Evening Wrap........
Overview.........
Against the Wind......
Dow closes down 99 points after Yellen testimony http://www.theguardian.com/business/live/2016/feb/10/market-turmoil-australia-japan-ftse-deutsche-bank-dow-live?page=with:block-56bba496e4b065091c39769d#block-56bba496e4b065091c39769d …
Quote: Yellen concerned about tight financial conditions, RMB devaluation, and global economic uncertainty -
Margin Stanley: "Yellen Testimony Wasn’t Dovish Enough"
Hilsenrath: Yellen flags risks, could delay tightening. Probability for Mar hike drops to 4% http://www.wsj.com/articles/yellen-flags-risks-to-economic-outlook-that-could-delay-rate-raises-1455111066 …
Investors see further delay in Fed tightening. Probability for March hike drops to 2%, for Apr to 6% and Jun to 15%.
Axel Merk
My summary of Yellen testimony: the Fed is clueless... http://goo.gl/NVGnbj
US Yield Curve ends the day at its flattest level since...
December 31, 2007
98 bps spread between 10-yr and 2-yr
Commodities: % below all-time high...
Natural Gas: 87%
Crude: 81%
Gasoline: 73%
Silver: 69%
Copper: 56%
Gold: 37%
Crude Oil: 386 days below its 200-day moving average. Longest downtrend in its history. $CL_F
Europe.......
Definitely " That's The Way Of The World " , especially these days !
THE INDEPENDENT FRONT PAGE: 'Exposed: Brexit campaign and its crony think-tanks' #skypapers
EU's Tusk clears diary for urgent talks with leaders on 'very fragile' Brexit deal. Our @AFP wrap-up from Brussels http://news.yahoo.com/tusk-
No big changes to 2nd draft of UK's EU reforms after 1 wk w/ Sherpas, onto meeting #2 tmw for more finessing #brexit
Putin Uses the Refugee Crisis to Weaken Merkel http://www.zerohedge.com/news/2016-02-10/putin-uses-refugee-crisis-weaken-merkel …
Syrian refugees: Abandoned by the US, betrayed by Arab governments and shut out of Europe http://ow.ly/YaHIt
Here we go: Padoan Says Other States Could Seek Their Own ‘Brexit’: Politico.
BoG chief: Pensions must be slashed http://dlvr.it/KT3Y9v
Sweden’s Missing Refugees
55,000 unaccompanied minors applied for asylum, last 6 yrs
1,900 have disappeared
88% missing are boys
ICYMI: Europhile @sarahwollaston Backs Brexit http://order-order.com/2016/02/09/europhile-wollaston-backs-brexit/ …
Lloyd's of London says Brexit would hamper its global business http://tgr.ph/bOqnfe
BREAKING: French MPs vote through post-attacks constitution changes: http://www.thelocal.fr/20160210/french-mps-back-constitution-decheance-nationality …
Greek islanders march against migrant facility http://dlvr.it/KT1Yjs
EU agrees Greece border demands, heralding Schengen suspension http://dlvr.it/KT05CZ
Eurogroup's Dijsselbloem: #Greece won't get more aid until pension solved. (BBG)
Will the EU really fence off one of its own members? http://www.ekathimerini.com/205835
Border fences will not stop migrants heading to Europe, think-tank says http://www.ekathimerini.com/205836
Greek PM: Gov’t will Meet All Commitments on Time http://dlvr.it/KSxblR #Greece
Greece’s Creditors Suggest Spending Cuts Instead of Tax, Contribution Hikes http://dlvr.it/KSvMZv #Greece
IMF warns Ukraine it will halt $40bn bailout unless corruption stops http://trib.al/xTs6jsd
IMF concerned by #Ukraine’s 'slow progress' in fighting corruption. Hard to see how program can continue w/o reforms
Everyone is mocking David Cameron's Brexit scaremongering http://i100.io/8OKkpbP
Odds & Ends.....
French Foreign Minister Fabius quits government. France's worst-kept secret: he's tipped to become new Constitutional Court President.
the writedowns begin: DEUTSCHE BANK PLANS POSTBANK WRITEDOWN TO EU2.8B VS EU4.5B:RTRS.
Rosneft CEO dismisses idea of joining potential OPEC cut http://on.wsj.com/1nXtvm6 via @WSJ by @selinawilliams3 @summer_said and @benoitfaucon
Maersk CEO: Global trade is worse than it was during the financial crisis: http://www.businessinsider.com/maersk-ceo-warns-about-problems-facing-global-trade-2016-2 … Thanks to the commodities and EM bust.
BBG: Banco Popolare, BPM Said to Meet ECB Officials for Merger
European banking shares are rallying, led by Deutsche Bank http://www.theguardian.com/business/live/2016/feb/10/market-turmoil-australia-japan-ftse-deutsche-bank-dow-live?page=with:block-56bb14e8e4b01e65c62c7dcf#block-56bb14e8e4b01e65c62c7dcf …
guess Fabius can finally say what he really thinks!
West can't fight #ISIS in #Libya without a unity govt: Former UK Ambassador to France
http://www.theguardian.com/world/2016/feb/09/west-cant-fight-isis-in-libya-without-a-unity-government …
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