Evening Wrap......
Morning Tweets......
Overview......
Europe....
Global displacement Items.....
Economic / Political Items....
#Greece caretaker FinMin Houliaràkis in London to meet investors & fin execs. Says Greek banks' AQR & stress tests to be completed mid-Oct.
#BOE is saying that its base case is unchanged but that downside risks have increased due to EM & #China - risk spectrum also key for policy
#BOE SAYS GREATER DOWNSIDE GLOBAL RISKS MERIT CLOSE MONITORING
Asia......
Refugees struck by baton-wielding police at Greece-Macedonia border – video #video http://wordlink.com/l/1jvxL
Europe's refugee trail: Path to Sweden and Greece opens up, but Hungary's army looms mid-way http://lat.ms/1gcdcha
Senior debt of #Greece’s lenders is trading around half face value as restruc means losses. http://www.breakingviews.com/21215545.article?h=ceb7e9f142619044ccc330ba8ff574ac&s=2 …
Ukraine: US-Falken bereiten den Sturz von Premier Jazenjuk vor | DEUTSCHE WIRTSCHAFTS NACHRICHTEN http://deutsche-wirtschafts-nachrichten.de/2015/09/10/ukraine-us-falken-bereiten-den-sturz-von-premier-jazenjuk-vor/ …
Eurogroup to discuss timetable for #Greece debt relief plan during their meeting in Lux on Sat, MNI reports. Nominal Haircut out of question
SAUDI ARABIA SEES NO NEED TO HOLD LEADERS' OIL SUMMIT IF OUTCOME UNCERTAIN, BEST NOT TO INTERFERE IN MARKET RIGHT NOW - SOURCES
UC: #Germany will benefit from integrating refugees in labor mkt. Increase in working age population will lift GDP by total of 1.7% by 2020.
#Greece caretaker FinMin Houliaràkis in London to meet investors & fin execs. Says Greek banks' AQR & stress tests to be completed mid-Oct.
Morning Tweets......
Overview......
Frontrunning: September 10 http://www.zerohedge.com/news/2015-09-10/frontrunning-september-10 …
Futures Surge Overnight As Deteriorating Economic Data Unleashes Blur Of Central Bank Interventions And QE Rumors http://www.zerohedge.com/news/2015-09-10/futures-surge-overnight-deteriorating-economic-data-unleashes-blur-central-bank-inte …
Overnight PBOC intervenes in USDCNH for biggest drop on record; BOJ intervened so violently in USDJPY it froze ES for 20 seconds. "Markets"
Europe....
Global displacement Items.....
Austria cancels trains to and from Hungary amid migrant influx - @tagesanzeiger 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. @vicenews
#Refugees coming to #Athens daily. Private companies selling tickets for 50€ to Macedonian border #Greece #begunci
German Vice-Chancellor Gabriel: Juncker's refugee proposal is "a drop in the bucket". http://openeurope.org.uk/daily-shakeup/new-open-europe-briefing-safeguarding-non-eurozone-states-rights-is-essential-to-new-eu-settlement-heres-how-to-do-it/#section-1 …
EDITORIAL: An appeal to our leaders. Thirteen newspapers have united to demand measures to address refugee tragedy http://cort.as/WvFh
Economic / Political Items....
Bank of England votes 8-1 to leave UK interest rates unchanged - live updates http://www.theguardian.com/business/live/2015/sep/10/markets-bank-of-england-interest-rates-live …
*BOE SAYS RECENT GLOBAL EVENTS HAVEN'T ALTERED MPC CENTRAL VIEW
Off to @bankofengland for interest rate decision + minutes. What will MPC make of August market chaos? Preview: http://www.theguardian.com/business/2015/sep/10/business-chiefs-urge-bank-of-england-to-leave-interest-rates-on-hold …
Greek Elections: No Winner Comes Out of Party Leaders Debate http://dlvr.it/C6MdzL #Greece
Denmark suspends ferries as migrants demand route to Sweden http://www.telegraph.co.uk/news/worldnews/europe/denmark/11855047/Denmark-blocks-motorway-and-railway-links-with-Germany-to-stop-migrants.html …
Greek Capital controls relaxed for corporations http://www.ekathimerini.com/201367
#Diada: Catalans to hold mass rally in push for independence from #Spain http://bit.ly/1iyJWmy @catalangov
IFW institute sees boom time for #Germany. 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 http://bloom.bg/1Nr7KFU
Castellón’s “airport with no planes” to be investigated by Brussels http://cort.as/Wv9z
Greek unemployment in June 25.2% Vs est 24.8% prev 25%
Many schools will not be able to open Friday http://dlvr.it/C6M747
Greek businesses try to pick up pieces under shadow of elections http://dlvr.it/C6L28X
Ukraine default swap holders nurse losses as debt deal too good http://bloom.bg/1KERbG7 via @business
the debate certainly clarified things for me. now i'm certain i don't want to vote for any of those people or parties. #ekloges2015
Klaus Regling has a problem: no democratic legitimacy for a € treasury.
Solution: new chamber for € states in EP :( http://luxembourg2015.eurofi.net/newsletter/further-steps-needed-to-increase-the-robustness-and-minimise-the-vulnerabilities-of-the-currency-union/ …
CORRECTION- -Hungarian police says captured, not arrested record 3,321 migrants on Weds (RTRS)
Jeremy Corbyn victory still not assured as voting closes amid chaos in Labour leadership election http://ind.pn/1iyDkVl
#Russia Ruble weakens vs Dollar as Crude oil continues to fall after EIA has reduced 2016 demand estimate.
Daniel Hannan Asia......
China's premier rules out quantitative easing: 'China won’t see a hard landing in the economy' — via @SCMP_News http://read.bi/1if0Q9S
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 $CNY $CNH http://www.reuters.com/article/2015/09/10/china-yuan-idUSL4N11G32J20150910 …
An entire house is swept away as flooding hits Japan #Etau http://www.telegraph.co.uk/news/worldnews/asia/japan/11855305/Moment-an-entire-house-is-swept-away-as-flooding-hits-Japan.html …
Chinese producer prices are down for 42 months straight- but fears of China-exported deflation are likely overdone. http://www.economist.com/news/finance-and-economics/21663239-deflation-china-has-relatively-little-impact-abroad-inflated-claims …
What the heck is going on? #China offshore Yuan (CNH) on a roller coaster ride.
Frances Coppola retweeted
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
#China 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 #China's PM Li fails to soothe investors in a speech at #WEF Dalian.
The #China doom factor: Surprise slide in #Japan machinery orders ramps up pressure on BOJ. http://reut.rs/1LYa7g2
Nikkei plunges 2.5% to 18299.62 on new doom data after y'days biggest 1-day gain since Oct2008. Even the Yen weakens
Patrick McGee
3 choices for you - When pigs fly: China consumer inflation at a 13-month high
Looks as if #China 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" #WEF
China to allow foreign central banks to trade in onshore fx market "yuan will stay at reasonable, equilibrium level" http://www.bloomberg.com/news/articles/2015-09-10/china-to-allow-foreign-central-banks-in-onshore-currency-market …
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"
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