Hard hitting global and local news
Reuters reports Global factories struggle as growth fears rise U.S. and euro zone factory activity slumped again in July while Chinese manufacturing hit an eight-month low, surveys showed on Wednesday, as economies worldwide showed signs of slowing
Output and new orders down at accelerated rates New export business decreases at sharpest rate in 15 months Average costs fall to greatest extent since November 2009 July data from Markit/JMMA showed manufacturing output falling at the sharpest rate in 15 months, as both new orders and new export business decreased at accelerated rates. After adjusting for seasonal factors, the headline Markit/JMMA Purchasing Managers’ Index™ (PMI™) posted 47.9 in July, down from 49.9 in June, a level indicative of a moderate deterioration in operating conditions. Moreover, the latest index reading was the lowest in 15 months
It won’t. Bloomberg reports Merkel Allies Harden Opposition to Granting ESM Bank License German Chancellor Angela Merkel’s coalition rejected granting the permanent euro rescue fund access to European Central Bank liquidity via a banking license, as the Finance Ministry said it saw no need for any such move. The rules of the European Stability Mechanism don’t provide for refinancing through the ECB, the ministry in Berlin said today in an e-mailed response to questions.
It won’t. Bloomberg reports Merkel Allies Harden Opposition to Granting ESM Bank License German Chancellor Angela Merkel’s coalition rejected granting the permanent euro rescue fund access to European Central Bank liquidity via a banking license, as the Finance Ministry said it saw no need for any such move. The rules of the European Stability Mechanism don’t provide for refinancing through the ECB, the ministry in Berlin said today in an e-mailed response to questions.
100,000 Workers in Spain Will Not be Paid Because Regional Government of Catalona is Broke The crisis in Spanish regional governments continues to escalate. El Pais reports Catalona Will Not Pay Hospitals or Private Centers and 100,000 workers are affected.
Link: Eurozone Retail Sales Sink 9th Month; 17th Month of Contraction in Italy; Margins Collapse in France; Germany Barely Above…
Excerpt from: Schäuble Rejects ECB Help for Spain; Full Bailout Still Coming
Read more here: Sharp Decline in Earnings and Revenue Estimates; Chart Explains Four Major Waves of Earnings Growth
See more here: Is Global Trade About To Collapse? Where are Oil Prices Headed? A Chat with Mish
The mantra of eurocrats is quite obvious: When times get tough, roll out already discarded rumors and hope they stick for a while.