Thursday Morning Briefing: Chinese forces exercise across border as Hong Kong braces for protests

Top News

Chinese paramilitary forces conducted exercises across the border from Hong Kong, raising fears that Beijing may be preparing to act against mass demonstrations in the Asian financial hub it has described as “near terrorism”. Hundreds of members of the People’s Armed Police could be seen at a Shenzhen sports stadium where parking lots were filled by more than 100 dark-painted paramilitary vehicles, prompting U.S. concerns they could be used to break up protests across the border in Hong Kong.

The United States applied to seize an Iranian tanker in Gibraltar, halting its expected release at the last minute and preventing a possible swap for British-flagged tanker held by Iran. The Grace 1 oil tanker was seized by Royal Marine commandos in a landing in darkness off the coast of the British overseas territory on July 4. Gibraltar said the tanker was suspected of selling oil to Syria in breach of European Union sanctions. Gibraltar was widely expected to release the Grace 1, but just hours before, the U.S. Department of Justice sought to seize it.

Norway’s nuclear safety authority is analyzing tiny amounts of radioactive iodine detected in the air in northern Norway in the days after a deadly explosion during a rocket engine test over the border in Russia. Russia’s state nuclear agency, Rosatom, said on Saturday that five people killed in the blast were its staff members, and the accident involved “isotope power sources”, giving no further details.

Pakistan observed a ‘Black Day’ to coincide with India’s Independence Day celebrations, as one of the main militant groups fighting Indian rule in Kashmir led a protest through Pakistan’s part of the disputed region. India’s decision this month to revoke special status for its portion of Kashmir, along with a communications blackout and curbs on movement, caused fury in Pakistan, which cut trade and transport links and expelled India’s envoy in retaliation.

U.S.

With “El Paso Strong” shirts on and with the sun setting behind them, thousands of people crowded into a baseball stadium in the town to remember the 22 people killed by a gunman at a local Walmart store on Aug. 3. As El Pasoans entered the baseball stadium they were greeted by emotional support dogs, brought by a group that has been visiting disaster areas since the Sandy Hook Elementary School shooting in 2012.

U.S. Senator Cory Booker said he would create a White House office to combat white supremacy and hate crimes if elected, becoming the latest Democratic presidential candidate to call for action after a racially motivated massacre in Texas. Booker said he would also require the FBI and the Justice Department to allocate the same level of resources and attention to white supremacist-inspired violence as they devote to international terrorism.

Israel is considering barring a visit by two of its sharpest critics in the U.S. Congress, Democrats Rashida Tlaib and Ilhan Omar, who plan to tour the occupied West Bank and East Jerusalem, an Israeli official said. No date has been formally announced for the trip, but sources familiar with the planned visit said it could begin at the weekend. An Israeli official said Prime Minister Benjamin Netanyahu and other senior members of his cabinet held consultations on a “final decision” about the visit.

The female players who sued the United States Soccer Federation for equal pay reported that talks broke down and said they were now turning their attention to the courts where they “eagerly look forward to a jury trial”. Some 28 players took USSF to court in March alleging they were consistently paid less than their male counterparts even though their performance has been superior to the men’s team.

Business

Stocks steady after rout, pinning hopes on central banks

World shares held at 2-1/2-month lows and Wall Street was set for a firmer open as investors bet the U.S. Federal Reserve and other central banks would respond strongly to recession warnings emanating from bond markets.

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Markets register a shock, but is Trump right to blame the Fed?

It takes a lot to kill an economic expansion, typically requiring a major shock to bring growth to a halt and trigger a U.S. recession. This week investors signaled that moment may have arrived, and one big question is whether that shock has come from Trump’s trade war or a mistake by policymakers at the U.S. Federal Reserve.

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From Breakingviews: U.S. recession signal bears clear fingerprints

A U.S. recession warning from financial markets has Donald Trump’s fingerprints all over it. A key bond market metric turned negative for the first time since 2007 on Wednesday, sending stocks tumbling. Other economic indicators in the U.S. and abroad are deteriorating. The common thread linking these is the president’s trade war, writes Tom Buerkle.

3 min read

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