Latest news with #JohnAuthers
Bloomberg
9 hours ago
- Bloomberg
Nobody Expects the Spanish Contradiction
To get John Authers' newsletter delivered directly to your inbox, sign up here. In Barcelona, tourists need to look out. The locals are attacking them with water pistols. They're also meting out similar treatment along Spain's beautiful Mediterranean coast, and sometimes follow up spouts of water with flares thrown into popular spots. Some carry placards proclaiming 'Your AirBNB used to be my home!' or just 'Go home!' Such protests have also hit other overcrowded European destinations, and thankfully haven't been violent. In Spain, they dramatize the contradictions in a remarkable, decade-long recovery from the euro-zone's financial crisis. That rebirth makes it something of a guinea pig for three of the rich world's biggest issues — migration, housing and the energy transition — and in certain respects a counterpoint to the United States. Both countries are dealing with the aftereffects of massive housing bubbles that came to a head almost two decades ago. Both have recovered, but did so with almost totally opposed policies now coming under strain. Tourism has been central to the Spanish revival. The sector had already developed far beyond its roots offering cheap holidays in the sun for Britons, but last year drew 134 million visitors, 10 million more than in 2023, and nearly treble the 48 million population. The intake was greater than any ever received before the pandemic. Only neighbor France attracted more tourists last year; the US was third.
Bloomberg
3 days ago
- Business
- Bloomberg
Making the Oil Market, One Social Post at a Time
Save To get John Authers' newsletter delivered directly to your inbox, sign up here. The conflict between Israel and Iran continues, despite Monday's emphatic market bets that it was over. But the focus has changed. Initially the great fear involved Iran closing the Strait of Hormuz, a critical bottleneck for global oil supply. Before it's here, it's on the Bloomberg Terminal
Bloomberg
4 days ago
- Business
- Bloomberg
For Markets, the Israel-Iran War Is Already Over
Save To get John Authers' newsletter delivered directly to your inbox, sign up here. International markets appear to have convinced themselves that the latest conflagration in the Middle East can be looked through as easily as all the region's other flare-ups of the last decade. Are they right to do so?
Bloomberg
13-06-2025
- Politics
- Bloomberg
A Day in a Life Without Immigrants
To get John Authers' regular newsletter delivered directly to your inbox, sign up here. In the 2004 movie Un Día Sin Mexicanos ('A Day Without a Mexican'), Californians awake to discover that all the Latinos among them have mysteriously disappeared. The state swiftly descends into anarchy. Streets are uncleaned, fruit rots on trees while drug hustlers start peddling vegetables as they fall into short supply. Middle-class people who were bullying their Hispanic maids and janitors hours earlier buckle under the backbreaking work they now have to do. Schools close. Riots break out as baseball games are canceled (basketball continues as normal). The directors laid on the satire with a sledgehammer, but the message wasn't particularly controversial. The relationship between California and its Mexicans had become symbiotic, not parasitic. At the time, the movie fed into a then–widespread notion that migrants' status should be resolved, and those who had spent most of their lives in the US shouldn't live with the stigma of being illegal. That was 20 years ago. On Monday, it will be exactly 10 years since Donald Trump descended the escalator to open his campaign for president by inveighing against Mexicans who are 'rapists' and 'bring disease.' The decade since has set California, and the rest of the nation, on a course to the current drama, in which the administration has sent troops to support aggressive efforts to round up migrant laborers at their places of work, while protesters wave Mexican flags atop burning cars.
Bloomberg
12-06-2025
- Business
- Bloomberg
Waiting for the Fed All Summer Long
To get John Authers' newsletter delivered directly to your inbox, sign up here. The Federal Reserve might as well take the rest of the summer off and head for the beach. If the sweeping new tariffs are to shift inflation upward, they haven't done it yet. That's the clearest conclusion from the US consumer price inflation data for May, which against expectation showed continuing decline, and nevertheless changed market expectations for the Fed barely at all. May was the first month the Trump 2.0 tariffs were in effect throughout, and yet they had a negligible impact on price rises. That is undeniably good news. But it doesn't disprove that price rises will eventually come, and the data overall give the Fed no reason to jump in either direction. Breaking inflation into its four main components — food and energy, and the remaining goods and services — in our regular chart from the ECAN function on the terminal shows minimal change. Services continue to dominate, energy was negative and food positive. Core goods, the most affected by tariffs, saw inflation tick up, but not to a level that's discernible:
