Tuesday, December 8, 2015

Economic News , Data and Views ( December 8 , 2015 ) ...... Overview ( 1. Gordon Brown to PIMCO. 2. $39 iron ore -> miners brace. 3. China's exports drop for a 5th month 4. Asian markets take hit from weak data from China and plunging commodity prices , even as Japan escapes technical recession ) ....... Europe ( 1. Refugee Crisis in focus - German / French see need to reduce flows 2. FTT Talks - German thoughts on same 3. ECB / EZ News & Data for the day 4. Ukraine & Russia Items of note ) ..... Asia & Emerging Markets ( 1.China News & Data 2. Japan avoids technical recession , additional news of note 3. Saudi Arabia , Commodity rout news 4. If oil hits 30 , does OPEC call an Emergency Summit ? )


Overview........




Evening wrap.....







Gundlach: "The breadth of the equity market may be the worst ever"








Gundlach: "If the Fed hikes it will be a different world"











GUNDLACH: 'High-yield spreads have never been this high prior to a Fed rate hike.'



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Morning look.....







Morning Note: 1. Gordon Brown to PIMCO. 2. $39 iron ore -> miners brace. 3. China's exports drop for a 5th month


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Good morning from Berlin. Asia markets taking a hit from weak trade data out of & plunging commodity prices.


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Europe......






Evening wrap.....






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Germany's Schäuble urges Tsipras to affirm role in Greek bailout as default risk rises.


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to sign privatization of 14 regional airports with in next 10 days, says privatization agency






Shares of Glencore (off 73.1%) and Anglo (off 72.8%) heading for a photo-finish worst YTD performance by a mining major






UNHCR surveys Syrian refugees. Half headed for Germany, 13% Sweden. UK just 2% & France 0.4%


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Refugee relocation in Athens hits snags






: " cannot accept liability & compensations as part of the deal"


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Morning Look....









Eurostat confirmed Q3 SA GDP contracted 0.9% QoQ and 1.1% YoY.









Paris, Berlin 'convinced' of need to reduce migrant flow: letter to EU









Eurogroup expects Tsipras & Co. to have legislated the relevant prior actions for the 1bn sub-tranche by 18 Dec. GLWT! :-)











Tusk on Monday: I'll be 'honest broker' in UK negotiations. Commission on Tuesday: we'll be 'honest broker' in UK negotiations. Honest, guv!










*SCHAEUBLE SAYS FTT TALKS CAN'T LEAD TO RESULT OF NO ACTION










GREEK PRIVATISATION FUND HEAD SAYS ATHENS WILL SIGN DEAL WITH GERMANY'S FRAPORT ON MANAGING REGIONAL AIRPORTS WITHIN TEN DAYS








Grexit is in the past, says German ambassador in Athens

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Spanish opposition candidates rail against deputy PM over corruption in TV election debate



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Dijsselbloem: Greek privatisation income may turn out to be smaller than expected €50bn (due to improved banks)










- PM Valls urges to join forces to stop FN winning regions. This can backfire. Reinforces Le Pen's 'they are all the same' rhetoric.










Credit Agricole Returns to Greece as Major Shareholder in Alpha Bank













Turkish leader's son denies Russian allegations of Islamic State trade











746,714 migrant arrivals in but just 10,718 asylum applications. Our latest on the migrant-crisis frontline









DB's Reid: 'At this rate it'll be cheap enough to decorate the tree with all sorts of commodity based products'



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Next casualty of commodity rout: Anglo American suspends 2H 2015 & 2016 dividends as BBG Commodity index at 17y low.


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has failed to bring money into the real econ. Balance sheet expansion generating huge flood of excess liquidity


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| Oct YTD Budget Balance: -€76.2B v -€74.5B

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Eurogroup's Dijsselbloem says reassured him would respect rules. Mkts fine w/ new govt as CDS prices show.


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*FRANCE WANTS TO TAX INCOME FROM SHARED ECONOMY WEBSITES: ECHOS ..what doesn't France want to tax ?







 


| Nov CPI M/M: 2.0% v 1.7%e; Y/Y: 46.6% v 46.2%e ...Carney, Draghi & Yellen must be so envious
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Asia & Emerging Nations...





Evening wrap......





 


2 hours ago








Venezuela's oil basket fell below $35/bbl today






Brazil Supreme Court to Rule on Impeachment Case Dec. 16: Folha
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BREAKING - US Consular services canceled in Istanbul on Dec. 9 due to possible security threat

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Morning Look....




Japan cut its target for women in leadership positions from 30% to 7% via



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China calls for global cooperation against Daesh after being targeted by terrorists in Mandarin song








Beijing issues 'red alert' pollution warning


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| *KREMLIN SAYS UKRAINE REJECTED RUSSIAN DEBT PROPOSAL









| GOVT TO CUT EFFECTIVE CORPORATE TAX RATE FURTHER TO 29.74 PCT FROM APRIL 2018 - DRAFT ..not sure what it is to 4 decimal places










| *SAUDI BENCHMARK STOCK INDEX FALLS BELOW 7,000

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| *ONSHORE YUAN FALLS 0.14% TO WEAKEST CLOSING LEVEL SINCE 2011

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| OPEC SHOULD HOLD EMERGENCY MEETING IF OIL FALLS TO $30/BARREL -INDONESIA'S OPEC GOV











| Japanese Bought Most French Government Debt Since May in October ...saving the world


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Yuan set for weakest close since 2011 as exports, reserves drop.

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's economy wasn't in technical recession in 3rd Quarter, revised data show.


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More doom data from : Exports fall for 5th month, Import slump continues.

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| Exports Y/Y: -6.8% v -5.0%e; Imports Y/Y: -8.7% v -11.9%e


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