Thursday, July 30, 2015

Economic News , Data and Views ( July 30 , 2015 ) -- China Stock market News Of The Day ......EZ Grab Bag and Data Splash ( Germany Unemployment & Additional Data , EZ Inflation Data For July ) ...... Greece Updates To Ponder ( Economics , Creditor Talks , Domestic & International Political Dynamics -- And more ) ..... Spain In Focus ( Economic , Political And Human Interest Items ) ...... Italy In Focus ..... General Odds & Ends !

Evening Wrap....

After tense 12-hour session, Syriza central cttee decides on emergency congress in September. No party referendum on bailout deal Sunday.

Tsipras has sold his soul for a mess of potage. Likely neither IMF nor Schauble will back deal even after Syriza enacts laws, does as told


will only decide @ “stage 2” aftr has “agreed on a set of reforms” &, crucially, aftr zone hs “agreed on debt relief” ~FT

Morning Tweets.....


BREAKING: Shanghai benchmark index mysteriously sinking in last 5 mins of trading, down 2.2% and causing panic again

BREAKING: China's efforts to rebuild investors' confidence in stock market becomes short-lived with Shanghai benchmark index sinking over 2%

Baidu loses over US$10 billion as firm sees steepest decline in share price since 2008

China media reports that Chinese banks are investigating their exposure to the stock market via loans backed by stock as collateral

Chinese Stocks Fade From Open Highs As Margin Debt Tumbles To 4-Month Lows, Regulators Probe Officials' Sales

Good morning, China!

EZ Generally....

Small Belgian farmers lobby ABS obstructing roads today, demands "change to the EU's Russia policies" and EU CAP

FAZ exclusive: wants legal supervision of internal market & EU competition rules by new independent bodies - not Commission.

New Deutsche chief delivers blunt verdict on bank’s outlook:

HSH Nordbank’s fate set to be decided by EU and Germany:

German employment growth slowed to just 0.4% Y/Y in June. In June 2014, it was 1.0%.

German unemployment in June posts biggest rise since May 2014

VDMA: German engineering orders fell 1% Y/Y in H1 Domestic -1.0% Foreign +0%

inflation in July: Mixed signs so far with 's Saxony showing a rise in the yoy rate but showing a drop

"German govt concerned that 's “regulatory cooperation” could lead to regulation bypassing national parliaments"


How independent was the IMF when structuring the Greek programme?

IMF Executive Board has given the greenlight to talks on the new Greece program after a long discussion ( via Kathimerini)

1 Big conundrum in Greek talks is whether banks can be directly recapitalized by ESM without bail-in of depositors

2 Direct recap would be good idea. Would mean Greek state would not take on an extra €10-25bn in debt. also ensures banks not politicised

2 Direct recap would be good idea. Would mean Greek state would not take on an extra €10-25bn in debt. also ensures banks not politicised

Greek authorities do not provide the docs to Troika. "Greek play their games again" - ESM


Parliament's budget office rings alarm bell on economic prospects.

Some thoughts by on what's on the agenda of central committee meeting today

Tsipras speech to Syriza Central Committee 10ish EET. Looks like he has regained majority. Influential 'Movement of 53+' faction now back him

's 2y yields rise as Tsipras heads for showdown with rebels amid bailout talks.

Greek PM Tsipras threatens Syriza rebels with snap elections


Greece: troika's aim is demonstrating the inability of any left-wing gov to exist and prosper within the € - #€idiots


1/2 | Schäuble's plan for replacing the in the inspections of with the is extremely problematic.

2/2 | does not hv own financial & econ experts. What r they going to do? Use German & Dutch FinMin experts? That wld be explosive

FinMin Schäuble wants to remove from 'Institutions' that oversee program and replace it with Eurogroup ~FAZ


Pic of the day: Hot air balloons over

Catalan independence would mean losing Euro - De Guindos - Not again...

Man fined €600 under Spain's new "gag law"for calling police "lazy"on Facebook via

Now two full years (8 quarters) of positive quarterly GDP growth for Spain.

Some perspective on Spain's GDP growth - still 3.5% below peak in 2008

Spanish PM backs "xenophobic" candidate in Catalan elections

Quadraplegic kids are taking their first steps thanks to Ironman robot developed by Spaniards


Popes getting ever more technological: Selfies and tablets 'to get closer to the young'-L'Osservatore

Azzollini says vote not influenced: Senator investigated for graft

Italy wants UN counternarrative to Jihad: Repressive measures insufficient, police chief tells 80 states

13 false cops nabbed for burglaries: Thirteen arrested carried out eight robberies and burglaries

Italian oil firm Saipem to cut 8,800 jobs: Hit hard by collapse in oil prices

Odds & Ends.....

Shell sees 2015 operating cost reduction $4 billion; 6,500 job cuts

Morning Note: 1. Fed... Who knows?! 2. RBS actually delivers a profit. 3. Oil rout = Shell to cut 6,500 jobs

Media Feels Pressure As Space for Independent Journalism Shrinks

International Community Looks for 'Alternative Path' After Vetoes MH17 Tribunal Plan

Debris in Photo Like Missing Malaysia Plane , Official Says: AP

Ruble Free Float Gets Dirty as Rout Ends Foreign-Currency Buying.

Dollar rises near 4month high as sees more Go-September signals. Euro trades below $1.10.