Thursday, September 10, 2015

Economic News , Early Morning Data And Views ( September 10 , 2015 ) - Around The Horn With Countries in the News Today -- UK ( B.O.E INT Rate Decision / Minutes , Election politics ) , Greece ( Leaders Debate , Economic Data , Day to day life ) , Spain ( Catalonia Independence Item , Castellon "empty " airport scandal ) , Denmark ( The Hungary of Scandinavia ) , Germany ( Still the powerhouse of Europe ) , Hungary ( more of the same ) , Russia ( oil & ruble continue to move hand & hand ) .... Asia Updates - As always , look to China and Japan for direction / Asia equity movement leadership / economic impacts across the Region .... Items of interest touching on Asia !

Evening Wrap......

Refugees struck by baton-wielding police at Greece-Macedonia border – video

Europe's refugee trail: Path to Sweden and Greece opens up, but Hungary's army looms mid-way

Senior debt of ’s lenders is trading around half face value as restruc means losses.

Ukraine: US-Falken bereiten den Sturz von Premier Jazenjuk vor | DEUTSCHE WIRTSCHAFTS NACHRICHTEN

Eurogroup to discuss timetable for debt relief plan during their meeting in Lux on Sat, MNI reports. Nominal Haircut out of question


UC: will benefit from integrating refugees in labor mkt. Increase in working age population will lift GDP by total of 1.7% by 2020.

caretaker FinMin Houliaràkis in London to meet investors & fin execs. Says Greek banks' AQR & stress tests to be completed mid-Oct.

Chief Economist Praet: programme contains sufficient flexibility to adjust SIZE, COMPOSITION & DURATION

Morning Tweets......


Futures Surge Overnight As Deteriorating Economic Data Unleashes Blur Of Central Bank Interventions And QE Rumors

Overnight PBOC intervenes in USDCNH for biggest drop on record; BOJ intervened so violently in USDJPY it froze ES for 20 seconds. "Markets"


Global displacement Items.....

Austria cancels trains to and from Hungary amid migrant influx - reports

As recently mentioned , Iraqis starting to follow Syrian lead regarding leaving for Europe .....

President of Upper Bavaria says it's getting harder to distribute refugees arriving at Munich station. Other states growing weary.

coming to daily. Private companies selling tickets for 50€ to Macedonian border

EDITORIAL: An appeal to our leaders. Thirteen newspapers have united to demand measures to address refugee tragedy

 Economic / Political Items....

caretaker FinMin Houliaràkis in London to meet investors & fin execs. Says Greek banks' AQR & stress tests to be completed mid-Oct.

Bank of England votes 8-1 to leave UK interest rates unchanged - live updates

is saying that its base case is unchanged but that downside risks have increased due to EM & - risk spectrum also key for policy



Greek Elections: No Winner Comes Out of Party Leaders Debate

Greek Capital controls relaxed for corporations

: Catalans to hold mass rally in push for independence from

IFW institute sees boom time for . Expects Germany to grow at 1.8% this year, 2.1% in 2016, 2.3% in 2017.

U.K stocks fall for first time in 4 days, with other European indexes down too

Castellón’s “airport with no planes” to be investigated by Brussels

Greek unemployment in June 25.2% Vs est 24.8% prev 25%

Many schools will not be able to open Friday

Greek businesses try to pick up pieces under shadow of elections

Ukraine default swap holders nurse losses as debt deal too good via

the debate certainly clarified things for me. now i'm certain i don't want to vote for any of those people or parties.

Klaus Regling has a problem: no democratic legitimacy for a € treasury. Solution: new chamber for € states in EP :(

CORRECTION- -Hungarian police says captured, not arrested record 3,321 migrants on Weds (RTRS)

Popular to push for as 'killing Greece'

Jeremy Corbyn victory still not assured as voting closes amid chaos in Labour leadership election

Ruble weakens vs Dollar as Crude oil continues to fall after EIA has reduced 2016 demand estimate.

  • Of course, whatever the problem, the solution is always "more EU".

  • Asia......

    China's premier rules out quantitative easing: 'China won’t see a hard landing in the economy' — via

    China intervening big time in CNH market. With only $155bn in CNH liquidity in Hong Kong, PBoC should have no trouble imposing its will

    PBoC increases quota for net yuan inflows under cross-border scheme. Strangely, not for yuan outflows

    Chinese producer prices are down for 42 months straight- but fears of China-exported deflation are likely overdone.

    What the heck is going on? offshore Yuan (CNH) on a roller coaster ride.


    Twitter primer on China capital outflows 1/2: big on a 3 mo mov avg basis. Fx intervention,loan repayments as used up

    Tw primer China 2/2: outflows will fade unless run on banks, but cap acc closed. And basic bal firm. Anderson chart

    FDI jumped to 22% YoY in Aug, as investments to country's high-tech industry saw a significant increase.

    Shanghai Comp closed 1.4% Down at 3197.89 as 's PM Li fails to soothe investors in a speech at Dalian.

    The doom factor: Surprise slide in machinery orders ramps up pressure on BOJ.

    Nikkei plunges 2.5% to 18299.62 on new doom data after y'days biggest 1-day gain since Oct2008. Even the Yen weakens

    You're welcome, ,  
    3 choices for you - When pigs fly: China consumer inflation at a 13-month high

    Looks as if is no longer a source of global growth but of global deflation. PPI plunges the most in 6yrs.

    Li: China to open up more sectors to foreign investors "foreign companies in China will be treated as equals to Chinese counterparts"

    China to allow foreign central banks to trade in onshore fx market "yuan will stay at reasonable, equilibrium level"

    Good morning from Berlin. Global risk rally has fizzled out. Asian stock markets under pressure w/ Tokyo down 2.5%.

    China Aug inflation data diverging. CPI +2% (prev 1.6% est 1.8%) PPI -5.9% (est -5.6%) 42nd straight month of decline for producer prices

    Asked to comment on Australia's deteriorating economic conditions, PM just keeps insisting "The boats have stopped"