Monday, August 10, 2015

Economic News , Data and Views ( August 10 , 2015 ) - Updates on Creditor Talks , Details on Greece Economy , Refugee situation ..... China in focus - Stock markets fly today amidst more Regulator moves and poor economic data sparking hopes for more stimulus. , business news of note


Evening wrap....






primary surplus targets, as agreed with the Creditors: 2015: 0% 2016: 0.5% 2017: 1% Where is the austerity?








Tsipras draft law to abolish tax Exemptions for all political appointees (incl. Ministers) and cut salaries by 15-30%. Good news.









Greece needs the bailout cash to meet an Aug 20 deadline. Once again, Berlin stands in the way, reports






Greek FinMin says government committed to July 13 agreement, hopes all sides are - and That they work as hard as Greece to Achieve deal







European Commission Approves 473 Million Euros to Greece for Migration Crisis








now estimates That bailout will cost EUR 90bn given deepening recession, Compared to EUR 82 - 86bn earlier - Handelsblatt
















Germany wants strict conditions attached to new Greek bailout








The market cap of 's five biggest banks is 5.4 BLN euros. Back in 2007 it was 85 BLN.













Greek banks cld get Their 1st capital injection after loan agrmnt, but before bank stress tests: Eurozone source ~








Morning Tweets....







Greece.....





Working overtime... Greece








Tsipras wants tax breaks bill scrapping MP / cutting wages Submitted minister w / out delay; Lenders not 'demand but' duty of political system '.








Greek PM tells aides he wants legislative action to abolish tax breaks for MPs & reduce wages of ministers, heads of public orgs











'When abolition of tax breaks for farmers is on table of talks we can not ignore tax breaks that apply for us,' Tsipras cited as telling aides





Capital controls take toll on car sales, which fell in July for first time in 2 yrs













Optimism for new Greek bailout deal despite German misgivings (Pic: Getty)








Germany urges 'thoroughness over speed' in Greece talks
















Greece, creditors set 2015 primary surplus target to zero-source











and creditors forecast Greek economy shrinking 2.1%-2.3% this year: Gov't official ~










*EU SAYS GREEK DEAL CAN BE REACHED 'PREFERABLY' BY AUG. 20











BRIDGE LOAN STILL OPTION ON GREECE - EARLY AGREEMENT ON GREECE AID IS DESIRABLE: GERMAN FINANCE MINISTRY







Greek industrial production -4.5% y/y in Jun (May rev. from -4.0% to -4.3% ). points to further decline in Jul:









Latest round of talks with quartet lasted until 3.30 this morning. Continuing today. Greek gov't hopeful of agreement by tomorrow










Greece received 11,000 migrants from war-torn areas in the first ten days of August. That's the real crisis. The EU ignores it at its peril.







Morning Note: 1. Weekend of ugly China data. 2. Greece wants to conclude talks by Tues. 3. Buffett's new pursuit...









China .....











Chinese Stocks Soar On Terrible Economic Data; US Futures Levitate; Brent Drops To 6 Month Lows






















BREAKING: Alibaba agrees to buy 20% of home appliance retailer Suning for US$4.63 bln, helping China’s e-commerce giant expand more offline






Former Italian minister probed over €200m Chinese energy projects - via











BREAKING: Chinese stock market ends 5% up by market close, approaching next major target 4000 points; about 300 stocks hit 10% daily uplimit












China stocks soar becuz 1) weak export -> higher hope for stimulus 2) Gov to consolidate SOEs -> $ injection 3) Mutual funds buy more stocks











Effective Aug 8, lower limit of stock allocation of mutual funds up to 80% from 60% - state media (i.e. Gov wants mutual funds to buy more!)










De-Dollarization: China's New Silk Road Extends To LATam — Why Chile Will Be The Yuan’s Financial Stronghold



















BREAKING: Chinese stock market in strong rebounding amid state media reports about Gov plan to consolidate 200+ SOEs with capital injections





Chinese business delegation of 10 robbed at airport in Johannesburg, South Africa, Aug. 7.












Case For Yuan Devaluation Grows As Chinese Factory Prices Fall Most In Six Years