Morning Tweets !
Greek program won't succeed with tough austerity, says former IMF chief economist Blanchard http://dlvr.it/CNfTGk
#Eurozone bonds rally on #ECB minutes. ECB says to frontload purchases to prepare for lower Dec liquidity.
Nothing massively ground breaking in the #ECB minutes - full statement here: https://www.ecb.europa.eu/press/accounts/2015/html/mg151008.en.html …
#BoE leaves rates on hold as expected.... full minutes here: http://www.bankofengland.co.uk/publications/Pages/news/2015/010.aspx …
QE infinity? #ECB's bond buying program (balance sheet expansion) has failed to prop up inflation expectations so far
#Italy | *ROME CITY COUNCIL TO RESIGN TODAY: SKYTG24
#Greece | JULY UNEMPLOYMENT RATE: 25.0% V 25.4%E
#Italy | More "encouraging" (as Padoan would say) data *ITALY BANK BAD LOANS ROSE 14.2% Y/Y IN AUG, BANK OF ITALY SAYS
Swedish house prices +4% Q/Q in Q3 ... out of control
Finnish exports dropped 5% in August, pushing the trade balance into deficit for the first time in five months
#France | BdF SEPT BUSINESS SENTIMENT: 97 V 100E
Bank of France cuts Q3 GDP growth forecast to 0.2% from 0.3%
Germany’s leading economic institutes are set to lower their growth forecast for 2015 to about 1.8% from a previous estimate of 2.1%
#Germany | Exports M/M: -5.2% v -0.9% prior
#DBK | Deutsche Bank c.€23 on the German floor (-10%)
Deutsche Bank has shocked w/ a pre-announced €6.2bn Q3 loss. Even the symbolic dividend looks endangered. http://www.breakingviews.com/21219465.article?h=e823f3bc5d89a98619ddb5b5f68da01e&s=2 …
Greek govt wins vote of confidence in parliament as #Greece's default probability drops to lowest level this year.
IMF says Ukraine's GDP will fall 9% in 2015, Russia -3.8%
Asia & Emerging Market .....
Crude | *SAUDI ARABIA SAID TO ORDER SPENDING CURBS AMID OIL PRICE SLUMP
Nomura Slashes China's 2016 Economic Growth Forecast To 5.8% From 6.7% As Slowdown To Deepen http://emergingequity.org/2015/10/08/nomura-slashes-chinas-2016-economic-growth-forecast-to-5-8-from-6-7-as-slowdown-to-deepen/ …
#Brazil #Crude | Brazil launched first auction of oil blocks in 2 years only to see sale flop w/just 37 blocks out of 266 offered sold.
#Crude | INDONESIA TO BECOME ASSOCIATE MEMBER OF OPEC AT PARIS MEETING IN NOVEMBER, ALONGSIDE CHINA AND MEXICO
#Japan | AUG MACHINE ORDERS M/M: -5.7% (3rd straight decline) V +2.3%E; Y/Y: -3.5% (first decline in 9M) V +3.5%E
#Japan | Foreign investors been net sellers in Japan stocks for last 8 consecutive weeks
#Japan | TRADE BALANCE: -¥326B (biggest deficit in 7M) V -¥395BE
Nikkei ends Down 1.0% at 18141.17 on bleak data. Machinery orders falling for three consecutive months in August.
Good morning from Stuttgart. China stocks & Yuan rally after wk-long break as they tried catching up to global rally.
Rousseff Accounts Rejected, Fueling Brazil Impeachment Talk http://bloom.bg/1OmRSEE
China keeps bleeding at lower flows. FX reserves fell $43bn in Sep after $94bn in Aug as CenBank sold dollar (viaBBG)
CHINA CENTRAL BANK LAUNCHES YUAN CROSS-BORDER INTERBANK PAYMENT SYSTEM ON OCT 8
Indonesia Cuts Energy Prices in New Round of Economic Reforms http://bloom.bg/1FT5Cof