Markets.....
Retail Sales, year-over-year (%)
Overall: +3.0%
ex-Autos: +3.0%
ex-Autos/Gas: +4.4%
Charlie Bilello, CMT
The Amazon Economy... $AMZN
Stocks Bloody On Friday 13 As Treasury Curve Crashes To 9 Year Lows http://www.zerohedge.com/news/2016-05-13/stocks-bloody-friday-13-treasury-curve-crashes-9-year-lows …
US Yield Curve near the flattest level of the expansion: 95 bps spread b/t 10-year and 2-year yields.
Want to know the stock market's next moves? Ask the Treasury market. Here's why: http://on.mktw.net/1TbAsZW
S&P 500, Dow sell off, log 3rd straight weekly drop http://on.mktw.net/1ZOctUq
China stocks posts fourth week of declines ( commodities under pressure too) and US stocks selling off on Friday.
Seasonal weak period for Commodities spells another downdraft in prices. June through September swoon looms.
Eurozone GDP SA (QoQ) Q1 P: 0.50% (est 0.60%; prev 0.60%)
-GDP SA (YoY) Q1 P: 1.50% (est 1.60%; prev 1.60%)
OPEC unchanged on their outlook ahead of the June meeting, WTI up 75% since the lows seen in February
Brexit........
A Evans Pritchard really calls out IMF for scandalous Brexit pressure tactics.
A historian argues that #Brexit could be helpful in forcing reform of the entire EU http://econ.st/24S9zVF
IMF @lagarde: negotiations between post Brexit UK and European nations and other trading partners could "take years" raising uncertainty"
IMF's Lagarde just now. Brexit -1.5% to GDP at best, to -9.5% worst. "CA deficit to play possible accelerating factor for downside risk"
Right before the Referendum.....
EU-Turkey Deal & Refugee Crisis Items .....
Commission officials @FedericaMog and @JHahnEU met Turkish Europe minister Volkan Bozkir this morning - talks "constructive".
EU - Turkey Deal on life support...
Turkey reiterates it has no plans re : revising its anti terror laws & ball in EU court to revise V.F.T conditions.
Important to check on how Greece is fulfilling its obligations . MEPs should check on Turkey's compliance , as well.
£9.3m EU mission to shut down people smugglers in Mediterranean is making their job EASIER http://thesun.uk/6016BoSn2
Note , Austria can implement controls at Brenner under a different set of Schengen rules , if applicable.
Migration minister vows to evacuate makeshift camp at Piraeus by mid-June http://dlvr.it/LJCkJX
EU wants a "floating hotspot" for search-and-rescue operations for migrants, coming to Italy from Libya/ Egypt.
Austria's disputed asylum law passes final political hurdle http://www.thelocal.at/20160513/austrias-controversial-asylum-law-passes-final-political-hurdle …
Expect refugee & migrant numbers to start to increase...
Germans not high on the EU - Turkey Deal...
Greece.......
Current state of play..
BoG Stournaras: If agreement on May 24th, Capital Controls will be lifted http://goo.gl/fb/hmC0Uf
EU official: Contingency steps need to be in final deal, Europe institutions seek contingency legislation next week #Greece
EU Official: Eurogroup To Decide On Greek Loan Size On May 24th
*#GREECE PENSION, TAX REFORMS STILL TO BE VERIFIED: EU OFFICIAL: BBG
Important intervention of BoG governor on #Greece debt and banks.
https://twitter.com/ManosGiakoumis/status/731087267725512704 …
https://twitter.com/ManosGiakoumis/status/731086479066288128 …
Manos Giakoumis @ManosGiakoumis
Greek GDP (QoQ) Q1 A: -0.40% (est -0.70%; prev 0.10%)
-GDP NSA (YoY) Q1 A: -1.30% (est -1.40%; prev -0.70%)
Libya......
Libya’s Economic Outlook- Spring 2016 http://goo.gl/zRYBvN via @WorldBank @reportingLibya @LibyaAlHurraTV Interesting read.
US Government press release on sanctioning "obstructionist" Agila Saleh, Speaker & President of #Libya's Parliament https://www.treasury.gov/press-center/press-releases/Pages/jl0454.aspx …
Restated correctly -Central Bank in the East locked out of its underground vault. Code in possession of Tripoli CB.
94 bloc,former GNC MPs led by Jibril,say GNA is an UNdemocratic"international agreement"that doesn't represent Libya https://www.libyaherald.com/2016/05/12/94-bloc-condemns-presidential-council-creation/ …
#Libya US + EU hold Libya summit Monday in Vienna. Ahead of it, US talking-up special forces, calling for lifting arms embargo, to tackle IS
Odds & Ends.....
Looting for chicken & flour a sign of extreme desperation in Venezuela.
S&P affirms #Italy at BBB-; one notch above junk, outlook stable. Reflects eroded competitiveness.
#Italy | *ITALIAN GOVERNMENT DEBT ROSE TO RECORD EU2.23 TRLN IN MARCH
LATEST: Fire Engulfs Giant Tyre Dump Near Spain's Ghost Town South Of Madrid https://www.thespainreport.com/articles/743-160513183807-fire-engulfs-giant-tyre-dump-next-to-spain-s-ghost-town-south-of-madrid …
Second breach , no details presently as to how much taken.
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