Tuesday, May 24, 2016

Economic News , Data & Views ( May 24 , 2016 ) Overview For Tuesday (1. Market Moving News - JAPAN’S ABE TO DELAY TAX HIKE, RULE OUT DOUBLE POLL , API - Oil Draw Data , US Market Action Today , ECB Continues Ramp Up Of Balance Sheet , Asia Evening News Updated As Released . 2 Eurogroup News For Tuesday - Greece First Review Updates , Tranche Size Under Discussion and Debt Relief Updates. 3. EU Turkey Deal Wobbling - Erdogan Strikes Back Verbally But Hasn't Gone Any Further Yet. 4. Europe Protests De Jour - Protests In Brussels ( Austerity ) & France ( Rebellion Over Labor Law Forced Through By Hollande ) Today. 5. Refugee Crisis Updates - Greece and Macedonia In Focus. Odds & Ends. )



Markets and market moving news.....



FTW: JAPAN’S ABE TO DELAY TAX HIKE, RULE OUT DOUBLE POLL: YOMIURI







Inventory draw: -5.137MM Gasoline: +3.606MM Distillate: -2.922MM Cushing: -0.189MM














ramps up balance sheet expansion by €21.3bn, biggest increase since Apr on QE programme. Total assets €3.05trn.









*CHINA WEAKENS YUAN FIXING TO LOWEST SINCE MARCH 2011, 6.5693 VS 6.5468 DAY EARLIER







MAY 13: ABE POSTPONES JAPAN CONSUMPTION TAX MAY 18: ABE TO MAKE DECISION ON TAX HIKE AFTER ELECTION MAY 24: ABE TO DELAY TAX HIKE









EuroGroup Meeting - May 24th .....








Eurogroup statement on Greece








Germany wins another round as IMF appears to blink / crumble , fold up its cards ....







"We welcome that all stakeholders recognise Greek debt unsustainable & that debt relief is needed," says IMF's Thomsen at






Dijssebloem to IMF's Poul Thomsen "thank you for joining us"







REGLING: GREECE NOW TO IMPLEMENT OUTSTANDING PRIOR ACTIONS. And that's where it ends





REGLING: LOAN TRANCHES LINKED WITH GR PROGRAM IMPLEMENTATION






REGLING: LOAN TRANCHES LINKED WITH GR PROGRAM IMPLEMENTATION







Second tranche after summer only if Greece completes another set of milestones privitisation, revenue agency and energy sector





IMF has expressed its intention to recommend to its board participation to the program before the end of the year.






GREECE TO GET 10.3 BLN EUROS IN NEXT LOAN DISBURSEMENT, DRAFT EUROGROUP STATEMENT SAYS -EZ OFFICIALS






3 items have to b finalised for disbursement.A.Speeding up privitizations(old airport)b. Pension reform,smoothening EKAS c. Changes on NPL's






GREECE OFFL: LONG TERM DEBT MEASURES MAY NOT BE DEFINED NOW







One of last-minute obstacles 4 review conclusion relates to PM announcement re creation of solidarity fund, acc to MNI (via






And this assumes IMF projections are correct , which hasn't been the case regarding Greece.







Governing Council of Economic Policy approved asset development plan incl 19 privatisations, acc to local media.






EU-Turkey Deal ....






Wondering when a deadline gets set by Erdogan for EU to fulfill its promises to Turkey-or else Deal goes bye bye?










president Erdoğan: Without progress in visa dispute, there will be no refugee relocations. /via







With almost deadly headlines in Turkey touching on PKK violence -chances of Erdogan changing terror laws less than 0







Protests in Europe - Brussels & France....




Belgium: Thousands of union members protest austerity in Brussels~








More strikes For France. Labor Law uproar continues.








Hollande vows to break blockades , as fuel runs low.











Not a good look for Brussels today...










Refugee Crisis.....





This is one of the places where the migrants are being taken, to the tent city of , near Thessaloniki










Authorities say that up to 1530 hours 32 buses have taken 1,529 people from 'without any problems'







stops 31 illegal migrants in -registered truck only about 10 kms from Greece's border








Police discovered them between the villages of Prdejci & Smokvica around 0500 hours, or an hour before the evacuation began






Front-end loaders & other earthmoving equipment are being deployed to clear away tents at Idomeni, via






Odds & Ends.....




Own goal by Rajoy ? In the letter, Rajoy said that if he is re-elected at the upcoming elections of June 26, 1






he is “prepared to adopt new measures, if required, in order to meet the [deficit] target.” 2






However , on campaign trail - Rajoy has denied that Spain will require any further spending cuts. 3






Not sure whether Trump or Hillary gets hurt more by Johnson , but he could impact General Election.






LNA Army Chief in Al-Azaziya 20Km SouthWest of , not supporting GNA &promises to liberate the capital











Note - Egypt has refuted the earlier report for an alleged forensics official concerning explosion onboard.








 


Blair apparently advocates western boots on ground in Libya , Iraq and Syria.








ICM's latest online EU poll is Remain 45%, Leave 45%. It comes with a method change, weighting up slow respondents:








These blatant political moves undercut legitimacy of arguments by Remain political camp , if voters are attentive.