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  • 3h
    John Shaw John  Shaw
    They should have slashed the number of seats in Parliament. Not raised them. But that's another story for another day.
    Excellent article Mike. Thanks for sharing....
  • Editor’s Picks / 5 hours ago

    Job's not done but Spain is proving a point

    Spain may have enjoyed a few strokes of luck these last few years - Greece's travails for example sent a wave of holidaymakers towards its sun-kissed beaches - but the 3.3% growth rate for the year posted today owes much more to smart decision-making and determination, write the Bloomberg editors. Some of those choices were extremely unpopular but prime minister Mariano Rajoy not only knuckled down to austerity demands, but also addressed fundamental fault lines in the economy that needed fixing. Presenting this as purely a victory for austeronomics simplifies the enormity of the Spanish achievement which, though it still has a way to go, shows stagnation is not necessarily the lot of Europe's periphery.
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  • Editor’s Picks / 6 hours ago

    US economy hostage to presidential race

    The Telegraph
    While much of the globe flounders, the US recovery is the shining beacon that promises real hope for the future, writes Matthew Lynn. The shale gas boom, economic growth and tech titans striding across the international stage all form a compelling narrative that should help to power a global recovery with everything in place except for one thing - politics. Lynn says that the race for the White House is likely to prove to be a disaster for the US as the leading campaigners on the left and right - respectively Hilary Clinton and Donald Trump - formulate campaigns that could set the economy back a decade. And, says Lynn, if that's a disaster for the US economy, it's also likely to edge the globe nearer to the abyss.
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  • Squawk / 12 hours ago
    Head of Macro Strategy / Saxo Bank
    Spanish unemployment declines more than expected in July:

    The Spanish labour market continued to recover from its depression last month as 74,000 left the unemployment queue compared with an expected drop of 44,500. This comes on the back of a drop of 94,700 in June and implies that unemployment is down 401,000 year-to-date vs. a drop of 281,000 in the same period last year.

    The employment series, which is seasonally adjusted, gained 10,500 last month implying an annual change of 3.4%. Employment is up by 897,000 since the bottom in August 2013, but there is still plenty of employment growth needed (more than 2mn) to return to the prior peak in early 2008.

    The IBEX index is up just shy of 10% this year (before dividends).
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  • Editor’s Picks / 14 hours ago

    RBA keeps cash rate on hold

    Sydney Morning Herald
    The Reserve Bank of Australia kept the cash rate steady at 2% for the third month in a row, but left the door ajar for a further cut this year. Mark Mulligan writes the decision was widely expected, but the Australian dollar still spiked about one-third of a US cent, to around US73.30¢, reflecting bets that the central bank's next move on interest rates will be up. RBA governor Glenn Stevens reiterated in his statement that inflation was contained and growth remained sub-trend. However, he appeared happy with recent stability in the jobs market, despite spare productive capacity.
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  • Article / 14 hours ago

    3 Numbers: UK housing uptick, EU PPI, US factory orders

    editor/analyst /
    United States
    3 Numbers: UK housing uptick, EU PPI, US factory orders
    A modest uptick is expected in UK housing prices in today's HPI update, and the outlook for Britain’s housing market looks subdued. In the Eurozone, the producer price index will give guidance on macro momentum. On the other side of the Atlantic, a rise in US factory orders for June would be welcome sign, given two straight months of falling orders.
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  • Editor’s Picks / 16 hours ago

    'Ringmaster’ Hayes gets 14 years for Libor rigging

    Former UBS Group AG and Citigroup trader Tom Hayes, the first person to stand trial for manipulating Libor, was sentenced to 14 years in prison after being found guilty of conspiracy to rig the benchmark rate. After a week of deliberations, jurors unanimously found that the 35-year-old worked with traders and brokers to game the London interbank offered rate to benefit his own trading positions. The verdict was among the longest for financial crime in the U.K. “Probity and honesty are essential, as is trust. The Libor activities of which you took part in put that in jeopardy,” Cooke said as he handed out the sentence in London Monday. “A message needs to be sent to the world of banking.” Hayes, dressed in a light blue shirt and sweater, shook his head from side to side as the jury returned their verdict. His wife, Sarah, bit her bottom lip and shook her head from the gallery and his parents looked on impassively as the charges were read out one by one.
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