Wednesday, November 4, 2015

Economic News , Data & Views ( November 4 , 2015 ) - Europe in focus ( Tsipras And Schulz Meet And Discuss Refugee Crisis & Greece Economic Crisis - Nuggets From Joint Press Conference , Bitcoin In Focus - sharp price spike over past 30 days bring eyes to bitcoin , Glencore / VW in focus - VW emissions troubles spread to gasoline vehicles , EZ Sept PPI data - -0.3 vs -0.5 / Y over Y- -3.1 vs -3.3 , additional historical data to consider , Iceland Central Banks hikes rates , ECB & Fed in focus ) ..... Asia Update - China , South Korea , Commodities , IMF consideration of yuan joining SDR , Australia , additional items of note


Evening wrap.....






Mish's Global Economic Trend Analysis: Greek Banks' Non-Performing Loans Hit 43%; Only €14 Billion Recap via







Solar storm knocks out flight control systems in Sweden







Mish opines on EU refugee plans and offers his pov & potential solutions...






Libya chaotic political situation collides with EU'S chaotic refugee situation - result will be more chaos.






EU should ease bailout due to refugees, Tsipras says
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Greece may win 2 billion-euro payout by Monday, EU official says
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S&P downgraded rating to 'D' from 'SD' on distressed exchange (voluntary bond swap offer).







China now says IMF SDR decision regarding yuan still on for November ?








Podemos announces former four-star Spanish Air Force general, and former Chief of the Defence Staff, will run as candidate for Congress.






. links fin.& for 1st time: we can't offer homes for and make foreclosures on ' primary residencies















Eu official: completion of 1st review not a precondition for access to 10 bln but completion of 1st and 2nd set of milestones needed







Europe....








Refugee Crisis ......









says 'Greece has received only 5.9 million from from start of crisis. It's unknown how much the crisis will cost




says EU needs close cooperation with on crisis, but also Turkey needs EU




says is affected by crisis in period of economic crisis, requests are fair, will say that to the rest of EU












says is not responding to humanitarian duty to demand 'like beggars' relaxation of bailout rules





says he agrees that institutions must not demand counter-productive measures






says EU must support in infrastructure, funds, staffing to deal with arrivals




says all states must participate in schemes





says VAT in islands, protection of primary residence are 2 requests that will be discussed in EU, but bailout criteria must remain







Bavarian PM Seehofer continues preparation of constitutional challenge against Merkel's government






says while islanders help refugees any way they can, gov't is forced to increase VAT in islands





says he briefed Schulz on difficulties facing in dealing with refugee crisis





says will discuss refugee crisis during visit to in mid-November





says relocation must be organized, Europe ensure 's cooperation






in joint presser with : crisis needs comprehensive European solution





Economic Items.....





Is the new alternative to paper money? While digital currency continues to rally, on a downward path.


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It's due to China expanding capital controls Bitcoin good to circumvent controls, gold stores value









says he discussed with Greek request for European parliament involvement in bailout program







Glencore strikes bullish note on debt, trading


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*FINLAND'S THE FINNS PARTY POPULARITY FALLS UNDER 10%: POLL






| Sept PPI M/M: -0.3% v -0.5%e; Y/Y: -3.1% v -3.3%e


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Despite historically low govt bond rates! Moody's: Proportion of Rated Sovereigns with negative outlook has risen to 17% from 13% year ago.






Far fewer people are employed in (and also in Portugal) now than in 2000


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says 's double crisis -economic, - will be shared with EU






Pensioners stage rally in central Athens

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EU's Moscovici: Greece could return to growth in H2 2016 but much work needed, compromise on bad loans possible, talks on debt after review.





Greece Needs to Complete Prior Actions by Monday for €2 Bln Tranche













| *LOW INTEREST RATES ARE RISK FACTOR FOR SPANISH BANKS: BOS ...is there such a thing as "risk" in EUtopia?!







says bank recapitalization must be accompanied by measures that will restore financial system, trust







osborne takeaways - confidence of never closer union and ins/outs demands suggests he thinks he has a deal







EU FINANCE COMMISSIONER MOSCOVICI SAYS 'HOPES' FIRST BAILOUT REVIEW TO BE CONCLUDED BY THE END OF 2015 ...so it won't then





says program review will follow and then debt can be discussed






At least one bank in Western hemisphere hiking rates. CenBank just raised 7d depo rate to 5.75%. (via Citi)

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Credit markets getting nervous again on VW as emission scandal widens to Gasoline cars. 5y default probability jumps
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said to postpone SDR decision till end Nov, CN newswire says w/o citing source.
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VW now down 10%, briefly dropped below 100 Euro.
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Draghi passes halfway mark still missing goal.
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| *PADOAN: ITALY, EURO INFLATION 'SIGNIFICANTLY' BELOW ECB TARGET ..all over his game this morning







Maersk Line to cut 4,000 jobs, 17% of total workforce







| A Dec "hike" now just a matter of a coint toss by all accounts...


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Asia......





| *CHINA TO FORM A FEW STATE ASSET INVESTMENT COS, LOU SAYS:XINHUA






Swelling iron ore stockpiles in China signal more losses







| The last 2 lines of the Caixin services PMI release...
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| PBoC among first to buy Indian government bonds - Economic Times







| Caixin Services PMI: "Business sentiment at services companies eased to the lowest in ten years of data collection."




| Oct Port Hedland iron ore exports 36.5Mt v 39.4M m/m; shipments 30.7M tonnes

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| Korea Exim Bank Oversea Economic Research Centre: South Korea Q4 exports to fall 9%






| *CHINA STARTS CORRUPTION SWEEP AT BANKS, STOCK EXCHANGES: XINHUA