News Review 19.09.2022
INTERNATIONAL NEWS
Czech official delegation visits Taiwan
China was outraged: "there is only one China in the world, and Taiwan is an integral part of its territory, and the Chinese government is the only legitimate government representing all of China.
Is the EU's single energy market crumbling in the face of an energy crisis?
French EDF may suspend electricity exports to Italy for 2 years.
7.2 magnitude earthquake off the coast of Taiwan
The semiconductor industry was NOT affected.
EU gas storage is 85% full
Filled ahead of plan - planned to reach 80% by November 1.
Trump at voter meeting accused Democrats of fakes about Russia
"Democrats ... are the party of disinformation, including on Russia." And reiterated that the war wouldn't have started if he had stayed president.
I wonder if he would have just surrendered (sold out) Ukraine and that was it?
Pelosi: U.S. Congress condemns "Azerbaijan's deadly strikes on Armenian territory".
The U.S. has a strong Armenian diaspora and this may be part of the pre-election rhetoric (elections to both houses of Congress are already in November).
And this is another point of contention between the U.S. and Turkey.
On the other hand, in Armenia the voices for withdrawal from the CSTO are getting louder - Russia has not helped.
European Commission threatens to cut off Hungary's financing from EU budget
So far, only a 7.5bn-euro tranche is discussed.
Deposits at U.S. banks fell by $370 billion in Q2.
This is the first drop since 2018.
MARKET NEWS
WSJ: Instagram users spend 10 times less per day than TikTok users
London Stock Exchange won't operate tomorrow because of Elizabeth II's funeral
U.S. auto industry ad spending down 4% y/y in first 7 months of year
The auto industry doesn't see a problem with demand - they have a problem with production. So you can save money on advertising.
But it's bad for the advertising business.
It looks like the Fed is preparing for a recession and is considering new rules to strengthen the financial positions of the big regional banks
These banks will be required to raise long-term debt. They may also need new capital. And for sure in the event of a recession they will return to the practice of banning dividends and Baybacks.