Wednesday, January 14, 2015

Financial News of Note - January 14 , 2015 - ECJ Opinion Supports OMT Program ( however role of ECB in Troika may be ruled out as a condition , OMT may be legal - subject to conditions ) ........ Commodities definitely in focus ( especially copper plunging to fresh cycle lows today ) ...... currencies in focus ( euro off again , yen gains again ) ..... Greece in focus as Rajoy visits Greece to support ND , meanwhile Greece's primary surplus falls well short of target

Tweets....


Chart: Swiss government bond yield curve -








: Swiss rattle the markets with currency cap [VIDEO]














Poland stops reverse-flow supplies of gas to Ukraine No reason given, keep your eyes on Slovakia supplies to Ukraine





AEP: ECJ has declared legal supremacy over . If Karlsruhe accepts this, Germany will no longer be a fully self-governing sov state.





Confirms Approval Of Poland USD 23 Bln Credit Line, Only As A Precautionary Measure, Not Expecting It To Be Drawn On






Russia Just Pulled Itself Out Of The Petrodollar





Banking crisis in Russia will be massive — Sberbank CEO

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Since mid-2014 Russian banks have publicly announced they are having problems with currency liquidity due to sanctions and growth of bad loans because of the situation in the economy. The Russian Central Bank consistently introduced new mechanisms of providing liquidity, including non-standard ones, in a move to support banks in difficult times. Also, the government made a decision to increase the capital of Russia's banking sector by $15 bln.

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Spanish PM Rajoy is the latest in long line of right wing EU leaders who think they can bully 's voters into supporting New Democracy





2014 budget primary surplus at €1.93bn, €3.01bn short of target. Budget deficit at €3.64bn, €2.88bn below target ~




Greek election winner must stick to austerity, Schaeuble says





Moody's: 'Grexit' unlikely, less risk of contagion than in 2012 [Update]




Going lower RT : Italian and French 10-year yields have hit new all-time lows today at 1.71% and 0.67% respectively






"Yen is now the best performing major currency in the world this year."







Wells NIM drops again




JPMORGAN CFO SAYS 4Q LEGAL CHARGES RELATED TO CURRENCY PROBES. How many other markets did JPM rig?







JPM Fixed Income Revenue $2.533 BN, Down $1.21BN from Q3, down $748MM from Q4 2013






JPM mortgage banking: "Total headcount down over 7,500 for the year"











SWISS 10-YR BOND SALE DRAWS RECORD-LOW YIELD OF LESS THAN 0.2%. No ECB disruption anywhere







Greek Exit From Euro Would Cause ‘Significant’ Contagion: Fitch. But Germany said it was contained










Bye pari passu: EU COURT ADVISER SAYS GRANTING ECB PREFERENTIAL CREDITOR STATUS QUESTIONS POSITION OF OTHER CREDITORS, IMPACTS BOND VALUES


















Remember the rouble rumble? It's back....









Glencore shares slide to record low Now almost half of IPO value.










Euro drops to lowest since 2005 as EU Court Aide Supports 2012 Bond-Buy Plan.










of keeps going. German 10yr yields drop to 0.44% mimicking Japanese experience of the 1990s










at $40, and Below, Gaining Traction on Wall Street.







ECJ has de facto declared the end of the Troika. The role of the ECB in Troika was always ill-defined.






Interesting side Q: would have to leave troika to execute ? That's what opinion seems to suggest here:





Mersch : - ECB always convinced OMT was legally sound - OMT ready & available - Welcomes ECJ oppinion on OMT - ECB comply with EU laws