Catharsis Ours: 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"

‏@zerohedge

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

‏@jessefelder

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

Morning look.....

‏@FerroTV

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

‏@Schuldensuehner

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

Europe......

Evening wrap.....

‏@V5M1000

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Ian Geldard @igeldard

Norway Paying Refugees To Leave http://bit.ly/1SMQaeG  

‏@V5M1000

#migrantcrisis #refugeecrisis #Merkel  

Richard Calhoun @richardcalhoun

In rare test, Merkel to face down party rebels on refugees http://reut.rs/1XS11KW  via @ReutersUK

‏@Schuldensuehner

Germany's Schäuble urges Tsipras to affirm #IMF role in Greek bailout as default risk rises. http://bloom.bg/1HSNhsd  

‏@daphnenews

#Greece to sign privatization of 14 regional airports with #Fraport in next 10 days, says privatization agency http://strib.mn/1jM3yDM 

‏@pattersonscott

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

‏@tom_nuttall

UNHCR surveys Syrian refugees. Half headed for Germany, 13% Sweden. UK just 2% & France 0.4% http://data.unhcr.org/mediterranean/download.php?id=248#_ga=1.236023624.852288769.1449583646 … 

‏@dwnews

Refugee relocation in Athens hits snags http://bit.ly/1XYIM0Z 

‏@France24_en

#ParisClimateConference: "#US cannot accept liability & compensations as part of the deal" http://youtu.be/8iloXGj0LnM  

Morning Look....

‏@ManosGiakoumis

Eurostat confirmed #Greece Q3 SA GDP contracted 0.9% QoQ and 1.1% YoY. #economy #euro

‏@AFP

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

‏@GreekAnalyst

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

‏@dannyctkemp

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

‏@moved_average

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

‏@minefornothing

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

‏@ekathimerini

Grexit is in the past, says German ambassador in Athens http://dlvr.it/CxystT  

‏@elpaisinenglish

Spanish opposition candidates rail against deputy PM over corruption in TV election debate http://cort.as/a_QX  

‏@pietercleppe

Dijsselbloem: Greek privatisation income may turn out to be smaller than expected €50bn (due to improved banks) http://fd.nl/economie-politiek/1130440/grieks-privatiseringsfonds-kan-kleiner-uitvallen …

‏@LondonerVince

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

‏@GreekReporter

Credit Agricole Returns to Greece as Major Shareholder in Alpha Bank http://dlvr.it/CxzkWd  #Greece

‏@Reuters

Turkish leader's son denies Russian allegations of Islamic State trade http://reut.rs/1NI7cGp 

‏@TheEIU_Europe

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

http://country.eiu.com/article.aspx?articleid=1623750146&Country=Greece&topic=Politics …

‏@Schuldensuehner

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

‏@Schuldensuehner

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

‏@Schuldensuehner

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

‏@moved_average

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

‏@Schuldensuehner

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

‏@moved_average

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

‏@moved_average

#Ukraine | 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 

Asia & Emerging Nations...

Evening wrap......

‏@zerohedge

Oil Producer's Currencies Are Collapsing As Brent Breaks Below $40 http://www.zerohedge.com/news/2015-12-08/oil-producers-currencies-are-collapsing-brent-breaks-below-40 …

‏@minefornothing

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

‏@russian_market

Brazil Supreme Court to Rule on Impeachment Case Dec. 16: Folha

‏@DailySabah

BREAKING - US Consular services canceled in Istanbul on Dec. 9 due to possible security threat 

Morning Look....

‏@george_chen

Japan cut its target for women in leadership positions from 30% to 7% http://qz.com/567026/japan-cut-its-target-for-women-in-leadership-positions-from-30-to-7/ … via @qz 

‏@DailySabah

China calls for global cooperation against Daesh after being targeted by terrorists in Mandarin song
http://sabahdai.ly/MJcq9z 

‏@dwnews

Beijing issues 'red alert' pollution warning http://dw.com/p/1HJ1R  

‏@moved_average

#Russia #Ukraine | *KREMLIN SAYS UKRAINE REJECTED RUSSIAN DEBT PROPOSAL

‏@moved_average

#Japan | 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

‏@moved_average

#Saudi | *SAUDI BENCHMARK STOCK INDEX FALLS BELOW 7,000 

‏@moved_average

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

‏@moved_average

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

‏@moved_average

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

‏@Schuldensuehner

#China Yuan set for weakest close since 2011 as exports, reserves drop. http://bloom.bg/1HRFjzz  

‏@Schuldensuehner

#Japan's economy wasn't in technical recession in 3rd Quarter, revised data show. http://bloom.bg/1XQCqGs  

‏@Schuldensuehner

More doom data from #China: Exports fall for 5th month, Import slump continues. http://bloom.bg/1HRFwTl  

‏@moved_average

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

Catharsis Ours

Tuesday, December 8, 2015

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