Friday, February 12, 2016

Economic News , Data & Views ( February 12-13 , 2016 ) Overview ( 1. Oil rips today. 2, NIRP-Land news. ) Europe In Focus ( Greece In Focus. 2. Refugee/ Migration / Border Security Items. 3. Deutsche Bank / Banks Of Europe Related Items. 4. EU- UK Talks / Brexit. 5. EZ Politics - Italy , Germany , Netherlands & Spain Items. 6. Odds & Ends. )


Evening Wrap.......









Don's Speak ....... Really applies for so many things , when you think about it.

















Overview.......







production in was actually higher than what thought








prices jump as U.S. oil drillers cut rigs to least in 6yrs.











WTI Settles at $29.44 a Barrel, Up 12% (Biggest Percentage Gain Since February 2009)












-- US rig count goes down 28 for the week to 439










WTI's move at one point today was ~5 sigmas in percent terms but just ~2.5 sigmas in dollar terms h/t












A different perspective on today's rally: Friday is up 11%, but for the week is still down (and below $30)












SLJ: The BOJ has over-reached, with its pre-emptive NIRP, which I believe was entirely unnecessary and ill-advised.












. With negative yields in Europe/Japan, Jose makes a fair point.











Negative rates damages credit creation, fuels bubbles, threatens civic freedoms & spooks the living hell out of mkts



















How €3.5 Trillion In NIRP Debt Made Europe's Credit Market "Most Vulnerable Since Lehman"









637 Rate Cuts And $12.3 Trillion In Global QE Later, World Shocked To Find "Quantitative Failure"











There is ‘firm’ support for a depo rate cut within as inflation expectations falling.









Central banks may have underestimated the risks of negative interest rate policies








Europe.........











Let's be sympathetic.....  he does seem to work OT , with time & half , no comp time....




















Parliamentary majority blames European Commission and Schauble for austerity measures.









So , when will new elections be called ?











TSIPRAS REITERATES GOVT WON'T CUT PENSIONS - AVGI












juggles & financial black holes - reports on how refugee crisis poses economic challenge










I know it is becoming one already, but once Schengen is formally suspended there will be no outlet. Greece will be on its own. Again.









FT op-ed: ‘Scapegoating for Schengen’s failure is just what some EU states need’.











SSM's Nouy sees no need for new recap of 's banks; GR banks won't be included in 2016 stress tests & AQR









takes a fall for , writes for . It's been heading that way for some time










So many painful aspects of the Greek crisis come together in this brief scene













Meanwhile....












How much more could Sovereign Wealth Funds sell if oil goes to $20? Acc to JPM $145bn of govt bonds, $113bn equities









Credit-Default Swaps Are Back as Investor Fear Grows











Gen says ships in the Aegean won't interdict, only send info to / for them to send people back ~











Austria ready to send its military to Macedonia to seal off Greece. Extraordinary times.
















Four obstacles to review completion








Nasty surprise from GDP figures reveals a contraction of 0.7 percent in 2015







Greek farmers clash with police, parade tractors in pensions protest photo:










Farmers protest in front of parliament.










Market questions long-term impact of bond buyback










Italy stagnates, Renzi emboldened: "Europe has taken the wrong road, austerity alone is not enough"











": Latest sign that Greece/Troika talks in trouble. A complaint by Thomsen re pension/debt relief. …"










Scoop w/ !: EP prez Martin Schulz will be in the room for Brexit summit for 1st time










Top German general praises Russian bombing in Syria









Attacks on migrants in northern France are on the rise: Gang armed with metal bars arrested











gives three months to fix border controls or face suspension from Schengen zone for up to two years











Thousands of leave voluntarily











EU MS give list of 50 recommendations to secure border w/3 month deadline. Likely excluded from Schengen for 2 yrs if not met.









'S ACTING ECONOMY MINISTER SAYS FIRST ESTIMATE FOR 2015 PUBLIC DEFICIT IS 4.5 PERCENT OF GDP - RTRS










Merkel's liberal refugee policy 'unsustainable in long-term': France's PM








Over 130 Tory councillors call on Cameron to lead campaing in wake of 'failed' negotiation:











Fallen Angela: continues to lose public support amid ongoing









Dutch governing VVD threatens with "national measures", reportedly border controls, if EU fails to stem asylum flow