Catharsis Ours: Economic News , Data & Views ( April 19 , 2016 ) Tuesday Items To Ponder ( 1. Wall Street Hits 2016 Highs , High Yield Spreads Hit 2016 Lows , Emerging Equities Up 20% Since January Lows , Credit Riding the Good Feelings Vibe Too - Happy Days Are Here Again. 2. Saudis To Borrow 10 BN From UFJ / HSBC & JPM- First International Debt Issuance In 25 Years. 3. Dutch Parliament Votes Against Revoking Earlier Approval For EU-Ukraine Association Agreement. 4. Refugee Crisis Updates. Greece In Focus - Creditor Talks , Economy , Domestic Politics , Protests. 5. Odds & Ends - Merkel's Popularity Fades After Comdian Bow To Turkey , Katy Bar The Door - Citizens Want Out Of EU , Libya Political Items De Jour , Deadly Kabul Blast As Spring Campaign Of Taliban Commences , Another Round Of Oil Production Rumors For All - OPEC Chatting Up June Talks - Because April Talks Went So well , 30 Year JGB Falls To Record Low Yield Of 0.335 %. )

Overview.......

Wall Street closed at 2016 highs. Dow rises 49.44 points (0.27%) to 18,053.60 as oil rebounds.

‏@MktOutperform

"Don't call it a comeback. I've been here for years." - S&P 500 (today's press conference on the new all-time high)

‏@MktOutperform

US High Yield Spreads at new YTD low of 646 bps. Peaked on Feb 11 at 887 bps. Cycle low was in June '14 at 335 bps.

‏@MktOutperform

Emerging Market equities up 20% since the Gundlach short recommendation at the Jan lows. https://pensionpartners.com/when-bond-kings-short-emerging-market-equities/ …

‏@MktOutperform

Credit Returns, YTD

EM Local Currency: +12.7%

EM in USD: +7.0%

US High Yield: +4.9%

US Leveraged Loans: +3.8%

‏@Schuldensuehner

Saudi Arabia to borrow $10bn from UFJ, HSBC, JPM. 1st international debt issuance in 25yrs. https://next.ft.com/content/c30118c8-0630-11e6-a70d-4e39ac32c284 …

‏@zerohedge

Kuwait Oil Workers Strike Over; Oil Tumbles http://www.zerohedge.com/news/2016-04-19/kuwait-oil-workers-strike-over-press …

‏@fredwalton216

Another example of a citizen referendum and voters being ignored.

Steven Pifer @steven_pifer

Dutch parliament votes against revoking its earlier approval for EU-#Ukraine association agreement, despite April 6 referendum result.

Refugee Situation .....

‏@RudawEnglish

#EU accelerates payments to #Turkey while carrying out deportations “riddled with abuse”
http://rudaw.net/NewsDetails.aspx?pageid=209786 …

‏@ekathimerini

EU approves migrant aid as tensions run higher http://dlvr.it/L5j9y7 

‏@ekathimerini

UN chief slams 'deeply worrying' attacks on refugees http://dlvr.it/L5h7Yb 

‏@fredwalton216

He's probably correct regarding the refugee crisis confronting Europe.

Al-Masdar News @TheArabSource

Erdogan says #EU needs #Turkey more than #Turkey needs them http://bit.ly/23I8Jdn  

‏@ekathimerini

Greece starts letting migrants leave island camps http://dlvr.it/L5cW6H 

‏@ekathimerini

Turkey wants EU visa changes by June or migrant deal is off http://dlvr.it/L5cWHc 

‏@fredwalton216

Turkey reminding Europe it's not keeping its promises to Turkey....

DAILY SABAH @DailySabah

LIVE — PM Davutoğlu at CoE Parl. Assembly: Turkey spent over $10bn for Syrian refugees in camps, only received half a billion in int'l aid

‏@BalkanNewsbeat

#Migrants again block railway line at #Idomeni on the Greece-#Macedonia border after yesterday's clashes with police

Greece.......

‏@ekathimerini

More firms seek Juncker Plan funding http://dlvr.it/L5l6Nh 

‏@ManosGiakoumis 2

Tue meetings of #Greece gov't w mission chiefs on education, energy & priv fund concluded, Wed meeting to focus on fiscal (via @euro2day_gr)

‏@ekathimerini

Paper foresees major pension cuts http://dlvr.it/L5kfTv 

‏@ekathimerini

Taxpayers’ bill to rise by 1.8 bln euros http://dlvr.it/L5kfJQ 

‏@ekathimerini

Cash-strapped universities seek help with electricity bills http://dlvr.it/L5j9tl 

‏@ekathimerini

Theoharis quits Potami, to continue as independent MP http://dlvr.it/L5j9wB 

‏@ekathimerini

Forthnet: New Greek tax on pay TV ‘extremely harmful’ http://dlvr.it/L5hhGf 

‏@ekathimerini

Private sector union plans action over pension reform http://dlvr.it/L5hhF7 

‏@ekathimerini

Greece expects Eurostat to confirm larger 2015 primary surplus http://dlvr.it/L5Wr9c 

‏@ManosGiakoumis

#Greece gov't spokeswoman said pension & personal income tax bills will be tabled for public consultation today. #ec #ecb #esm #imf #economy

‏@ManosGiakoumis

#Greece gov't spokeswoman said pension bill includes incr in contributions for suppl pensions of 1pp for 1st 3 yrs & 0.5pp for next 3 yrs.

‏@ManosGiakoumis

#Greece industrial turnover dives 15.1 pct in Feb on sharp drop in energy turnover https://shar.es/1jEfiD  #economy

‏@Elbarbie

Creditors want legislation of contingent measures,timeline of implementation,more on pension cuts&non taxation limit http://www.kathimerini.gr/857171 

Odds & Ends ......

‏@fredwalton216

Merkel's overall approval rating at 45%-lower than depths of refugee crisis, down from 56% at start of April.

Richard Calhoun @richardcalhoun

How a German comic exposed Merkel’s weakness by provoking Turkey http://ti.me/1S6EQMz  via @TIMEWorld

‏@fredwalton216

Brexit , Frexit , Germxit - does everyone want to leave the EU now ?

Geoff Siddall @GeoffUkip

Now French voters call for FREXIT after Germany face demands for EU referendum http://shr.gs/O5rTPq 

‏@reportingLibya

#Libya Recognised (by some states) parliament in Tobruk may vote today UN-backed government.

Libyaschannel EN @LibyaschannelEN

6+6 Committee (pro/anti-#GNA) is meeting now, ahead of the #HoR session today
#Tobruk

‏@reportingLibya

#Libya Rrecognition status: EU states recognise UN-backed GNA govt. Russia+UAE say only if Tobruk parliament votes yes. Other states unclear

‏@SuneEngel

Kabul police chief tells reporters at scene of blast: 28 killed, mostly civilians #Afghanistan

‏@fredwalton216

Because June will be different than April....

zerohedge @zerohedge

As expected: IRAQ SAYS OPEC WILL PURSUE OUTPUT FREEZE TALKS IN JUNE MEETING

‏@moved_average

#Japan | *JAPAN'S 30-YEAR YIELD FALLS TO RECORD 0.335%

Catharsis Ours

Tuesday, April 19, 2016

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