Devaluation of Chinese Yuan Increases Price Pressure on Petchems
An ICIS article by Joseph Chang and Nigel Davis reports that the surprise devaluation of the Chinese yuan against the US dollar will affect the chemical industry. The consequences will be felt in global commodity prices, petrochemicals, and polymers. The immediate strengthening of the US dollar will increase pressure on commodity prices that have already been in free fall and make them drop dramatically.
U.S. Economy Holding its Own Despite Political Rhetoric
A Bloomberg article by Albert R. Hunt reports that political rhetoric is painting a bleak picture of an American economy that has been holding its own and fending off global economic disaster.
According to Hunt, whenever a major election occurs, contending parties do their best to convince voters that if elected, they will champion the people and turn the economy around, even if it’s not doing badly. And that is exactly what the politicians are doing with this election, downplaying the positives and emphasizing negatives, some of which don’t even exist.