Saturday, October 14, 2017

Today's Headlines

Posted by Gary .....at 9:03 PM
Bloomberg:
  • China Credit Growth Exceeds Estimates Despite Debt Curb Vow. China’s broadest gauge of new credit exceeded projections, signaling that the funding taps remain open even as the government pushes to curb excessive borrowing.
  • PBOC Governor Zhou Says China’s 6.9% Growth ‘May Continue’. Economic indicators show "stabilized and stronger growth" and the momentum of a 6.9 percent expansion in the first six months of 2017 "may continue in the second half," People’s Bank of China Governor Zhou Xiaochuan said. Imports and exports increased rapidly, fiscal income grew, and prices have been steady, Zhou said, according to a statement the central bank released Saturday after he attended meetings of global finance chiefs this week in Washington. The effects of a campaign to rein in leverage are showing, and China will monitor and prevent shadow banking and real estate risk, he said.
  • Draghi Says ECB Is Confident About Reaching Inflation Goal. With the European Central Bank’s next policy update less than two weeks away, the institution’s chief is expressing both confidence and patience about achieving its inflation goal. “We are confident that as the conditions will continue to improve, the inflation rate will gradually converge in a self-sustained manner, as we’ve defined many times, and in a durable way to our objective,” ECB President Mario Draghi told reporters in Washington on Saturday. “But together with our confidence we should also be patient because it’s going to take time.”
  • IMF Panel Says ‘No Room for Complacency’ on Global Growth. The IMF’s steering committee warned that global growth is at risk of faltering in coming years given uncomfortably low inflation and rising geopolitical risks, injecting a cautious note into an otherwise improving economic outlook. “The recovery is not yet complete, with inflation below target in most advanced economies, and potential growth remains weak in many countries,” the International Monetary and Financial Committee said in a communique released Saturday in Washington. “Near-term risks are broadly balanced, but there is no room for complacency because medium-term economic risks are tilted to the downside and geopolitical tensions are rising.”
  • Saudis Consider Delaying Foreign Part of Aramco IPO. Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.
  • Policy Makers Are Comfortable With Asset Prices But Bankers Are Cautious.
  • U.S. Proposes Gutting Nafta Legal-Dispute Tribunals. U.S. Nafta negotiators are proposing to essentially do away with the independent tribunals that oversee the trading and investment relationship, either by eliminating them altogether or substantially scaling back their roles, people familiar with negotiations say. The U.S. has proposed its changes for two types of independent dispute settlement rules under the North American Free Trade Agreement -- so-called investor-state rules as well as provisions to settle state-to-state disputes at an independent panel.
Wall Street Journal:
Barron's:
  • Had bullish commentary on (JD) and (D).
Zero Hedge:

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