Wednesday, June 1, 2016

Economic News , Data & Views ( June 1 , 2016 ) Quick Hits (1. Markets & Market Moving News - Crude Oil Items Including : API Data ; OPEC Meeting For Thursday ; Venezuela Woes Hit BP . 2. Additional Markets - Asia / Europe Overview & Key Data Of Note , Key US Data For Wednesday Morning. 3. Greece Items Of Note For Wednesday. 4. UK - Around The Horn - EU Referendum & Other Nuggets. 5. Odds & Ends. )





Markets & Market Moving News....




Inventory build : 2.35MM Gasoline draw: 1.48MM Distillate draw: 1.15MM Cushing draw: 1.03MM




And now Iran: IRAN OIL MINISTER SAYS DOESN'T BELIEVE AGREEMENT ON QUOTAS CAN BE REACHED AT THIS MEETING






UAE MIN. SAYS OPEC `CANNOT JUST UNILATERALLY DO A FREEZE'






Of course not...just another pump and dump algo rake scheme today...







Venezuela woes impacting BP..







Here the main points of our story. One important caveat: has yet to arrive to Vienna.






As a reminder, Russia will not be at the OPEC meeting and is no longer seeking a production freeze





Great round up for Asia overnight , Europe this morning & front burner for US for Wednesday.




US manufacturing weakest since Sept 2009. Fed really going to hike into this ? Suggests weak payroll numbers Friday.







Huge miss for construction spending. Actual (-1.8) vs expected increase (+0.6) , biggest drop since 1/11.

















Iron ore cops another pasting on Wednesday, falling to a fresh 3-month low. MBIOI62 -3.5% to $48.40







Index has tripled in May as investors see higher risk that , incapable doing reforms, will leave Euro








30% of Germans want to quit EU, ’s govt. drops below 50%






Greece....





Remaining prior actions- pension benefit (EKAS), special wages *and* NPLs - have been tabled in Greek parlmnt, to be discussed Thu - ana-mpa






Greek PMI drops to 48.4 in May, new orders down at sharpest pace in 8 months







Tsipras Speaks of Growth While Companies Shut Down One After the Other






Amendments re prior actions have started being tabled in parliament.





New criteria for solidarity grant (EKAS) will be applied as of Jun 1, instead of Jan 1, acc to an amendment tabled in Parliament.






Freeze of promotions in special wages will not be applied if fiscal interventions of equal savings r legislated until Sep 30, 2016







... and implemented as of Jan 1, 2017, according to an amendment tabled in Parliament.





Deadline of tender process for strategic investor in ADMIE cut to 4 mons (frm 5) after PPC GM, acc to amendment tabled in Parliament







UK .....







Just 8 days to register to vote in the EU referendum. Don't forget your NI number. Register to vote - GOV.UK








RT FT : Donald Trump is coming to visit the UK, the day after the EU referendum vote






EU Referendum: "glib and kipperish" - Vote Leave buys into the points system ... .















Fears over Brexit vote integrity as EU citizens sent polling cards for referendum








After few weeks of Remain dominating newsflow, Leave fightback effective. Reveling in purdah. Also shows govt most active part of Remain







Exactly right !






Odds & Ends.....







Safety a main concern for as France, Germany set to bolster security









Walking a fine & delicate line...








Great political overview for Spanish election politics. Worth taking a few minutes to read.









Schauble complains CSU bullying Merkel & CDU...













Tripoli protests calling for GNA to improve living conditions.











CBL Governor, Sadiq al-Kabir will hold a press conference tomorrow regarding the financial situation in the country.










Clashes in Istanbul between police and protesters break out on Gezi anniversary









Residents desperate as anti-IS forces move on Manbij










What is the Manbij pocket - and why are at least 200 US commandos there right now?









Looks like Manbij effectively cutoff from Jarbalus...












Turkey might not be supporting , but also isn't impeding the operation , at this time.