ECO Newsletter 2014210 Essay

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Economics

BRIEF

NEWS, ANALYSIS AND COMMENTARY

MOST READ ON BLOOMBERG
Draghi Buying Spree Seen Starting Modestly

Dollar Aids World Economy in Currency War
DATA REPORTS (NEW YORK TIME)
TIME

EVENT

SURVEY ACTUAL PRIOR

7:00

RU Gold, Forex Reserve



— 458.3B

7:30

US Challenger Job Cuts YoY



— -20.70%

7:30

US RBC Consumer Outlook





52.4

0.05%



0.05%

7:45

EC ECB Main Refo Rate

7:45

EC ECB Deposit Fac. Rate -0.20%

— -0.20%

7:45

EC ECB Marg. Lend. Facility 0.30%



8:00

BZ Industrial Prod. YoY

— -3.60%

8:30

US Initial Jobless Claims

9:45

US ISM New York

9:45

US Bloomberg Cons. Com.

10:00 US Factory Orders

0.30%

297K



293K





57.1





35.5

442.3



441.6

-9.50%

www.bloombergbriefs.com

Draghi to Detail QE Plans; U.S. Factory Orders
WHAT TO WATCH: Mario Draghi, rarely far from the spotlight, dominates it today. The European Central Bank president has said he will use his 8:30 a.m. press conference to set out
Alex Brittain details of a forthcoming asset-purchase program (see chart on page 4). In the U.S., factory orders for August at 10 a.m. may reverse most of a record-beating increase notched up in July. Fed policy maker William
Dudley gives a speech at 12 p.m and colleague Dennis Lockhart speaks at 1 p.m.
DAYBOOK

Yellen’s Job Slack Sticks as Workers Languish

10:00 DE Foreign Reserves

10.02.14

■■

War Severs Ukraine’s Industrial Arteries

-5.70%

Thursday

ECONOMICS: Euro-area PPI data suggested downward pressure on core consumer prices. U.S. initial jobless claims at 8:30 a.m. may edge up to a three-week high.

■■

GOVERNMENT: China announced plans to cap the amount of debt local governments can take on. Ukraine’s military fought off a separatist assault on the Donetsk airport as shelling killed 10 civilians in the eastern city, destabilizing a cease-fire.

■■

COMPANIES: Pimco’s Total Return Fund suffered its worst ever withdrawals last month of $23.5 billion, highlighting the challenge facing new CIO Daniel Ivascyn.

■■

MARKETS: Stocks fell around the world, led by the biggest drop in Tokyo shares in almost seven months. The dollar fell the most in three months ahead of the ECB’s decision. WTI crude fell below $90 for the first time in 17 months.

■■

— 10.50%

19:30 AU AiG Perf of Serv. Index





49.4

21:00 CH Non-manufacturing PMI





54.4

21:35 JN Markit Services PMI





49.9

21:35 JN Markit/JMMA Cmp. PMI





50.8

22:30 HK HSBC Hong Kong PMI





49.6

Global Income Distribution Shape Changes Over Time
2000

OECD
UsjfiotGlobal
jaekl tutue
Forum
kdlsessa on Knowledge Economy

UK
FI

Valls,
Tktktktk
Hollande Meet Finnish Premier Stubb

3:00
8:30

EC

Griot jaekl
Draghi
Holds tutue Press kdlsessa Conf. unte
After Rate Decision

4:00 US
12:00
EC

Griot
Fed's jaekl
Dudley
tutue
Speaks
kdlsessa in New unte. York

5:00 US
13:00
EC

Griot
Fed's jaekl
Lockhart
tutueSpeaks kdlsessa in Atlanta unte 8:00 US
20:00
PO

Portugal
Fed's
Bullard cabinet Speaks meeting in Tupelo, Mississippi

KEENE’S
CORNER

Pierpont Securities’ Chief Economist
Stephen Stanley on unemployment and its role in economic growth. Millions of people

JN
SZ

1960

1950

1929

1820

250

TIME
1:00


1970

300

ECONOMIC-EVENTS CALENDAR
TBA


1980

350

200
150
100
50

0
100

1 000

Gross income in 1990 GK$

10 000

100 000

Source: Clio-Infra, OECD report on global well-being

A thickening in the “right tail” of the world income distribution is noticeable as early as 1950, according to a new report from the OECD on global well-being since 1820. “After 1980, globalisation contributed to higher income inequality within countries, while at the same time leading to a decline of income inequality between countries,” according to the report (http://bit.ly/YUkX2x).

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— Jennifer Rossa, Bloomberg Brief Editor

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