Daily Digest 6/3 – U.S. Prepared To Talk To Iran With ‘No Preconditions’, Wall St. Wakes Up To Peak Car

Economy

Chinese warships cause surprise in Sydney Harbour (Sparky1)

“Chinese naval visits to Australia have more typically been a lone frigate, not a task group with an amphibious assault ship and 700 personnel,” Rory Medcalf, head of the National Security College at Australian National University, tweeted.

“Sydney is hardly a convenient stopover on their way home from the Gulf of Aden. What’s the story here?”

Trump’s New Tariff Actions: A Wakeup Call to Global Markets (edelinski)

One omen of the danger, suggesting that the latest selloff is different from previous cases, shows up in the flow of investments into German government securities (Bunds) and the rise of euro’s value in financial markets seen today. Safe-haven flows to government bonds when the US government threatens tariffs are normal, but usually they are primarily into US Treasuries and away from those economies exposed to trade risk. That even some of the safe-haven flows are going into Bunds and the euro, away from Treasuries/dollars, strongly suggests that concerns about the US economy are rising. This is more striking, given that the Trump migration-linked tariffs will particularly harm the auto sector, and similar tariffs could be weaponized against the European Union, too.

U.S. prepared to talk to Iran with ‘no preconditions’, Iran sees ‘word-play’ (Thomas R.)

Asked about comments by Iran’s President Hassan Rouhani on Saturday that Iran might be willing to hold talks if Washington showed it respect, Pompeo said: “We are prepared to engage in a conversation with no pre-conditions. We are ready to sit down.”

However, he said Washington would continue to work to “reverse the malign activity” of Iran in the Middle East, citing Tehran’s support to Hezbollah and to the Syrian government.

China, Mexico Signal Willingness to Step Up Trade Talks With U.S. (Thomas R.)

China and Mexico both signaled a willingness to negotiate with Washington over escalating trade issues, while the Trump administration took to the airwaves to defend its use of tariffs to gain concessions from trading partners.

U.S. Officials Meet in Secret Over Junk-Loan Frenzy as Recession Alarms Flash (thc0655)

There’s also been a surge in borrowing by companies with triple-B ratings, which rank just above junk but could face dire downgrades if an economic slowdown shrinks profits for those borrowers. That category of debt has climbed to an unprecedented level of more than $3 trillion, according to Standard & Poor’s, sparking warnings from officials including Robert Kaplan, president of the Federal Reserve Bank of Dallas.

Majority of Americans Don’t Know They’ve Been Affected by a Data Breach (Jessica S.)

They say what you don’t know can’t hurt you. Many Americans seem to have taken that to heart when it comes to data breaches. According to data breach tracking site, Breach Level Index, more than 13.4 billion data records have been lost or stolen since 2013. Yet 56 percent of our survey respondents have never checked if they’ve been affected by one.

Google resolves cloud outage that took down YouTube, Snapchat, and Discord (Sparky1)

Apple iCloud, Snapchat, Nest, Discord, Vimeo, and a number of third-party applications that host their services on Google were affected as a result. Several of Google’s own apps like Admin Console, Google Sync for Mobile, and G Suite were also impacted.

NASA taps 3 companies for commercial moon missions (Thomas R.)

The CLPS program has authority to award up to $2.6 billion in contracts over a 10-year period, and subsequent missions are expected to send landers to the moon’s south polar region — the same area astronauts will visit in 2024 — to learn more about ice deposits in permanently shadowed craters that might one day provide an in situ source of air, water and fuel.

‘The pain is just beginning’: After 38,000 layoffs, Wall Street wakes up to ‘peak car’ (Thomas R.)

Certainly, they are telling clients, diesel vehicles will collapse into a small niche as their polluting exhausts are regulated out of existence. Petrol/gasoline vehicles will be next, as governments in Europe and the United States set dates for manufacturers to switch their models to electric.

Suncoast residents urged to get vaccinated against measles (Thomas R.)

More than 500 cases have been diagnosed in two Brooklyn neighborhoods — Williamsburg and Borough Park — and mainly among unvaccinated children in Orthodox Jewish communities. Forty-two have been hospitalized, including 12 treated in intensive care units.

Nearly 8 Months After Hurricane Michael, Florida Panhandle Feels Left Behind (Thomas R.)

After four hours, they finally emerged to survey the damage. The storm’s 160-mile-per-hour winds had torn off the porch and peeled away the trailer’s tin siding.

“It was like an atomic bomb went off,” says 52-year-old Susan. Oak trees were lying flat on the ground, and a neighbor was calling for help.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/31/19

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