Overview.......
BofA: " Today’s statement and press conference failed to meet the market’s hurdle for a dovish hike"
Fed Reveals Rate Hike "Plumbing" Details: Removes Cap On Reverse Repos, Limits Each Counterparty To $30 Billion http://www.zerohedge.com/news/2015-12-16/fed-reveals-rate-hike-plumbing-details-removes-cap-reverse-repos-limits-each-counter …
Dollar & Crude Dumped, Bonds Pumped As Yellen Jawboning Saves Stocks http://www.zerohedge.com/news/2015-12-16/dollar-crude-dumped-bonds-pumped-yellen-jawboning-saves-stocks …
Fed Hikes Rates, Unleashing First Tightening Cycle In Over 11 Years http://www.zerohedge.com/news/2015-12-16/fed-hikes-rates-unleashing-first-tightening-cycle-over-11-years …
Not dovish: FOMC SEP:STILL SEE MEDIAN FFR 1.4% END 2016;2017 2.4% V 2.6%
Morning Note: 1. US to end oil export ban. 2. Carney flip-flop volume two. 3. I'm told there's a Fed decision?!
Holger Zschaepitz @Schuldensuehner
Minimum activity in bonds ahead of FOMC decision as rate hike fully priced in after 7yrs of zero interest rate pol.
Fact checks of the candidates during Tuesday's #GOPDebate: http://nyti.ms/1m68TqJ
"They're not coming to this country": Trump appears to have no regrets #GOPDebate http://bit.ly/1k1Uxqd
Europe.......
Evening Wrap.....
DETAILS: Russia to sue Ukraine if it fails to pay by the December 20 deadline http://on.rt.com/6zo7
ABC: "Rajoy: We are a moderate people, quiet, formal, serious people".
The Spain Report
El País: "Youth attacks Rajoy during election walkabout in Pontevedra".
#Greece MoF says it will soon table a draft bill protecting primary residences from foreclosures in case of tax arrears. #economy
The government admits it has statistics on recent EU migration - and won't publish them. Odd. http://www.niesr.ac.uk/blog/government-admits-it-has-statistics-recent-eu-migration-and-wont-publish-them#.VnHC5lQ4iAE.twitter …
As Tsipras insists it's time for other EU states to take action on migrant crisis, Merkel says Greece & Italy to blame for relocation delays
Morning items.....
According to the EC, there were 1.28 million illegal border crossings into the EU between January and November.
http://www.faz.net/agenturmeldungen/dpa/welt-illegale-grenzuebertritte-laut-eu-kommission-auf-allzeithoch-13964813.html …
This year, Greece asked Turkey to take back 8700 refugees, but only 8 were returned http://www.tagesspiegel.de/politik/kontingente-fuer-fluechtlinge-tuerkei-will-syrer-nur-im-einzelfall-zuruecknehmen/12715954.html …
#Greece’s highest administrative court finds that property tax was applied on inflated statutory values, need adjust http://www.macropolis.gr/?i=portal.en.economy.3450 …
#Greece’s 4 main banks will have to reduce their employees by at least 5,694 & shut down about 180 branches by 2017. http://www.ekathimerini.com/204383
Eurozone deputies expected to meet on Thursday to approve next 1bn euro tranche in Greek bailout funding
https://euroinsight.mni-news.com/posts/analysis-hard-debate-ahead-on-how-to-reform-greek-pension-system-8697 …
#Greece
2009: 19 domestic, 36 foreign (branches),16 cooperative banks
2015: 7 domestic, 5 foreign, 3(?) cooperative
http://www.ekathimerini.com/204383/article/ekathimerini/business/thousands-of-jobs-to-go-in-banking …
#Austria | *HETA CREDITOR GROUPS WON'T ACCEPT RECOVERY BELOW PAR
Court ruling creates new complication for #Greece gov't, this time with property tax. http://www.macropolis.gr/?i=portal.en.economy.3450 … #economy
Eurozone Dec PMI Eases Lower, Points to 0.4% Q4 Growth
https://mninews.marketnews.com/content/analysis-emu-dec-pmi-eases-lower-points-04-q4-growth …
#Finland | *FINLAND'S STUBB: ECONOMY SUFFERS FROM `FEAR AND PARALYSIS' ...fear of still being stuck in EU?
#UK | OCT AVG WEEKLY EARNINGS (EX BONUS) 3M/Y: 2.0% V 2.3%E ...no wonder Carnage flipflopped (again)
#Russia | *NO PLANS TO DISCUSS RUSSIAN SANCTIONS AT SUMMIT: EU OFFICIAL
#VW | European Anti-Fraud Office is investigating whether Volkswagen has illegally received E.U. funds -- Süddeutsche Zeitung
Germany's benchmark index Dax trades 0.4% higher after open on historic Fed decision day as mkts expect dovish hike.
IMF's Velculescu: #Greece needs a significant reduction of its debt & reforms in the social sec & pension system http://www.amna.gr/english/article/12252/IMFs-Velculescu:-Greece-needs-a-significant-reduction-of-its-external-debt …
#Portugal's new govt starts reversing austerity measures - 3,5% less wage tax for 1mil households @AP http://m.heraldstandard.com/news/world/europe/portugal-s-new-govt-starts-reversing-austerity-measures/article_5fb6b6b2-a40c-53ba-81cc-10cf8c5156b3.html?mode=jqm …
Doubts over #Greece’s prospects means distressed debt funds 'll seek discounts that banks may be unwilling to accept http://www.bloomberg.com/news/articles/2015-12-15/greek-lawmakers-approve-bad-loans-bill-in-breather-for-tsipras …
Greek gov passes bill, giving lenders a say in state selloffs & letting banks sell bad loans, w no losses. Big test is pension reform in Jan
Asian and Emerging Nations ......
$JOY | *JOY GLOBAL SEES 2016 ADJ. EPS 10C-50C, EST. $1.06 ...aka "ouch"
#China | *CHINA 2015 GDP REAL GROWTH EXPECTED AT 6.9%: PBOC PAPER ...why not in 4 decimal places?
#SouthKorea | *S. KOREA SEES UNFAVORABLE EXPORTS CONDITION NEXT YR: MONEYTODAY CITING FINMIN CHOI
#China | *CHINA CSRC FINDS 103 PROBLEMS IN INTERNAL INVESTIGATION ...that's 4 more than Jay-Z got!!
'Risk On' is name of the game ahead of historic Fed decision. Nikkei jumps by 2.6% to 19049.91 while Yen strengthens
#China Yuan Erases Losses in Hong Kong on Suspected PBOC Intervention http://bloom.bg/1Qrpy52
Good morning from Berlin. Asia stocks rally before Fed as market participants appear to expecting dovish tightening.
Wot?
Strong possibility PBOC will widen the yuan's trading band next year to accommodate more weakening- China Minzu Securities @business $CNY
BTW, Baltic Dry nosedives to new record low of 484 ahead of FOMC.
Short selling ratio yesterday on A50 ETF (2822.HK) 58%, RMB A50 ETF (82822.HK) 89.4%.
Both multi-month highs.
'Twas the night before the Fed meeting...and PBoC sets the yuan midpoint weaker for an eighth day straight (6.4626 vs 6.4559). Now -4.2% YTD
OIL MAY TREND LOWER ON WEAK DEMAND, HIGH OUTPUT: INDONESIA. And higher on Virtu stop hunts
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