By Michael Lind
Review via The Washington Examiner
The New Class War: Saving Democracy from the Managerial Elite is a brief yet incisive examination of the populist uprisings taking place in the U.S., Britain, and across Western Europe. According to Lind, these movements represent a transatlantic class struggle fought on three critical fronts: politics, economics, and culture. After World War II, working-class and rural communities momentarily held significant power in these areas. However, since then, a “technocratic neoliberal revolution from above” has systematically undermined their ability to engage meaningfully in national affairs. This erosion of rights has fueled a resurgence of working-class populism, culminating in historical events such as Brexit and the election of President Trump.
Continue reading
Last year, shares in American companies were the primary drivers of the global stock market’s bull run, and early indications for 2020 suggest a similar trend, at least through the market’s close on January 23rd.
There are growing concerns that China’s virus outbreak may have significant repercussions for the global economy. NY Times
The Eurozone economy appears close to stagnation this January: IHS Markit
Signs of modest recovery have emerged in the German economy this January: IHS Markit
The UK economy returned to slight growth this January as suggested by a recent PMI survey: IHS Markit
Japan’s economy has posted a rebound this January: IHS Markit
US jobless claims saw a rise last week, though they remain near historic lows: CNBC
KC Fed Mfg Index stays weak in January, but the average for regional banks remains positive.
The US Leading Economic Indicator’s six-month trend dipped further into negative territory in December:
In recent years, return correlations among the major asset classes have declined slightly, indicating a marginal increase in diversification opportunities. Although overall correlation readings remain relatively stable, analysis of key segments of global markets based on pairwise return correlations indicates that the median for this risk metric has decreased, derived from a selection of proxy ETFs.
Continue reading
China has locked down a second city to curb the spread of the coronavirus: WSJ
The coronavirus poses a significant challenge that will impact China’s economy: SCMP
A US envoy warns that the fate of the slain Iranian general awaits any successor who harms Americans: Reuters
Trump asserts that US economic growth has slowed due to the Federal Reserve’s actions: CNBC
The ECB is projected to maintain the deposit rate at -0.5% in today’s announcement: BBG
Will the introduction of digital taxes spark a new trade war? NY Times
A Harvard economist claims the global economy is in a “sweet spot”: Bloomberg
Low interest rates and low inflation threaten the independence of central banks: VoxEU
Existing home sales in the US surged in December, nearing a two-year high: Reuters
US economic trends remain sluggish, though they have shown slight improvement in December: Chicago Fed
While the year has just begun, momentum clearly leads the race among US equity factors. Following a largely stagnant performance in the final quarter of 2019, large-cap momentum stocks have embarked on a near-continuous rally into the new year, outpacing the competition based on a selection of ETFs that track factor strategies in the US equity market.
The virus outbreak in China is escalating, leading to a higher death toll and growing fears of a pandemic: Reuters
The Senate has blocked an attempt to allow John Bolton’s testimony in the impeachment trial: The Hill
No date has been established for the second phase of US-China trade talks, according to a source in China: BBG
Trump remarks that US GDP growth would be nearly 4% if the Federal Reserve had acted sooner: CNBC
Trump’s chief economic adviser, Larry Kudlow, describes the Fed’s T-Bill purchases as essentially quantitative easing: MNI
The Trump administration has increased sanctions against Venezuela’s regime: CNBC
The US intends to implement travel restrictions on seven countries in Africa and Asia: WSJ
Jeff Bezos’ phone was reportedly hacked by Saudi Arabia’s Crown Prince: TG
The 10-year Treasury yield has decreased to 1.78%, its lowest since December 4:
The US economy continues to exhibit signs of stabilization following a slowdown in the latter half of the previous year. Moreover, revised business cycle projections suggest a potential rebound in growth for early 2020. Although the outlook for this year remains cautious, indications from today’s review suggest a slightly stronger economic output for the US in the first quarter.
Continue reading
China has confirmed that the new virus can be transmitted between humans: Reuters
The outbreak has prompted flight screenings in Australia: NY Times
According to the University of Hong Kong, the virus has likely spread to 20 cities: SCMP
Trump will address the World Economic Forum as the impeachment trial commences: AP
Hundreds of migrants headed to the US have crossed Mexico’s southern border: BBC
US Treasury Secretary warns the UK and Italy about their digital tax plans: WSJ
Moody’s has downgraded Hong Kong’s long-term debt rating due to government inaction: BBG
Global foreign investment fell to a near-decade low in 2019: WSJ
The IMF predicts global growth will recover in 2020: CNBC
Real estate investment trusts (REITs) in the US recorded the highest returns last week among the major asset classes, reaching a record high as of Friday, January 17, according to a selection of exchange-traded funds.
Continue reading
