Wednesday, February 24, 2016

Economic News , Data & Views ( February 24 , 2016 ) Overview ( 1. NIRP News Of The Day. 2. S&P Sectors Analysis - YTD. 3. G-20 Looms , Data From China & IMF Staff Report - Real GDP Growth In Focus. 4 BUBA Defends Cash . 5. ECB In Focus - Draghi Watch Begins For March ECB Meeting. 6. Odds & Ends. ) Europe In Focus ( 1. Referendums , Refugees , Border security Issues. 2. NPLs - Italy And Spain In Focus vs US Banks. 3. Political Updates - Spain And UK. 4. ECB/ Bond / British Pound Items.) Odds & Ends ( 1. Zika Item - Three Pregnant Women Test Positive In Florida. 2. Brazil Downgraded to Junk By Moody's - Also At Junk By Fitch And S&P. 3. Syria News Of Note. 4. Libya News Of Note - Gov't Formation News , Benghazi. )


Asia Tonight first......

BoJ already owns 34% of Japanese gov debt & 54% of Japanese ETF market. What will they do if Yen keeps moving up ?

CHINA TO COORDINATE WITH G20 MEMBERS TO BOOST CONFIDENCE: ZHU. Which FX data series will it no longer publish then?

PBOC fixes Yuan Yuan at 6.5318 vs 6.5302


From Earlier Today....

Negative Yields through... Switzerland: 15 yrs Japan: 10 Yrs Germany: 8 yrs Netherlands/Finland: 7 yrs France: 6 yrs

S&P sectors: 1) Telecom/Utes at new 52-week highs 2) Energy/Industrials outperforming YTD 3) Financials weakest

's Faded Glamor Dents Chances of a G-20 Deal as China Growth Near Zero in Nominal Dollar Terms. (via BBG)

issues Staff Report ahead of G20, downgrades likely.

Buba presented defense of the use of cash as 4/5th of consumer transactions in Germany are made in cash, half for US

Draghi has 2 weeks to map plan. Expectations are high that they will do something.

Europe ......

Referendums , Refugees , Border security Issues

So Netherlands, Hungary and UK are all having referendums on EU sovereignty issues in the next few months. Something fundamentally wrong.

to hold referendum on migrant quota plan

In call, expresses "intense displeasure" EU not abiding migration commitments. Shoe on other foot?

Same day as , just for old times sake.

Germany sends home rejected Afghans - A special flight from Germany carrying 125 deported Afghans arrives in Ka...

Greek farmers continue nationwide road closures after failed talks w/ , worsening situation 4 buses of & motorists

Hungary to hold a referendum on EU Migrant quotas. Will rest of Visegrad States follow Hungary?

We are past this point, long past

I present 2 maps for today's class discussion: 1. Countries meeting in Vienna on migration, 2. Well, another one

Vienna v Berlin on refugees? Today's Brussels Brief w/ filling for

to offer sending soldiers to to guard borders to


and Italy banks have 2x as much NPLs as US banks via

UK & Spanish Politics .....

EU chief: UK could have second referendum if voters go for Brexit

Brexit would harm efforts to tackle global poverty, UK aid figures warn

Ryanair runs anti-Brexit ads ...but says a weak pound is not a worry


Poll: British Euroscepticism nears all-time high but majority favour remaining EU member

EU reforms 'not legally binding' - Michael Gove - via

Big question now is will PP abstain and allow PSOE and Ciudadanos to form a Government ?

Podemos says it will not support Socialist leader Pedro Sánchez's PM bid if he signs deal with Ciudadanos

ECB/ Bond Items /British Pound....


's 10y yields drop as left-wing govt has reassured bond mkts by passing emergency budget & buying back debt

This is London. And this is Pound crashing.

| SELLS €819M VS €1.0B IN 2.5% JULY 2044 BUND; AVG YIELD: 0.77% was 2.64% last time up

to offer sending soldiers to to guard borders to

Odds & Ends.....

3 pregnant Florida women test positive for Zika, state health officials say. .

Putin's strategy in Syria is paying dividends. The West looks on helplessly

Assad tells Putin he’s ready to respect Syria truce

Syrian opposition has yet to decide whether to commit to ceasefire: chief negotiator

Tripoli-based government condemns army offensive in Benghazi, no need to vote on GNA & should adopt a...declaration resembling a press release, with no signatures.