Friday, October 9, 2015

Economic News , Data & views ( October 9 , 2015 ) .... Europe Updates ( Greece Banks subsidiaries consolidation / disposal being examined by EC , Prior actions for Greece and related items of note , Refugee situation in Europe , Industrial production data - Greece / France / Italy / Finland , UK exports ) ...... Overnight Asia Updates ( China , Japan EM currencies trending stronger on dollar weakness , Standard Charter job cuts , TPP in focus , Odds & ends )

Morning Tweets......

The first migrants are being relocated to Sweden from Greece. Europe's relocation quotas

wow! german govt threatening to take german govt to supreme court over reffos. seehofer v merkel. csu v cdu

: US starts to pull missiles from

Turkey concerned about new Syrian migrant wave as Russia strikes

7,000 refugees flow to Greece on a daily basis - Europe fighting a literal tide of people seeking refuge.

Draghi now needs to walk the talk - dovish commentary no longer cutting it - EUR/USD now higher at 1.137 - Bund yields continue to rise

Clear sailing for Ukraine's debt deal as 2015 group says will vote in favour; so Russia looks like the only holdout

examines consolidation of bank subsidiaries in SEE by end-2015 and disposal by end-2016 (via )

New poll confirms shift in German public sentiment on refugees. 51% now say Germany can't cope with influx.

Glencore plans to cut output and zinc is flying. Poised for biggest gain since '89.

| Aug Industrial Production Y/Y: +4.5% v -2.8%e

UK export growth - Y/Y (3 months ending August) EU -5.2% Non EU +5.4%

Preparation of omnibus bill with Oct prior actions at final stage, deadline for ballot may be extended until Oct 17 (via )

Sep CPI -1.7% YoY (from -1.5% in Aug) and +1.8% MoM. 12-month trailing CPI -2% (ELSTAT).

Clearly not representative poll but margin of victory for Seehofer's refugee stance over Merkel's still surprising

| AUG INDUSTRIAL PRODUCTION M/M: -0.5% V -0.3%E; Y/Y: 4.1% V 2.8% PRIOR; WDA Y/Y: 1.0% V 1.4%E

| Aug YTD Budget Balance: -€89.7B v -€79.8B

should focus Asset-Backed purchases on periphery, the countries most in need of it's help, Pimco says.

UniCredit cuts Euro forecast on new ECB call w/ QE2. Cuts end-2015 forecast to $1.11 from 1.17 still above cons $1.09

UniCredit expects to boost QE by another €300-400bn after Sep 2016.

| Aug Industrial Production M/M: % v -0.3% prior; Y/Y: -2.3% v -1.3%

Morning Note: 1. Gross Vs PIMCO. 2. Global risk gets a seat on the FOMC. 3. FTSE 100 on a 7-day winning streak

Asia & Emerging Markets ......

Standard Chartered Plans to Cut ~1,000 Senior Staff: Reuters

Fed minutes and China calm give risk a lift. Japan's fear index Nikkei Volatility drops almost 5% to lowest since Aug

Year-end risk rally in full swing w/ US oil above $50/bbl. Nikkei ends up 1.6% at 18438.67 while Yen weakens.

Dovish Fed minutes give EM assets another lift. Rupiah and Ringgit jump most since crisis in 1998 on inflows.

Asia stocks extend $2.5 Trillion global rebound w/ EM assets especially soar.

Good Morning. The ‘bad-news-is-good-news’ dynamics continue after dovish Fed minutes. Asian risk markets rally.

BREAKING: China GDP may lose 2.2% if Beijing doesn't join US-led , China's central bank chief economist Ma warns

Dollar Demolition Extends To 6th Day As EM/Asian FX Soars Most In Over 6 Years

Fukushima Kids Suffer Thyroid Cancer Up To 50x Normal Rate, New Study Finds

Mainland outcry over Li Ka-shing reducing China assets shows outflow fears & Beijing's frayed patience with HK elite

Liquidity Strains Reappear As China's "Golden Week" Stock & Housing Market Disappoints