Thursday, July 2, 2015

Economic News , Data and Views ( July 2 , 2015 ) - Broader Europe & Asia In Focus ( Items of note from Italy , Spain EZ in general , China ) ..... Greece - center of universe these days , in focus ( Items touching on the Referendum , state of play of domestic & international politics / creditor talks , polling and more ! )


Broader Europe & Asia .....

The has underperformed since the single currency launched.




Obama, Renzi talk about Greece, terrorism in call: Leaders stress need for close coordination





Renzi meets Merkel amid hopes: Premier tells Athens to respect rules, adopt reforms





Worst June for Rajoy since he took office in terms of reducing unemployment:






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Euro area industrial producer prices stable in May 15 over Apr 15, -2.0% over May 14






UK Construction up from 55.9 in May to 58.1 in June




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Swedish cut rates to -.35 and will buy sek 45b more bonds. In a country with 2 1/2% y/y real gdp growth. Hmmm.....





Morning Note: 1. Tsipras Vs Tsipras. 2. Shanghai stocks gets crazier. 3, Jobs day (on a Thursday!) est 233k







Shanghai Comp -6.3%




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The trading floor at the Shanghai Composite looking pretty tense these days













Greece.....


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Former Greek PM Costas Simitis urges 'yes' in referendum via written statement







VAROUFAKIS: WILL QUIT IF YES VOTE







Varoufakis says Greek gov't "may very well resign" in case of 'Yes' victory in Sunday's referendum.








Varoufakis: We "may very well" resign if 'Yes' wins, "but we'll do it in spirit of cooperation with whoever takes over from us".









Would sign a bailout agreement without debt relief? "I'd rather cut my arm off."






*NOVARTIS SAYS WORKING TO ENSURE SUPPLY OF MEDICINES IN GREECE




*DIJSSELBLOEM SAYS BANKS ONE OF THE BIG PROBLEMS GREECE FACES




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With the declaring 's non-payment a "default event", does Klaus Regling now have the largest NPL portfolio in eurozone?







* Eurogroup's dijsselbloem: situation in Greece is "dramatically deteriorating day by day" - RTRS






* Dijsselbloem: Greek "yes" vote offers better prospects for resuming talks - RTRS








*DIJSSELBLOEM SAYS SOME IN EUROGROUP ADVISED EARLIER REFERENDUM





's Dijsselbloem: Promise Made in 2012 Of Greek Debt Relief Is No Longer Available. (DJ)









Two MPs of coalition partner Independent Greeks, Vassilis Kokkalis & Costas Damvolitis, say will break from gov and vote Yes






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Momentum builds in Greek coalition partner against . Five MPs want vote annulled, 3 to break gov ranks + vote YES if goes ahead





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Supermarket employee:pasta, flour, rice, sugar& evap milk flying off the shelves faster than they can restock








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Yes pulls ahead in GPO poll. 47% to 43%. Need a clutch of polls to judge, but OXI certainly slipping







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beware of Greeks bearing gifts = beware of Gref polls w/out margin of error stats, sufficient sample sizes,non-bias wording








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'No' posters popping up around Athens






They keep arguing 's debt is sustainable, what they really thought in 2011 when they were arguing the same









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Neither growth or austerity will succeed "even over multiple generations" in cutting Greece's debt of 177%/GDP to manageable level -Moody's