Russia’s Diesel, Fuel Exports Poised for August Slump as Refineries Undergo Work
Russian petroleum exports are on course to plunge this month to the lowest in ten months, amid a drop in oil processing as refiners prepare for planned autumn maintenance. #press
Bitcoin ETF Ruling a 'Huge Win' for Grayscale, CEO Says
Grayscale Investments CEO Michael Sonnenshein says the US appeals court decision to overturn the Securities and Exchange Commission block of his firm's proposed spot Bitcoin exchange-traded fund is a "huge win" on "Bloomberg Markets." (Source: Bloomberg) #press
Hedge Funds Are Shorting Stocks That Biden’s IRA Was Meant to Help
A number of hedge funds have started shorting renewable energy stocks, as they bet climate stimulus will tip debt-reliant green companies over the edge by fanning inflation and triggering even higher interest rates. #press
Millions More Workers to Get Overtime Pay Under Biden Proposal
More than 3 million workers would be newly eligible for overtime pay when they work more than 40 hours a week, under a new proposal from the US Department of Labor. #press
US Pending-Home Sales Unexpectedly Rose in July
The National Association of Realtors’ index of contract signings to purchase previously owned homes edged up 0.9% to 77.6, the highest in three months. The median estimate in a Bloomberg survey of economists called for a 1% drop. Mike McKee reports on "Bloomberg Markets." (Source: Bloomberg) #press
Country Garden Posts Record Half-Year Loss Amid Default Fears
Country Garden Holdings Co. posted a record first-half loss, underscoring how China’s real estate slump has brought the property giant to the brink of a debt default. #press
Orange Juice Stockpiles Shrink to Record Low in Top Exporter Brazil
Stockpiles of orange juice in Brazil, the world’s top exporter, have reached the lowest in 12 years in a looming sign of a global shortage as Florida’s production declines and faces threat from what’s shaping up to be a concerning hurricane season. #press
Adam Posen on the Dangers and Risks of Biden’s China Strategy
How industrial policy goes wrong. #press
Visa, Mastercard Plan to Add New Card Fees in the Coming Months
Visa Inc. and Mastercard Inc. are planning to boost the fees that many retailers pay when accepting customers’ credit and debit cards. #press
UBS Slips in ESG Asset-Manager Ranking After Credit Suisse Deal
The asset management arm of UBS Group AG has slipped in an ESG ranking published by Morningstar Inc., which pointed to its acquisition of Credit Suisse as the main reason for the decline. #press
South Sudan in Talks to Bypass Conflict by Trucking Oil Exports
South Sudan is in talks with Kenya and Ethiopia to truck oil to the coast for export, which would mitigate the risk of depending on pipelines running through war-plagued Sudan. #press
India Allows Rice Exports to Singapore, Sidestepping Sales Curbs
India, the world’s biggest rice exporter, will permit shipments to Singapore despite putting restrictions on overseas sales of the staple. #press
African Coup: Soldiers Seize Power in OPEC Member Gabon
Four days after the central African nation of Gabon held disputed presidential elections, soldiers seized power in OPEC member. A spokesperson for Gabon’s mutinous military explains why the group is seizing power. (French with English subtitles.) (Source: Bloomberg) #press
Narayana Hires Barclays to Arrange $169 Million Buyout Loan
India’s education-focused Narayana Group has mandated Barclays Plc as the sole arranger of a loan worth around 14 billion rupees ($169 million) to buy out minority shareholders in unit Nspira Management Services Pvt., according to people familiar with the matter. #press
Surveillance: BMO Calls 10-Year Treasuries a ‘Screaming Buy’ as Fed Wins
Hints of a job-market slowdown are bolstering the Fed’s inflation-fighting cred #press
Switzerland Weighs Tougher Anti-Money Laundering Laws
Switzerland has opened consultations on a draft bill to toughen anti-money laundering laws to reinforce what it calls the “integrity and competitiveness” of the country as an investment hub. #press
Bloomberg Surveillance: Early Edition 08/30/2023
Bloomberg Surveillance: Early Edition, live from London and New York. Dani Burger and Simone Foxman deliver the latest news and analysis on the markets with leaders in global finance and economics. Josie Anderson, Centre for Economics & Business Research Managing Economist speaks about the ECB and the Fed. Hao... #press
Stubborn Inflation in Germany and Spain Keeps ECB on Data Alert
Inflation slowed less than expected in Germany and quickened in Spain, offering European Central Bank officials a partial picture of the region’s price pressures as they judge whether to raise interest rates again. #press
China Developer Vanke Profit Slides 19% Amid Property Woes
China Vanke Co., the country’s second-largest developer by sales, reported lower profit in the first half, underscoring how even developers with partial state support aren’t immune to an unprecedented housing slump. #press
Russia Is the Big Winner From OPEC+ Output Cuts
Higher prices have more than offset lower supply, in stark contrast to the situation faced by Riyadh. #press
