One notable thing about the sharp rally seen in stocks at the end of last week was that it wasn’t accompanied by a similarly strong rebound in commodity prices, and in particular oil prices whose performance since the lows in August had until last week more or less mirrored the performance of equity markets.
Source: Weak oil and caution ahead of FOMC pulls stocks off their highs. | CMC Markets UK
What can a 21st-century army of cubicle warriors do? And what, if anything, is there to be happy about?
The U.S. Navy sent a warship within 12 nautical miles of a Chinese artificial island in the South China Sea.
October 27, 2015 by Ryan Biek http://www.newsy.com
A U.S. warship defied Chinese territorial claims Tuesday and sailed within 12 nautical miles of an artificial island in the South China Sea.
The Chinese island has been called an unsinkable aircraft carrier by some military analysts. The manmade land holds an airstrip, barracks and other military equipment. (Video via U.S. Navy)
Maritime law extends a country’s ownership 12 nautical miles beyond its land. By sending guided missile destroyer USS Lassen through that zone, the U.S. has essentially said it doesn’t recognize China’s claims.
“It follows on a step the U.S. took in May this year when it flew a U.S. surveillance plane, and we were on board, directly over these islands to say that the U.S. does not recognize Chinese airspace …,” a security correspondent told CNN.
As Fox News notes, China says almost all of the South China Sea is theirs. Meanwhile, Brunei, Malaysia, the Philippines, Taiwan and Vietnam have declared parts, or all, of the sea as their own.
The U.S. claims neutrality on territorial disputes and says it’s only exercising its freedom of navigation. The U.S. Navy frequently patrols the South China Sea, often with Chinese ships close behind, as you can see in this video. (Video via U.S. Navy)
An article published in The Wall Street Journal notes the South China Sea is home to half of the world’s shipborne trade. The author also argues historical inaccuracies plague China’s so-called “historic rights” to the sea. (Video via Fox News)
Still, it’s a little unclear what the U.S.’s endgame is. It’s unlikely that China will break up its artificial islands anytime soon.
But as a naval expert told CNN, China’s strategy in the South China Sea has been “one of ambiguity.” The U.S.’s recent move could force China to clarify its ownership claims, which can then be refuted or defended. (Video via U.S. Navy)
This video includes images from Getty Images.
BEIJING (AP) — China summoned the American ambassador to protest the U.S. Navy’s sailing of a warship close to one of China’s artificial islands in the South China Sea, in an act that challenged Chinese sovereignty claims.
Source: China summons US ambassador to protest ship near reef – Yahoo News
Andrew Phillip Chernoff 