Evening wrap.....
Asia & E.M ......
Australia August Trade Deficit A$3.1 Bln; Est. A$2.4b Deficit. The TPP will fix that immediately
Bank of America's Woo Says Chinese Yuan May Drop 10 Percent http://bloom.bg/1MULFg6
With their currencies weakened, #Vietnam exports to US up 21% and #Malaysia up 17% this year. @LKYSch @george_chen @TomOrlik
Europe.....
Strong interest in National’s Turkish unit http://dlvr.it/CMHnmc
Greek PM sets out policies as finance minister unveils tough budget http://dlvr.it/CMJCh5
Air France workers rip shirts from executives after airline cuts 2,900 jobs http://gu.com/p/4d2dt/stw
Air France workers saw red today..
"Eight million affected VW diesel in the EU" @handelsblatt http://www.handelsblatt.com/unternehmen/industrie/volkswagen-schreibt-an-politiker-acht-millionen-vw-diesel-in-der-eu-betroffen/12409584.html … $VOW.GY #Volkswagen #emissions
Morning Tweets.....
Europe
Russia, Ukraine finance ministers meeting on sidelines of G20 summit Friday to discuss the $3b bond, Siluanov says http://bloom.bg/1LabuoE
Greek bank recapitalisation will have to be complete in Nov-December says @J_Dijsselbloem. Before new bail-in laws come into force on Jan 1
Progress in Greece. Of a sort
“We’ll be taking temperature of new gov't,” says Sapin ahead of today's €group. We all know what comes next http://www.ekathimerini.com/202198 #Greece
Southern European yields hit 5-month lows on Portugal vote, Spain upgrade http://dlvr.it/CM5q42
Greece Will Not Go Down on Price of Regional Airports http://dlvr.it/CM5WD0 #Greece
Harmonising tax & insolvency rules in EU to create capital markets union (#cmu) a bad idea + lacks political support http://openeurope.org.uk/blog/commission-eyes-pragmatic-steps-towards-capital-markets-union/ …
Euro-Area Growth Seen Slowing in Sign More Stimulus May Be Ahead http://www.bloomberg.com/news/articles/2015-10-05/euro-area-growth-seen-slowing-in-sign-more-stimulus-may-be-ahead … MOAR
#UK #Lloyds | *U.K. SAID TO EYE LLOYDS SALE TO INSTITUTIONS ALONGSIDE PUBLIC; LLOYDS SALE TO INSTITUTIONS SAID TO TARGET ABOUT £2.5B
#Eurozone | OCT SENTIX INVESTOR CONFIDENCE: 11.7 V 13.6
#Eurozone | Retail sales volume
.@KetanVora4 #Volkswagen credit protection cost (CDS) rises a tad. 5y default probability now at almost 23%.
#Glencore | *FULL TAKEOVER OF GLENCORE `NOT ON THE AGENDA,' TELEGRAPH SAYS
#Ukraine | *WORLD BANK'S FAN SAYS UKRAINE'S 2015 GDP TO FALL 12% ...hockeysticks for 2016 though
#Volkswagen shares drop below 90 Euro on S&P warning that VW crisis has potential to affect ABS.
Lo and behold there's no Glencore bid coming. In fact company knows of no reason for share price move......
#Greece | *GREEK BUDGET TO FORECAST EU3.4B REV SHORTFALL THIS YR: EFSYN
Brand #Germany has been called into question by VW, slowdown in China & other EM, and influx of migrants. (via BBG)
#Eurogroup Here is the first list of the 49 milestones that Greece will have to implement by mid-October
#Eurogroup Here is the second list of the 49 milestones that Greece will have to implement by mid-October
#Eurogroup Here is the third list of the 49 milestones that Greece will have to implement by mid-October
Asia / Emerging Markets / Commodities ......
#TPP trade deal: seven things you need to know. http://on.ft.com/1Of1mQJ
Japan's wage growth slows in August, keeping pressure on BOJ for more stimulus http://www.straitstimes.com/business/economy/japans-wage-growth-slows-in-august-keeping-pressure-on-boj-for-more-stimulus … MOAR
East Asia's annual infrastructure investment demand 2014-2020 est $212bn. PPP activity led by China, Malaysia & Phil.
From World Bank report- China becoming key source of final demand for East APAC region, critical for Asian value-add.
#Japan | *JAPAN GOVT ADVISER ITOH SAYS ECONOMIC ESTIMATES ARE OPTIMISTIC
#Australia #ironore | Aug Port Hedland iron ore exports 39.4Mt v 39.2M m/m; new record high
#China | PBOC assistant Gov Zhang Xiaohui: China should strengthen fine-tuning policy rather than implement strong stimulus
#crude | Saudi Arabia cut the price of light-crude oil deliveries to Asia by $1.70/bl
World Bank has lowered growth forecasts: Cuts #China 2015 GDP forecast to 6.9% from 7.1%. East Asia Pacific 2015 GDP to 6.5% from 6.7%.
Good morning. Risk mkts start higher to week on dovish shift in Fed expec after weak US jobs. http://reut.rs/1Z1M86S
Don't expect China's burgeoning consumers to lift global econ- tho +20% outbound tourism helps http://www.economist.com/news/finance-and-economics/21667927-chinas-consumption-boom-not-enough-succour-world-economy-doughty-not …
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