Wednesday, June 10, 2015

Economic News , Data and Views ( June 10 , 2015 ) - Broader Europe In Focus ( French Industrial and Construction Data Disappoints , Finland Industrial Productions Swoons Badly , UK Industrial Output Rises and Factory Input Falls , Bunds Under Pressure Once Again- Cross 1% In Yield For Ten Year , EU Shrinks As % Of Global Economy , Euro Tracks Bund Today ) ..... Greece In Focus ( Economic Items , State of Play For Ongoing Creditor Talks - Cold Water Poured On Gr Proposals , Mixed Messaging On State Of Second Bailout And Whether It May Be Extended , Ball Tossed Back To Greece and What Does that Mean For The Talks ? )


Tweets....



Morning  Overview.....

 



Morning Note: 1. MSCI holds off on China stocks. 2. Tsipras Merkel Hollande head to Brussels. 3. Kuroda slaps USDJPY





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| Nobody talking about this...APR INDUSTRIAL PRODUCTION Y/Y: -4.0% V -4.5%


















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Kuroda lifts yen, Bunds get slammed and yet another meeting on Greece. Here's what's been talked about this morning





Broader Europe.....




. Yield spreads betw 10y UST & Bunds have narrowed. Thats part of explanation.








10yr Bund yields and Euro move together like Siamese twins.
















GERMAN 10-YEAR YIELD CLIMBS TO 1%, FIRST TIME SINCE SEPT. 25





U.K. APRIL INDUSTRIAL OUTPUT RISES 0.4%; EST. 0.1% GAIN U.K. APRIL FACTORY OUTPUT FALLS 0.4%; EST. 0.1% GAIN




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*GERMAN GOVT OFFICIAL SAYS MERKEL-TSIPRAS TALKS NOT CONFIRMED






French construction output collapses 6.4% on 3m/YoY basis in April. Something badly wrong here.



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| APR INDUSTRIAL PRODUCTION M/M: -0.9% V 0.4%E; Y/Y: -0.1% V 1.0%E





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The EU has shrunk as a percentage of the world economy






Greece.....

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Turnover Index in Wholesale Trade in the Q1 2015 compared with the Q4 2014 decreased by 5.6%. !!



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raised €1.625 bln from 6-m T-Bill auction at 2.97% & €1.3 bln from 3-m at 2.7% (both yields unch from prev month).




in deflation 4 the 27th straight month, CPI -2.1 in May.










pharmacists on strike as they oppose non-prescription drugs being sold in supermarkets. That includes paracetamol and aspirin.











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Back to the drawing board. Again. on the latest Greek reform plans >>









* German Fin Min spokesman says at moment talks are continuing so any question of extending bailout is inappropriate - RTRS






TALK ABOUT EXTENDING GREECE’S SECOND PROGRAM MISPLACED: JAEGER








German Lawmakers To Vote Against Greek Bailout Saying Athens "Not Serious At All"







Nathan Tankus: The Operational Issues of a Grexit Part One: Understanding the Payments System: The Greek rulin...







* German Fin Min spokesman says in theory it is possible to extend greece's second bailout programme - RTRS








THIRD GREEK AID PROGRAM NOT ON THE AGENDA NOW: GERMANY So how is ECB getting paid then?







* German government spokeswoman says Merkel has no conditions before possibly meeting Tsipras - RTRS





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Recap: meeting with in 15', meeting with not in sight, meeting with Merkel+Hollande unconfirmed.




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* German government spokeswoman says Merkel works very closely with Fin Min Schaeuble on Greece and there is mutual trust - RTRS






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Latest Greek proposals "don't reflect state of discussions" with lenders, European Commission spokesman says.




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EU's Schinas: 's latest reform proposals "do not reflect" state of last week's - talks.








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Moscovici sounds like he gave Greeks a ticking off last night. Primary surplus targets not good enough for an audience with Merkel today?







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Guardian reporting that the IMF and other creditors insisting on the 1% primary deficit target ffor Greece for this year,







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* EU commission says ball now clearly in the court of the greeks in cash-for-reform talks - RTRS








Brussels briefing underway - live feed




















Minister of Health Kouroumblis says that "Obama is in panic mode because of "








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Amid rumors that Tsipras-Merkel-Hollande meet may not happen, Greek gov source reports no feedback to revised proposals.







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*GERMANY'S FUCHS SAYS CURRENT GREEK OFFER `NON-NEGOTIABLE'

















GREECE TALKS THIS WEEK SAID TO MAKE NO PROGRESS TO END IMPASSE







GREECE, CREDITORS SAID TO DISAGREE ON TARGETS, MEASURES