Wednesday, September 23, 2015

Economic News , Data & Views ( September 23 , 2015 ) Initial Overview ( What happened overnight , what's on the table for today in markets ) ....... Refugee Situation ( EU 28 Summit today , follows Interior Ministers Meetings of Monday & Tuesday - rancor over QMV imposed mandatory quotas continues , as does flow of refugees into Europe. ) ........ Broader Europe In Focus ( Spanish Regional Election on September 27th a big focus , Greece - new Cabinet and Ministers installed - MOU/ Bank Recap / Debt Relief will be focus for near and medium term , Ukraine stops debt payments , faces technical default , ECB in focus today - no additional QE seen at October 22nd meeting , Russia - capital outflows hit 80 bn for 2015 - flow in Q 3 seen as 7 bn and slowing from Q 2 outflow of 20 bn , Volkswagen continues to get battered today ) ..... China In Focus ( Xi visits US and defends economic stewardship - chinese markets seem to disagree overnight , Flash PMI for China show contraction in Economy continues - factory gauge lowest since 2009 , China leads Asia lower )


Evening recap - more at tweet feed ...



Refugee situation....



One source - Syria War .....







's plan for a 'safe zone' in northern v 'sensitive', needs detailed analysis. Area in discussion includes Dabiq. Enough said.









Tusk skeptical about 's 'safe zone' plan for Northern .











PT: Kweiris Airbase - located 35km east of city - is besieged [& small parts controlled] by .









BIG [IF TRUE] - Reports of sizeable regime ground offensive on Kweiris Airbase, allegedly supported by airstrikes.
















Syria says it would welcome Russian army base in Latakia








Officialdom , Heads of State ......








Slovakia to use US fortification to build border fence with Hungary






















@ hotspots for registering, relocation & deportation of migrants will be set up in Greece,Italy,Bulgaria








Tusk: Hotspots will be set up by the end of November.








Measures agreed today are step in right direction; much work will be done before we meet again at October .









| Talk of Greek border enforcement does not provide answer to rules of engagement: How to engage dinghies crossing frm Turkey








Initial repercussions coming through from Slovakia , Czechs & Hungary. Also note comments from Editor of Compact !









Renzi: The reality of the is far more extreme than that has been documented by Brussels in the numbers so far.






Renzi: The reality of the is far more extreme than that has been documented by Brussels in the numbers so far.






Draft conclusions are very limp







Morning tweets - always more during the day at the tweet feed !





Overview......












Refugee Crisis - EU28 Leaders Meet Up Today.....






. proposes extra financing 100 mil 4 affected states 200 million- WFoodProgramme up to 1 bil- Turkey 700 mil- FYROM








EU commission proposes extra 1.7 bln Euros for refugee crisis








Juncker: Commission's left no stone unturned to seek additional financial resources since start of : from €4.6bn -€9.5bn.






Romania fine with receiving its share of 4837 refugees. Sill upset about yesterday's QMV. Should be "voluntary"







Huge increase in migrant arrivals on Lesvos











Syrian refugees in Lebanon face bleak winter after aid cuts, writes -













Why am I not surprised?










Hungary's PM Orban says over migrant crisis that what Germany decides should only be valid for Germany.









The migrant crisis has boosted anti-immigrant parties; its mismanagement helps them further











EC launches legal proceedings against Germany, Hungary, Greece and 16 others on EU asylum law










Answers to some of the legal questions facing in the by













EU warns 19 member states over asylum rule breaches








Divided EU leaders to offer cash for Syria refugees








german decision helped to 'collapse' dublin - . not heard that one before from the commission









claims no member state resistance to full european border guard system









More are yet to come: some 3,500 arrive in Germany in 1 day








Czech EPP MEP Zdechovsky: Poland "betrayed us", "in the future we know that we can never rely on them as an ally again"+"Tusk pushed Poland"







admits talking about hotspots for 5 months and no one knows what they are






No more Western Balkans migration meeting in Budapest, it will take place in Luxembourg on 8 October








Slovak PM says country will go to court to challenge quotas for distributing and that Slovakia will not implement its quota







Europe......






IBEX has experienced weakness throughout Sep as participants look to the upcoming Catalan election on Sunday -








ISDA assesses credit event as $500mln bond matures. Default probability at 86%.













stops debt payments, faces technical default








*GREEK BANKS' RECAP NEEDS MAY REACH EU20B, KATHIMERINI REPORTS










reform to be one of new government's toughest challenges in next weeks.












Greek Bank Review Holds Key to 3 Billion-Euro Payment, Says /via










Bank recap and debt relief top priority, says Greek finance minister













SYRIZA mep : I support but not happy with a person of extreme and racist views as a minister

















Popular Unity asks vote recount












New Greek cabinet sworn in with few new faces





















FinMin: 2015 net capital outflow seen at $80bn. Seen slowing to $7bn in 3Q after $20bn in Q2. (DJ)














Euro unchg despite MNI report that suggests unlikely to act at Oct22 meeting. ECB prefers monitoring over action












Volkswagen +7%








Volkswagen shares drop almost 7% as scandal escalates.







China ......






Did China’s Xi sink equities? In rare interview, he defends his govts stewardship of the econ












has adapted to the new reality. Has plunged in the last days.








Global Selloff Deepens as Flash PMI Confirm Slowdown Fears.










More doom data from deepens slowdown concerns: Factory gauge drops to lowest since '09










Good morning fromBerlin. Global de-risking continues as doom China data added to gloom provided by weak overseas lead