BALTIMORE (Reuters Breakingviews) - Pope Francis must be watching a lot of American cable news these days. “Political life no longer has to do with healthy debates about long-term plans to improve people’s lives and to advance the common good, but only with slick marketing techniques primarily aimed at discrediting others,” the pontiff recently wrote in his “Fratelli tutti” encyclical. The same applies aptly to the economic plans of the two U.S. presidential candidates. The incumbent Republican Donald Trump and Joe Biden, his Democratic Party challenger, are mostly offering different varieties of similar nonsense.
LONDON (Reuters Breakingviews) - The financial world’s post-pandemic exuberance just might have passed its peak. After fuelling an astonishing rebound in stock and bond prices in the past six months, global investors are showing signs of caution. The NYSE FANG+ Index of 10 leading high-tech stocks is down 12% since Sept. 2, although it is still double its March low. The wider U.S. S&P 500 Index has fallen by 10%. Those declines could be a leading indicator of a calmer investment environment.
LONDON (Reuters Breakingviews) - Policymakers want to heal the economic wounds caused by Covid-19. Unfortunately, they are driving without headlights on an unfamiliar road.
LONDON (Reuters Breakingviews) - Financial markets are pretty efficient in one way, and quite inefficient in another. Both the ways point to Nicolai Tangen being the wrong person to run Norway’s $1.1 trillion sovereign wealth fund.
MUMBAI/LONDON (Reuters Breakingviews) - Lebanon has added tragedy to crisis. A powerful blast in the Beirut port on Tuesday devastated the area and sent seismic shockwaves across the capital, killing at least 100 people and injuring 4,000. A health emergency created by the pandemic may now be followed by a wider humanitarian crisis. Chronic political weakness makes everything worse.
［ロンドン ２３日 ロイター Breakingviews］ - 昨今のグローバル化は健全には進んでいないように見える。世界の貿易は縮小し、国際協力への信頼感もしかりだ。米国と中国の２大経済大国の間では敵対的なナショナリズムが政治的に最も優先されている。しかし、世界が１つの経済、１つの文化に向かう大きな潮流は過去５００年というもの、逆風に耐えて続いている。
LONDON (Reuters Breakingviews) - Globalisation is not looking healthy these days. World trade is shrinking, as is confidence in international cooperation. Hostile nationalism is at the top of the political agenda in the world’s two largest economies, the United States and China. However, the trend towards a single world economy and culture has survived worse setbacks over the last five centuries.
LONDON (Reuters Breakingviews) - “Beware of excessive economic gloom” was the title of a column I wrote on April 8, as Covid-19 deaths surged across much of the developed world. At the time, even cautious hope seemed bold. Now the opposite warning is more apt. It’s time to beware of easy optimism.
LONDON (Reuters Breakingviews) - Olaf Scholz might want to study some history. The German finance minister was wrong when he described the fraud at Wirecard as “a scandal which is almost unprecedented in the world of finance”. The German payments processor’s 1.9 billion euros of imaginary bank balances are actually pretty familiar. They resemble, for example, the fictitious orders in the 1938 McKesson & Robbins scandal and the fraudulent loans that brought down the Bank of Credit and Commerce International in 1991.
LONDON (Reuters Breakingviews) - Covid-19 is hitting United Airlines very hard. The Chicago-based carrier says it is burning through $40 million a day. Fortunately, it can borrow enough money to keep on flying some of its planes. On Monday, United announced that it had raised $5 billion, backed by the value of its frequent-flier programme.