Shifting Landscape

ISSummary

The Middle East unravelling?
United States: Trade balance improves
United Kingdom: Economic imbalances persist
Eurozone: Double whammy of poor data
Eurozone: ECB preview

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Good morning,

With all eyes on the needless loss of young life in the latest round of the Israeli-Palestine conflict (which, if you want to get an excellent handle on, I couldn’t recommend more highly the book I am reading: David Grossman’s “The End of the Land”) and Ukraine, the crisis in Iraq has all but vanished from the headlines.

A month ago, it seemed to many spectators that the once powerful Saudi ambassador in Washington, former head of Saudi intelligence and Sunni cheerleader, Prince Bandar bin Sultan’s ominous prediction was set to become a reality;

“The time is not far off in the Middle East, ….it will be literally ‘God help the Shia’. More than a billion Sunnis have simply had enough of them.”

So what’s happened to the mighty Islamic State (IS), whose mass executions, beheadings and crucifixions of alleged ‘apostates’ evoked terror in the hearts and minds of many Iraqi citizens?

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Global Macro-Daily Note 7th Aug 2014

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Categories: Daily Note