Wednesday, February 10, 2016

Economic News , Data & Views ( February 10 , 2016 ) Overview For The Day ( 1. Janet Yellen Speaks - First Day Testimony Before Congress Not Received Well By Markets . 2. US Bonds - Items Of Note. 3. Commodities Charts Of The Day. ) Europe In Focus ( 1. EU - UK Talks In Focus / Brexit Items. 2.Refugee Related Matters. 3. Greece In Focus . 4. IMF Threatens To Cut Off Ukraine Aid Program without Corruption Reforms. 5.France In Focus - French MPs Vote Through Post Paris Attacks Changes To The Constitution / French foreign Minister Fabius Quits Gov't ) Miscellaneous ( 1. Odds & Ends. )

Evening Wrap........


Against the Wind......

Quote: Yellen concerned about tight financial conditions, RMB devaluation, and global economic uncertainty -
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Margin Stanley: "Yellen Testimony Wasn’t Dovish Enough"

Hilsenrath: Yellen flags risks, could delay tightening. Probability for Mar hike drops to 4%
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Investors see further delay in Fed tightening. Probability for March hike drops to 2%, for Apr to 6% and Jun to 15%.

My summary of Yellen testimony: the Fed is clueless...

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.


Definitely  " That's The Way Of The World " , especially these days !

THE INDEPENDENT FRONT PAGE: 'Exposed: Brexit campaign and its crony think-tanks'

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EU's Tusk clears diary for urgent talks with leaders on 'very fragile' Brexit deal. Our wrap-up from Brussels

No big changes to 2nd draft of UK's EU reforms after 1 wk w/ Sherpas, onto meeting #2 tmw for more finessing
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Bavaria PM calls 's open-door policy 'rule of injustice'
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Syrian refugees: Abandoned by the US, betrayed by Arab governments and shut out of Europe

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Here we go: Padoan Says Other States Could Seek Their Own ‘Brexit’: Politico.

BoG chief: Pensions must be slashed

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Sweden’s Missing Refugees 55,000 unaccompanied minors applied for asylum, last 6 yrs 1,900 have disappeared 88% missing are boys

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Lloyd's of London says Brexit would hamper its global business

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BREAKING: French MPs vote through post-attacks constitution changes:
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Greek islanders march against migrant facility
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EU agrees Greece border demands, heralding Schengen suspension
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Eurogroup's Dijsselbloem: won't get more aid until pension solved. (BBG)

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Will the EU really fence off one of its own members?

Border fences will not stop migrants heading to Europe, think-tank says

Greek PM: Gov’t will Meet All Commitments on Time

Greece’s Creditors Suggest Spending Cuts Instead of Tax, Contribution Hikes

IMF warns Ukraine it will halt $40bn bailout unless corruption stops

IMF concerned by ’s 'slow progress' in fighting corruption. Hard to see how program can continue w/o reforms

Everyone is mocking David Cameron's Brexit scaremongering

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Odds & Ends.....

French Foreign Minister Fabius quits government. France's worst-kept secret: he's tipped to become new Constitutional Court President.


Rosneft CEO dismisses idea of joining potential OPEC cut via by and

Maersk CEO: Global trade is worse than it was during the financial crisis: Thanks to the commodities and EM bust.

BBG: Banco Popolare, BPM Said to Meet ECB Officials for Merger

guess Fabius can finally say what he really thinks!