Wednesday, August 12, 2015

Economic News , Data & Views ( August 12 , 2015 ) - Special Greece updates ( Technical Deal on Third Bailout apparently reached , Parliamentary Action on deck for Greece and various EZ countries , Debt sustainability might require 50 haircut , interest rate concessions of 70 % or rescheduling , German turbulence regarding Greece deal , Third Bailout if passed will see Greece debt rise once again ) ..... China in Focus ( Yuan devaluation continues again , impacts on equities and other currencies on full display , commodity impacts - copper , coal and iron ore in focus , industrial production data disappoints , business and technology items , odds & ends ! )

Evening Tweets....


Ukraine's GDP fell 16.3%, inflation rate seen at 45.8% - Economy Ministry


DETAILS: Explosion started in warehouse storing hazardous materials


deal leaves many questions. identifies what doubts persist despite agreement with lenders

Stubb: Finland prepared for bridge financing if no deal in time, but support is conditional.

The MoU in English

EU Sources: Question Of Greek Debt Restructuring Or Relief To Be Discussed At Later Stage--RTRS


Chinese yuan +50% since 2005 on REER basis. Is it any wonder Beijing threw in the towel? Chart via SocGen

  • Chart: WisdomTree Dreyfus Chinese Yuan Fund ( ); oops -

  • Morning Tweets....


    To be joined by bleary-eyed Tsakalotos after another early morning vote in Greek Parliament


    Germany examining whether EU can guarantee Greek debt to IMF -Die Zeit via

    Greek Main Opposition Leader: Agreement Between Greece and Creditors is ‘Very Bad’

    The 38 ‘Hot’ Measures Required for Greece’s Bailout Agreement

    Greek deal hits German turbulence as lawmakers balk at timetable

    What The Greek Government Isn't Saying About The New Bailout Deal: The bailout deal Greece finalized with creditors…

    MPs recalled for vote on third bailout but procedure not clear

    Deal with lenders to go to Parliament after creditors' approval

    "There you go! Payed off" - A Belgian view on the 3r bailout to in

    Temporary refugee camp in Athens may be ready by end of week after Greek firm decides to donate 100 a/c units for prefab structures

    Greek debt sustainability can be restored w/ nominal haircut of 50%, interest rate concessions of 70% or rescheduling

    Good morning from . No Summer lull at home: Greek deal faces German turbulence as CDU lawmakers show reluctance

    O/N News: Greece has submitted its bailout deal bill to parliament with Tsipras aiming to get parliamentary approval by Thursday

    Chart: Greece 10yr yield back at 10% after the bailout agreement -

    Bill for 3rd bailout submitted (just before 3am)

    HFE: 3yr €86bn deal lends more money than it has to roll over during its term. Indebtedness will rise as a result of this program.


    BREAKING: Chinese stock market ends over 1% lower on Wednesday amid growing concerns about after devaluation for two days

    Biggest winners today in Chinese stock market: exporters, esp textile, home appliance cos; trading volume is thin as investors stay cautious


    Surprising no-one ahead of the curve as usual.

  • CHINA: -Industrial production 6.0% (6.7% Exp, 6.8% Prev) -FAI 11.2% (11.5% E, 11.4% P) -Retail sales 10.5% (10.6% P)

  • Spot iron ore (62% Fe, CFR c/- ) in the past year. Down 41% in USD, 25.1% in AUD

    China Shock Boosts Dollar in Safety Bid; Aussie at Six-Year Low

  • leads losses in Asian currencies, all in the red year to date

  • BMI says a cumulative decline of 10% for the RMB "is now likely", predicts year-end rate of 6.83/$

    IEEFA report: China coal imports DOWN 42% first 3 months of 2015 Electricity demand DOWN 4% Economy growth UP 7%

    Chinese tech firms aren't being put off by Beijing's crackdown on internet finance by

    BREAKING: China's deputy tourism minister arrested due to "leaking state secret"; but state media didn't say leaking to which foreign nation

    BREAKING: China's stock market around 1% lower at opening trade, with over 700 stocks down, amid growing concerns about global

    BREAKING: China's RMB/USD midpoint devalue 1.62% this morning to 6.3306, following the central bank's so-called 2% "one-off adjustment" yday