Monday, December 21, 2015

Economic News & Data & Views ( December 21 , 2015 ) Europe In Focus ( Spain's General Election Leaves Formation Of Gov't In Doubt , Brexit Would Give UK More Control Of Its Destiny - As Per BBA Challenger Bank Panel , Greece Economic & Political Items , Portugal Banks In Focus - Second Bank " Bail -In " In 18 Months , Refugee Items Of Note , Ukraine / Russia Items ) Asia & Emerging Nations In Focus ( Overview - Asia stock market mixed as #China Yuan strengthens on PBoC fixing but #Oil & #Spain weigh. Additional Items ... China - A Variety Of Key Items Today , Azerbaijan - Currency Floats Due to Low Oil Prices , Toshiba Cutting Consumer Electronic Jobs In size , Brazil's New Fin Min In Spotlight ! )

Evening wrap.....

David Cameron already backtracking on a 2016 referendum H/t

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Cosco the only bidder for Piraeus Port

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Last prior action completed, next loan tranche due

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Migrants not able to find room in Athens camps

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Number of refugee arrivals in down <50% in December: German police /via

Pablo Iglesias said earlier he sees himself as a candidate. They have until March to keep trying then new elections.

Rajoy says he will stand as a candidate in the Popular Party leadership conference, "with energy and enthusiasm".

EZ'S " James Dean " , rebel with a cause ( Austerity a road to nowhere )

Aznar wants PP to hold leadership conference "as soon as possible", says he won't be a candidate.

IBEX 35 closed down 3.62%, tanked a bit more at the end.

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This should not be a surprise....

Oil falls to lowest level since 2004 ($36.04) amid US export ban lift

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Nov Iraq sold barrel of its oil for $36 lowest price of yr No telling when prices will go up & hit $45 as in budget

There goes Kazakhstan

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Oil hits lowest price since 2004, as average U.S. gas price falls below $2

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Morning items......


industrial turnover dives 18.9 pct in Oct, highest drop over last 6 years.

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Greek current account turns to 314 mln surplus in Oct on contracting goods deficit
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approves prolongation of bank guarantee scheme until end-Jun 2016.

Tsipras Believes IMF Should Be Out of Greece’s 3rd Bailout

Ukraine: "The sensible money would be on the Ukrainian oligarchs — and Kolomoisky — thriving for some time to come"

While we're on the subject of Portuguese banks.... EU extends deadline for sale of Novo Banco under state aid rules

Banif’s been in trouble for a while.

Same deal with 4 Italian banks, rescued before bail-in becomes mandatory. 2016 not looking great for large depositors

EU could unravel unless it adopts decentralised solutions to migration and euro crises - my column

Iglesias says he is worried "as a candidate for Prime Minister" by the lack of concern PP and PSOE show for Catalan and Basque results.

Iglesias says Podemos is not talking about options for parties, but about "proposals for the country".

Iglesias says it is now up to Podemos, with "more than 5 million votes" to "assume the responsibilities of state".


To make situation even more complicated, Cataluña's ERC leftist party says it won't back a left-wing coalition w PSOE's Sánchez as PM

faces fragmentation and a great deal of uncertainty after Sunday's polls
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Tsipras's assertion is likely to anger the German government, which has always insisted the IMF stay on board

New Democracy says it won't have result of leadership ballot until afternoon. It's waiting for elex cttees to fax results. Yes, fax

Libya-Italy route is terribly dangerous: 1 out of 51 migrants drowns. Turkey-Greece less deadly: 1 out of 1253.(IOM)

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's stocks down 2.5% in early trade on instability after Sunday's election.

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Ruble starts the week lower as Brent Crude drops to 11y low.

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Fog over Berlin as Germany's tough love approach (money in return for reforms) didn't get enough votes by Spaniards.

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's govt bonds get hammered on indecisive elections vote. 10y Risk spread over jumps to 18bps.

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2nd round of elections on Jan10. Meimarakis vs. Mitsotakis

Asia and Emerging Markets/ Nations ......

You have to appreciate the nice 90-degree angles on the chart of the Azerbaijani currency.

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leaves 91 missing, sparks gas explosion

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LATEST: Landslide buries dozens under 20 feet of mud in ,

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The waste dump that caused a landslide was told to close in July over safety fears

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Next casualty of low oil. moves to floating exchange rate, Manat tumbles by 47%.

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Toshiba will cut nearly 7,000 consumer electronics jobs after a $1.3 billion accounting scandal

Russian oil production has surpassed 10 million barrels per day, the highest since the collapse of the Soviet Union

's Copper Smelters Said to Consider Deeper Production Cuts - Bloomberg | more than the 350,000 metric tons already agreed

China's richest Wang Jianlin bought a mansion on London's most secure road for £80 million

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Good Morning from Berlin. Asia stock market mixed as Yuan strengthens on PBoC fixing but & weigh.

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's Stocks Rise to Three-Week High as Consumer Shares Rally - Bloomberg -

's GDP Growth May Slow to 5.8% by 2017: UBS's Kwok - Bloomberg -

| sets midpoint at 6.4753 v 6.4814 prior (1st stronger setting after 10 straight weaker fixes)

After 5 year delay US Congres approved IMF reforms. China now 3d largest shareholder (6,4%), from the sixth (4%)

Wow, Dalian Iron Ore futures is almost LIMIT UP, +3.9% (LIMIT UP at 312.0 RMB, HI 311.0)

Yiding Group suddenly went bankrupt on Dec.01. Hundreds of shops closed, thousands employees lost their jobs.

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Brazil's New Finance Minister Faces a Big Test After Friday's Rout

Asian deals surpassed $1T for the first time in 2015, up 55%. Half were Chinese acquisitions

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HK bourse 2015 turnover 25.53 trln HKD, a new record. Last record 21.67 trln in 2007, and then market crash!! This time will be the same?