Crawford / Angry Bear
by J Tzimeskes Are Markets Better Described as Robust than Efficient? Something that I think all of us with private sector jobs experience in our day to day lives is just how incompetent a large number of private businesses are. These may be our customers, suppliers, or another division. Yet, ...
 
Rich Buy Real Estate, Poor Want Gold
Barry Ritholtz / Bloomberg Views
The types of things people choose to invest in says a lot about who they are.
Expand sublinks   Also:  CNBC | Austrailian | JPost | OANDA | CNBC
 
About the Data
David Leonhardt ... / David Leonhardt
A look at where the numbers came from and the assumptions that underlie them.
 
Tom Sargent: What's in Between the Lines
Stephen Williamson
For some obscure reason, Tom's Sargent's Berkeley graduation address from seven years ago is now getting attention in the blogosphere. It's innocuous stuff - basically core ideas in economics boiled down to life lessons for graduating seniors. Paul Krugman seems a little insecure about it though (here and here) and ...
Related: Thomas Sargent, incentives, and student loan forgiveness
James Pethokoukis / AEI
My AEI colleague Mark Perry recently posted a brief 2007 speech given by Nobel economist Thomas Sargent to graduates of Cal-Berkeley. It's basically a dozen economic observations. Here is No. 4: "Everyone responds to incentives, including people you want to help. That ... read more >
 
Law Society joins exodus from CBI over Scottish independence stance
Severin Carrell ... / Guardian
Two more universities among latest organisations to quit business lobby to protect their political neutrality The CBI is facing a mounting crisis in its membership, with the Law Society of Scotland (LSS) and three other public bodies quitting on Tuesday to protect their neutrality in the Scottish referendum debate. The ...
 
Language rights in Catalonia
Eurocrisis in the Press / LSE Euro Crisis
By Sonia Sierra and Mercè Vilarrubias Catalonia's independence project has given rise to the most serious constitutional crisis Spain has seen in recent times. The Catalan regional government has called a referendum on independence on November 9 that has no ... Continue reading →
 
JPGoldman Stanley intact: Basel eases counterparty limits
bloomberg.com / Counterparties
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Human capital and income inequality
VoxEU
More Effective Remedies for Inequality
Naked Capitalism
China manufacturing contracts at a slower pace
Telegraph
US vows more sanctions on Russia unless tensions ease in Ukraine
Hurriyet
India and Indonesia Pursue Different Economic Paths
Bloomberg Views
U.S.-Japan squabble over beef threatens Trans-Pacific Partnership
LA Times
Yuan Falls to 14-Month Low
WSJ
Human capital and income inequality
VoxEU
Deflation Is About to Wallop Europe
Bloomberg Views
Behind Janet Yellen's inflation dilemma
Steve Liesman
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Link: Centre for Macroeconomics
Link: Economic and Social Research Council
 
Last Updated: 19:01 GMT     Tuesday, 23 Apr. 2014 Archive About FAQ Home