Tuesday, May 10, 2016

Economic News , Data & Views ( May 10 , 2016 ) Overview For Tuesday ( 1. Markets - Crude Oil Items Of Note , Central Bankers Hoisted By Their Own Petards , Global Reserves Have Plunged $1.2 Trillion Since Mid - 2014 -- Where Did The Reserves Disappear To ? 2. France Political Drama - Hollande Rams Through Labor Bill W/O a Vote Using Article 49.3 - No Confidence Vote(s) Set For Thursday. 3. EU/EZ In Action Today - Brexit / UK Referendum Items , Turkey - EU Referendum , Dublin & Asylum Proposals , Mish Covers Greece - Creditors Crisis Talks . 4. Refugee Crisis Matters For Tuesday. 5. Odds & Ends )



Markets......



Before the collapse in Crude that began in mid 2014, Energy was the top performing sector ETF since inception.









Big gain for today, up $1.22 to $44.66 a barrel. 22, 44 and 66 in the same sentence.








Bear food: STEO report sees inventories building until Q3 2017 (not typo there, that's 2017 and not 2016)






Shorter version - Central Bankers have painted themselves in a corner.






Central Bank Balance Sheet Growth, 2008-16 Fed: +401% BOJ: +272% ECB: +100%






JPM: Global FX reserves have plunged $1.2tn since mid-2014 BUT there are hints of stabilization.






Greece.......





JPM: Global FX reserves have plunged $1.2tn since mid-2014 BUT there are hints of stabilization.







France.......





No confidence vote (s) loom this week. Absolute majority of 289 votes required. Stay tuned.






LIVE: Protests to hit Paris after govt. announces approval of labour reforms
 







Railway workers protest as govt. debates labour reforms VIDEO:







French PM to use 'Article 49.3' nuclear weapon (again) to bypass parliament with the latest controversial jobs bill.








EU In Action - Brexit / Turkey - EU Deal....






Germany says Turkey -EU Deal is top priority -but Turkey expected to honor its commitments , as EU will its own.











Excellent overview & analysis. Touches on the various issues in a straight forward manner.








IDS’s claim about Germany’s hidden EU renegotiation role is hugely damaging for ‘Remain’









Mish's comments make for interesting reading and are basically on point.







74% of voters reject Cameron's warning that might bring military conflict or war (2753 voters for )







A press release by Commission has outlined the five benchmarks which still need to be met by Turkey before June 2016










Refugees.....







Yesterday 11 Iranians were found & today the 69 discovered on the Gevgelija-Skopje highway included Afghans, Iraqis, Pakistanis & Syrians





finds 69 illegal migrants in truck among 110 the ex-Yugoslav republic has discovered in the past 24 hours








Kenya can't bear refugee burden any longer. This scene will be repeated in various host nations.








Not exactly efficient...








Another example of faltering refugee systems in Europe..








Safe Country for refugees ? Right...








2016 Mediterranean Sea Arrivals: 184,913 82% from the world’s top 10 refugee-producing countries via







March /April 2016, Turkish guards used violence against Syrian asylum seekers & smugglers, killing 5 , injuring 14.







Odds & Ends



This article should be at the top of must read articles for today.





Another terror event in Turkey. Which is going to further encourage Erdogan to hold his ground against the EU.




Al Nusra is Syria's Al Qaeda franchise ....not moderate under any analysis..





You really make up the political slapstick comedy routines of Brazilian politics.





Podemos leaders already tweeting "the PSOE doesn't want to get rid of the PP" after quick stunt and rejection.





Looks like it's not just the Brits who are contemplating leaving the EU ......