Greece.....
Evening wrap.....
A triplet of supportive statements to Tsipras' decision by the EUCommission (Selmayr, Breidhardt & Moscovici) #Greece http://mobile.reuters.com/article/idUSKCN0QP23Q20150820 …
Another roll of the dice from Tsipras tonight. He's gambling for stability, writes @nkonstan http://www.ekathimerini.com/200768 #Greece
Ex-minister Dimitris Stratoulis/Left Platform hinted at new party:The 'no' of the people to austerity will find political expression in elex
Greek bank bondholders should brace themselves for bail-in. Weil Gotshal's lawyers on the how. https://interact.weil.com/reaction/images/150820%20Greek%20bank%20bonds%20brace%20yourself%20for%20bail%20in%20v1.pdf … cc @Frances_Coppola
Greek PM Tsipras meeting with aides in Parliament with discussion focused on whether to hold snap polls on Sept 13 or 20, acc to state TV.
Europe broadly....
#Russia Ruble in free fall as Crude oil prices hit fresh multi-year lows.
Three big weeks in the eurozone south
Sept 20: Greek elections
Sept 27: Catalan regional election
October 4: Portuguese election
Ukraine dollar bonds slip to multi-week lows on elusive debt deal - Reuters UK http://bit.ly/1E7ENeY
#Ukraine debt decision seen imminent as bonds enter notice period http://bloom.bg/1E6LWMn via @business @martoneder
Emerging markets & Commodities ....
10 Currencies That May Follow Kazakhstan in Tumble Triggered by China: http://www.bloomberg.com/news/articles/2015-08-20/10-currencies-that-may-follow-tenge-in-tumble-triggered-by-china … #EMCrash
Gold climbs to 5 week high as sept fed hike hopes fizzle. http://m.economictimes.com/markets/commodities/gold-climbs-to-5-week-high-as-sept-fed-hike-hopes-fizzle/articleshow/48551213.cms?utm_content=buffer514a4&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer …
$40 a barrel looms: Crude oil keeps seeking bottom amid supply glut http://s.nikkei.com/1hOCHGA
Masses of dead fish wash up miles from China chemical blast site.
PHOTOS: http://wp.me/p5bZm6-2R6
"Mystery" Cyanide Foam Covers Streets In China After Tianjin Storms As "Massive Fish Die-Off" Photographed http://www.zerohedge.com/news/2015-08-20/mystery-cyanide-foam-covers-streets-china-after-tianjin-storms-massive-fish-die-phot …
BofA: "A credit event in commodities may be necessary to cause policy-makers to panic."
Emerging-market currencies battered by commodities slide, China turbulence: http://on.wsj.com/1NnRDbK via @WSJMarkets
Currency Wars Continue As Kazakh Currency Crashes 25% After Peg Abandoned | Zero Hedge via @zerohedge http://sco.lt/5VCsGP
Broken BRICs: #China's exports have collapsed to both #Brazil (-17.8% YOY) and #Russia (-35.3% YOY). (via Pierpont)
Morning tweets.....
This is indeed an excellent piece by @charlesforelle on the (sorry) state of the Greek fishing industry http://on.wsj.com/1Nwu6oe
From Creditors to Creditors with Love: #ESM’s money comes to #Greece & is immediately forwarded to repay debts http://www.keeptalkinggreece.com/2015/08/20/esms
Greece makes debt repayment, minister calls for snap polls http://dlvr.it/BvcWf6
Just hours after 1st tranche of Greece's 3rd bailout released, @tsipras_eu meeting w key aides to decide on early elex (likely Sept or Oct).
The longer Tsipras waits, the more time for street protest and for the Left Platform to rally https://twitter.com/YanniKouts/status/634284039415967744 … #ticktock #grelection
The Judge Who Could be Greece’s First Female Prime Minister http://dlvr.it/BvcSFn #Greece
1/ First 2,500 #Syrian refugees arrive at #Piraeus on Thursday morning, were led to train station via @amna_newseng
2/ State news agency ferry is set to return to #Lesvos to pick up more #refugees. Unclear if those in Ath will be helped to reach Gr borders
Greek Govt Has No Plan for Refugees Who Went to Athens Instead of Thessaloniki http://dlvr.it/BvfyzJ #Greece
Greece’s Missing Drivers of Growth: This post mines an issue we've discussed repeatedly, that the heavy dose o... http://bit.ly/1fr93Wb
Broader Europe.....
Dutch PM Rutte comfortably surivives no-confidence vote over #Greece deal: http://openeurope.org.uk/daily-shakeup/800000-asylum-seekers-expected-in-germany-this-year-as-it-backs-mandatory-distribution-quotas-austria-considers-legal-action/#section-1 …
PVV leader, Geert Wilders, tables motion of no-confidence against Dutch PM Mark Rutte over #Greece package: http://openeurope.org.uk/daily-shakeup/800000-asylum-seekers-expected-in-germany-this-year-as-it-backs-mandatory-distribution-quotas-austria-considers-legal-action/#section-1 …
What can the #Eurozone offer to get the #IMF on board for the 3rd Greek bailout?http://openeurope.org.uk/blog/what-can-the-eurozone-offer-to-get-the-imf-on-board-with-the-third-greek-bailout/ …
#Greece
Belgian farmers block roads to protest low price of milk: http://openeurope.org.uk/daily-shakeup/800000-asylum-seekers-expected-in-germany-this-year-as-it-backs-mandatory-distribution-quotas-austria-considers-legal-action/#section-4 …
Rupert Murdoch backs Jeremy Corbyn for Labour leadership http://trib.al/qvUVWo0
Slovakian Interior Ministry says it will not accept Muslim refugees as it does not have enough mosques: http://openeurope.org.uk/daily-shakeup/800000-asylum-seekers-expected-in-germany-this-year-as-it-backs-mandatory-distribution-quotas-austria-considers-legal-action/ …
Perspective: Slovakia - no more than 200 *Christian* migrants; while Germany revises its estimate for asylum seekers up from 250K to 800K.
Slovakia announces it will only take Christian refugees. PM Fico cites "security risks" in taking Muslim refugees: http://openeurope.org.uk/daily-shakeup/800000-asylum-seekers-expected-in-germany-this-year-as-it-backs-mandatory-distribution-quotas-austria-considers-legal-action/ …
Every industry group falling on European #stocks benchmark Stoxx600.Almost Eu300b wiped off market cap in 2 days
Spain's Púnica corruption probe extended to 12 city governments, including Madrid and Valencia http://cort.as/W3Jx
Ruble falls to 67.22 versus USD
Europe's #migrantcrisis today:
*43% of EU's asylum apps made in Germany
*Austria threats to sue EU for "unfair distribution" of refugees
How the Bundestag's MPs voted for the 3rd Greek package. #Greece
- Yes
- No
- Abstain
- No Vote
#Germany expects 800,000 asylum seekers, refugees & illegal migrants in 2015
http://on.thestar.com/1LjMrm0 via @TorontoStar
Spain bad bank loans continue to fall as a % of total.
Ukrainian Hryvna (despite the frozen market) starts falling after Kazakhstani Tenge and Ruble
EURUAH 24.62 +2.78%
USDUAH 22.10 +3.51%
.@fastFT: Norway's economy shrinks after oil price plunge http://on.ft.com/1JkvqJ4
Emerging Market Items of Note , Commodities story ....
China exports as share of GDP fell from 36% to 22.6% from 2006-2014, may hit 21% this year. Fortress economy like US
#China’s Yuan Gains on Speculation PBOC Intervened to Curb Drop http://bloom.bg/1UU0fIz
The whole point of a petrocurrency is that it follows the price of oil. Petrocurrency issuers are beginning to discover this. Painfully.
Cyanide in waters near China blast site 277 times acceptable level: govt report http://bit.ly/1J66kMD
Oil is the Nigerian government’s largest source of revenue. That's where the trouble begins http://econ.st/1K5FYME
Crude down:
- 6.5y low & near $40
- Build in US stockpiles & upset at Whiting refinery
- WTI Sep contract expiry today
- China slowdown
#Turkey’s election board proposes November 1 for snap polls http://ara.tv/ggmww
BREAKING — Star Media Chairman Murat Sancak attacked by gunmen, Sancak survived unscathed
http://sabahdai.ly/P6KZOc
UPDATE S.Korea orders civilian evacuation near west border, after exchanging fire with N.Korea http://on.rt.com/6pfq
'A barrage of supposedly North Korean military shells was detected by (South Korea's) anti-battery radar' - reports
#BREAKING:Turkey's National Security Council to convene on Sept 2 under election gov't: Report http://bit.ly/Swc0tt
Low Oil Prices Could Break The “Fragile Five” Producing Nations: Five countries, and not necessarily the ones ... http://bit.ly/1MF59HR
Gwynn Guilford
Tally of Huijin's new stakes in 5 Chinese state-owned banks (+ 1 insurer) http://atlas.qz.com/charts/VJLCvKTo h/t @george_chen
BREAKING: China sovereign fund has bought stocks of 5 state banks + 1 insurer from public market, worth 23B RMB in total to stabilize market
Who suffers when #China Yuan falls? Global commodity prices have declined most on Yuan slump, Rupee & Real also lower
Citi has cut metal price forecasts given magnitude of price action following US rate hike expectations, RMB deval.
.@HrReisen This chart from RBS highlights that #China is biggest exporter of deflation. US Core CPI follows China PPI
#Russia govt needs devaluation of Ruble in order to get same amount of oil money in rubles when dollar price falls.
Bangkok’s deadly bomb attack may hit #Thailand’s last remaining growth pillar of tourism. http://bloom.bg/1E3ULGy
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