Evening Tweets.......
Morning tweets ....
Europe.....
Greece.....
#Greece Jul credit contraction at 1.5% YoY from 1.7% in Jun. Net deductions at €607 mln in Jul from additions of €430 mln in Jun. #economy
#Greece The Cult will be a pol party. #Varoufakis to launch pan-European anti-austerity movement and political party http://goo.gl/fb/Vpib2l
Broader Europe.....
@jonathanalgar Fwiw , an interesting article to consider. Looks at both 5 Presidents Report & 4 Presidents Report. http://blogs.lse.ac.uk/europpblog/2015/06/23/what-does-the-five-presidents-report-mean-for-the-future-of-the-euro/ …
China , Asia , Emerging Markets , Commodities
BREAKING: China's state agency for margin finance is raising 1.4 tln RMB interbank loans to prepare for a new round of stock market rescue
Basically the state agency for margin finance is to borrow more money from banking system, then pour into stock market? Banking crisis next?
Chinese media report the state agency has been in active talks with big banks to arrange at least 1-yr loans for it to support stock market
fred walton retweeted
George Chen
BREAKING: Liao Hong, President & Editor-in-Chief of @PDChina Online, news portal of Communist Party mouthpiece People's Daily was arrested
Further debt haircut & further lowering of interest rates not on the agenda for #Greece, ESM's K.Regling said
https://mninews.marketnews.com/content/update-regling-imf-accepts-our-idea-debt-sustainability …
Greece's first ever female PM: Supreme Court judge Vassiliki Thanou to head caretaker govt http://www.rt.com/news/line/
#Germany Chancellor Merkel: We cannot leave #Italy and #Greece alone in asylum and refugee problems.
/ht @NedadMemic #WEBS15vienna
Morning tweets ....
Europe.....
Greece.....
*REGLING SAYS IMF CONTRIBUTION WOULD BE LESS THAN ONE THIRD
- Greece is baaaack...
Greek debt is unsustainable. Here is how it need to be reduced. http://www.cer.org.uk/insights/lighten-load …
Yet.. China will recover & go back to growth and Greece won't
Greece a step closer to formal announcement of election date http://bit.ly/1LCDHKO
ND leader Meimarakis in fighting mood, says he wants debate with all leaders & 1 with just Tsipras. "Any time, any place, any rules" #Greece
53 members of SYRIZA's central committee resign http://openeurope.org.uk/daily-shakeup/significant-increase-in-eu-migration-as-net-migration-hits-a-new-record-high/#section-1 … #Greece
Greek PM Tsipras rules out leading a coalition with the establishment parties http://openeurope.org.uk/daily-shakeup/significant-increase-in-eu-migration-as-net-migration-hits-a-new-record-high/#section-1 … #Greece
Greek bank deposits by businesses and households fell to €120.8bn in July from €122.2bn in Jun despite cap controls.
State revenues 4 billion euros short of target http://dlvr.it/BzNCq3
ECB: Eurozone loans to private sector increase http://dlvr.it/BzP22W
Popular Unity would take Greece out of euro if needed, says Lafazanis http://dlvr.it/BzP3R5
Broader Europe.....
No mention of time-frame in text. Recall in Five Presidents Report was marked to happen "at the latest by 2025".
#EURUSD to fall to 1.05 in 3 months - UBS forecasts.
- Great news for DAX, bad news for SNB
Dutch campaign for non-binding referendum on EU Association Agreement with Ukraine clears first hurdle http://openeurope.org.uk/daily-shakeup/significant-increase-in-eu-migration-as-net-migration-hits-a-new-record-high/#section-5 …
Lega Nord leader: Ready to re-hash alliance with Berlusconi if he breaks ties with Merkel http://openeurope.org.uk/daily-shakeup/significant-increase-in-eu-migration-as-net-migration-hits-a-new-record-high/#section-4 …
Nazi gold train 'found' in Poland: latest http://www.telegraph.co.uk/history/world-war-two/11826840/Nazi-gold-train-found-in-Poland-live.html …
Overwhelmed by demand, Brussels' office asks asylum seekers to come back later. http://buff.ly/1NW1e6G
Spanish recovery still largely driven by domestic demand, new data show http://openeurope.org.uk/daily-shakeup/significant-increase-in-eu-migration-as-net-migration-hits-a-new-record-high/#section-3 …
“@AP: BREAKING: Ukraine reaches crucial deal with international creditors to cut debt load http://apne.ws/1PVS2k6 ”
Ukraine debt crisis: Russia refuses to accept terms after Kiev finally secures debt write-off with creditors http://www.telegraph.co.uk/finance/economics/11827542/Ukraine-debt-crisis-Russia-refuses-to-accept-terms-as-Kiev-finally-secures-debt-write-off-deal-with-creditors.html …
#Ukraine 5y default probability plunges as FinMin reaches debt deal w/ private creditors that saves country $3.6bn.
New ONS figures: significant increase in EU migration to the UK as net migration hits a new record high http://openeurope.org.uk/daily-shakeup/significant-increase-in-eu-migration-as-net-migration-hits-a-new-record-high/ …
#Germany's Dax regains 10k, erasing all the losses of the week.
China , Asia , Emerging Markets , Commodities
And now we understand why US Treasury yields have risen of late despite turbulence in global equities !
Aggressive Chinese Intervention Prevents Another Rout, Sends Stocks Soaring 5% In Last Trading Hour; US Futures Jump http://www.zerohedge.com/news/2015-08-27/aggressive-chinese-inervention-prevents-another-rout-sends-stocks-soaring-5-last-tra …
Your overnight China stock market summary:
Up 2.6%, up 1.2%, up 2.8%, up 0.6%, up 2%, down 0.2%, up 5.3%
FACT 1: China stock market has lost US$5 tln since June.
FACT 2: Total market caps of Brazil + Russia + India + South Africa is US$2.8 tln.
US-JAPAN RELATIONS: Obama says sorry to Japan after @wikileaks claims of US spying http://www.scmp.com/news/asia/diplomacy/article/1852707/red-faced-ally-obama-says-sorry-japan-after-wikileaks-claims-us …
BREAKING: China will hold press briefing 10am Friday to announce details of pension fund investments, incl "up to 1/3 of capital" for stocks
Shanghai Comp closed up 5.4% at 3085 as investors turned the tables for risk.
#China cutting US treasury holdings, BBG reports. What would happen If everyone joins China. http://www.zerohedge.com/news/2015-08-26/what-would-happen-if-everyone-joins-china-dumping-treasurys …
Nikkei ends Up 1.1% at 18574.44 as sentiment lifted and risk assets rally.
Good morning. Relief rally takes hold in Asia after US stocks broke 7d losing streak as mkts turned tables for risk.
11 senior Tianjin government officials detained over warehouse blasts disaster that killed 139 people http://www.scmp.com/news/china/policies-politics/article/1852945/tianjin-government-officials-detained-prosecutors-over … via @SCMP_News
These PBoC loans have 6-day maturity, interest rate 2.3%, to provide credit lines to cash-strapped commercial lenders (after 50bps RRR cut!)
More short-term liquidity moves from the PBoC- an additional 140B yuan today (around $21.8B) after yesterday's RMB150B 7-day reverse repos.
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