Thursday, September 3, 2015

Economic News , Data & Views ( September 3 , 2015 ) Unfolding Refugee Debacle Engulfing Europe - interesting articles touching upon refugee situation to consider ..... Economic Data Of The Day ( Including but not limited to Services , PMI Data , ECB on deck ) .... Greece Snap Election Items of note ........Curious things Going on With Comex Gold

Evening wrap......


G20 reaffirms previous FX commitments, to resist protectionism. To implement fiscal pol flexibility, BBG reports citing G20 draft statement.

After ECB has cut inflation projections, Fed’s 2016 forecast likely shift lower. US Inflation expectations collapsed

Speechless. Is the going to put an end to this ?

Bayern Munich to provide children with food, German lessons, football equipment

Italian bank Unicredit said to consider more than 10,000 job cuts (6.8% of global headcount)

EU-sources: EU-states that don´t accept an obligatory quota system for distribution of refugees shall have to make a financial contribution.

welcomed by:
Saudi... 0 Kuwait... 0 Qatar... 0 Emirates... 0 Bahrain... 0

Morning news....


Draghi Presser.....

Key sentence 's opening statement.

Two strong signals that will likely step up QE: 1 lower 2017 inflation forecast 2 statement of downside risks to inflation outlook

Draghi: "we may see deflation"

Draghi: Bond purchases can't take place while programme review is still ongoing.

's Draghi: ECB insisted on no bail-in of Greek bank depositors.

's Draghi on : For Collateral Waiver, Country Must Be in and Comply With Program

Draghi's opening statement available in full here:

Stocks Surge As ECB Expands QE Monetization Limits, Boost Purchase Threshold From 25% to 33% Per Issue

drops like a stone as Draghi has hinted extension of QE programme.

Refugee situation = Postcards from the Edge

Sums things up....


100s of people stuck on side of border, afraid of inhumane camps and fingerprinting in Hungary

Migration crisis: Hungary PM claims Europe is in grip of 'madness'

Trains with migrants abruptly stop outside Hungary capital at area where tents await; passengers refuse to exit.

Absolutely - it's not acceptable.

Fortress Europe on display....

Draft relocation plan from : 54,000 asylum seekers from Hungary 39,600 from Italy, 66,400 from Greece

" Fair distribution of at least 100,000 refugees among the EU states it what, in fact, we need today " - Tusk

Thanks for informing us on this story - the tragedy is there are many thousands of additional sad stories untold.

Ouch ! Renzi hits below the belt there.....

European Union, 2015: poll suggests 94% of Czechs want the EU to deport all refugees and close the country's borders

Budapest, Hungary

WATCH LIVE: Farmers on tractors gather in Paris streets

FULL STORY Spanish PM Mariano Rajoy says December 20 is “most likely” general election date

Ukraine, Germany sign 200 mln euro deal


misses: French PMI revised downwards from 51.3 to 50.2, the lowest reading since Jan 2015.

Strong Services & Composite PMI data:
-Services PMI (Aug F): 54.9 (est 53.6; prv 53.6)
-Composite PMI (Aug F): 55.0 (est 54;prv 54)

Italy, France, Germany urge review of asylum rules for migrants

He will probably be relieved to have more questions about China and fewer about Greece!

A ticking bomb and little time

New Democracy rewinds to 2012 & pledges to renegotiate some aspects of bailout agreement, while proposing alternative measures

Tens of thousands of companies fear closure in coming months

TAIPED says 2015 sales revenues will miss target ht


Why aren't EU leaders holding summit on refugee crisis? Leaving matter to their interior ministers is extraordinary lack of leadership.

Migrants storm train after police withdraw from station

Trains to Western Europe suspended as Keleti station in Budapest opens its doors to migrants

How many refugees should Britain take? Photo: Matt Cardy/Getty Images

Draghi seen sharpening language as has failed to prop up inflation expectations w/ QE.

faces 'unwarranted tightening' as real yields have jumped as well as trade weighted Euro. (via RBS)

Commodities......Gold in focus - h/t - Macro Tourist for the charts !

registered 10 tonnes. Eligible 214t. Open interest 1,276t. 127 times levered.

registered warehouse levels since 2009. Enjoy.

So... 39% of registered in warehouse shifted to 'eligible'. Getting scary.