Wednesday, December 9, 2015

Economic News , Data & Views ( December 9 , 2015 ) - Europe In Focus ( Refugee crisis continues to produce death on the high seas / Dangerous conditions also continue in Greece & Germany ...... Russia & Ukraine items of note ...... Spain Election items ....... ECB / IMF items ...... German data / news of the day - Trade data disappoints / Merkel popularity slips further / Labor costs data ) ....... Asia In Focus ( News and Data from - Overview - Asia risk markets slip on stress across commodity complex. China CPI stronger than feared. Additional items of note from China , Japan , Indonesia , India , South Korea , Singapore )


Europe.......







Evening wrap...........








Spot on !










Anglo's Shadow Hangs Over Glencore Investor Day as Shorts Circle via








Russia threatens to force Ukraine into default on all of its debt .IMF takes a broadside as well. Payment due-12/20.







Greek Police say 2300 migrants moved from Idomeni-Athens. Migrants on border-bound buses who aren't Iraqi,Afghan,Syrian being sent to Athens







New draft accord pushes conference into decisive phase:


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Glencore flashing red warning lights and sirens blaring today -CDS soaring.






's Moscovici: presence in Greek rescue is "necessary"; he doesn't want to see dispute on role in Greece. /via






*SILUANOV: EU UNOFFICIALLY REFUSED TO GUARANTEE UKRAINE DEBT









Ukraine’s finance minister says no debt restructuring offer received from Russia









Morning Items......











German cabinet agrees that all aslyum seekers will be issued w/ "asylum ID" from 2016:









At least 12 dead as migrant boat sinks off Farmakonissi


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Police Clear Protesting Migrants from Greece-FYROM Border










Berlin sued over dangerous conditions for refugees


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Vice President Joe 's Dec. 8 to Ukraine's (VIDEO)

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Hryvnia weakens >2% as Russia's Medvedev says Moscow will seek 's default if country not fulfill obligations


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Mr. was doing some rural campaigning, a key constituency for the Popular Party.











PM Medvedev says Russian govt has decided not to respond in military manner versus .

















's Nowotny says ECB can’t be & won’t be driven by markets. The ECB has its own responsibility, its own agenda.

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Unreal... "lifted the ban on lending to nations with past-due sovereign debts"


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Below Zero: Life with negative rates has become new normal in


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| *ULYUKAYEV: RUSSIAN INDUSTRIAL DROP IN 2015 TO BE 3.3% Y/Y

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Tension grows over IMF's role in Greek program








If you've been pining for those heady summer days, the Greek gov't & have started a new squabble








More miserable trade data. 's exports plunge 1.2% in Oct m/m vs -0.6% expected, Imports down 3.4%; est -1%.

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Merkel’s CDU/CSU loses popularity as AfD gains. Now at 38% support vs 39% last week, Anti immigrant AfD +2ppts at 8%










| Q3 LABOUR COSTS Q/Q: 0.0% V 0.9% PRIOR; Y/Y: 2.4% V 3.1% PRIOR


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| OCT TRADE BALANCE: €22.5B V €21.7BE; Exports M/M: -1.2% v -0.6%e; Imports M/M: -3.4% v -1.0%e


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rises above $1.09 as global risk sentiment sours a bit.


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Asia.......





Chart (DB): Australia's iron ore exports spike just as price collapses; similar story to crude oil -



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DB: "a default cycle in commodity-related areas at this point is unavoidable,"











More than just dividend cut unwrapped in this piece...






Morning items.....






| *6.9 MAG. EARTHQUAKE SERAM INDONESIA :EMSC







| *YUNNAN COPPER CANCELS BOND SALE ORIGINALLY SCHEDULED TODAY











| Offshore Yuan >6.50 ...


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| *GOLDMAN EXPECTS RBI TO HOLD RATES THROUGH 2016 ...you know what's coming










| PBoC set yuan mid point at 6.4140 v 6.4078 prior; lowest Yuan setting since Aug 2011


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| NOV PPI Y/Y: -5.9% V -6.0%E (45th consecutive month of decline)



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| Gov said to be considering allowing GPIF pension fund to invest directly in stocks in efforts to "reduce fees"









| Nov Bank Lending to Households: KRW556.1T v KRW549.7T prior


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| Govt think tank KDI lowers Korea 2015 GDP target to 2.6% from 3.0%










| *IRAN SETS JAN. HEAVY CRUDE PRICE TO ASIA AT $3.30/BBL DISCOUNT



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| *SINGAPORE GDP SEEN RISING 2.2% IN 2016, MAS SURVEY SHOWS ...down from 2.8%










's Yuan extended losses against the Dollar. Depreciation raises concerns.

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's inflation stabilizes BUT producer prices extending declines to a record 45 months.


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Good morning from Berlin. Asia risk markets slip on stress across commodity complex. China CPI stronger than feared.


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