Tuesday, May 3, 2016

Economic News , Data & Views ( May 3 , 2016 ) Overview For Tuesday ( 1. Selected Markets Related News - ECB Items Of Note , News From The Oil Patch , US Treasuries Key Off Retails Sales Number , Catch Bid . 2. Around The Horn For Europe - EUC Meeting For Wednesday , EU-Turkey Deal , Greece - Creditor Talks , TTIP Stalled By France , Schauble Deigns To Allow UK A Brexit , Turkey's Idea Of Parliamentary Debate. 3 Refugee Crisis / Border Security News. )


Naturally , not the fault of the ECB...

ECB balance sheet expansion on target. ECB total assets have crossed €3trn for first time since 2013 on QE programme

The impact of wells: has overtaken as 6th largest producer in the US ( data)

Sub-Saharan nations are facing a shock of historic proportions

Bonds catching a strong bid this morning.

EU News De Jour

Agenda for EU'S important meeting on Wednesday...

Well , at least he didn't say "two out of three votes before it counts."

Moody’s says deal delay is 'credit negative'

Gov't promotes spending cutting mechanism to avoid vote on contingency measures

May 26 new drop dead date for Greece Agreement....

Slow progress on Greek reforms, May 9 deal unlikely, say sources

5 hours ago
visa-free deal has 'serious ramifications' on Europe's security

France nixes TTIP "at this stage."

Süddeutsche Zeitung writes that there “strong doubts” within the “top level” of the European Commission re: the TTIP

Rock-em , Sock-em Parliamentarians...

In its spring update, EU Commission criticized , Spain & for not reaching its budget targets. (via AP)

Refugee Crisis /

Migrant flow to Greek islands ebbs but camps full

No new migrant arrivals on Lesvos for fifth day in a row

Important 6 tweet series on Proposed changes to Dublin 3 !

1 Dublin IV proposal: wider 'family member' definition to include siblings and cases where family was formed after leaving country of origin

2 Dublin IV: MS must consider if application inadmissible on 'safe 3rd country', '1st country of asylum' grounds; if so they're responsible

3 Dublin IV: that last point will mainly apply to Greece & Italy Designed to implement EU/Turkey deal and any future heinous EU/Libya deal

4 Dublin IV: applicant who doesn't stay in responsible MS will be punished; a) accelerated asylum procedure; b) loss of all benefits except

5 emergency health care. This loss of benefits would violate EU Charter, see CIMADE ruling of CJEU, paras 42 & 56:

6: Dublin IV: appeals limited to 'unsafe MS' and family issues, 7-day deadline for appeal; ignores CJEU in Diouf, AG in Karim & Ghezelbash

7 Dublin IV: responsibility for unacc minors where child made *first* asylum application. Overturns CJEU MA ruling:

8 MA ruling on Dublin and unaccompanied kids - which Dublin IV would overturn - was based on Charter rights of the child (paras 56 & 59

10 Dublin IV: responsibility can also be based on expired visas or residence permits, or irregular entry no matter how long ago it was

Turkey grants visa free travel for EU countries - go visit a war zone or watch journalists get arrested !

184,546 migrants incl refugees arrived by sea to Europe 1357 dead/missing

Proposing fines of 250,000 euro per refugee , that Hungary will never pay. Mandatory quotas that will be ignored.

Greece still has ‘some deficiencies’ in border management, EC says