Catharsis Ours: Economic News , Data & Views ( June 2, 2016 ) Quick Hits For Thursday (1. Markets and Market Moving Items : Crude Oil Ignores Failure ONCE AGAIN , Of OPEC To Cut Production , Focusing On US Supply Data And Gasoline ; Credit In Focus - ECB Won't Automatically Toss Out Corp Bonds Cut To Junk , Risky Credit Is The New Black AS EM and Leveraged Loans Shine ; Stocks Shining As Well - Everyone Buying Everything It Would Appear . 2. An All Around Bad Day For Turkey - Tourism Hit , Armenia Resolution In Germany , US State Department Doesn't See Gulen Movement As Terror Group , Losing Sway & Influence Over Events In Syria , Not A "Safe Country" For Refugees 3. UK In Focus , Brexit , Economic Items. 4. Brazil In Focus - Zika , Political Corruption , Economy. 5. France In Focus - Seine Floods , Protests Continue To Roil France , French Come Up Small As Far As Taking In Refugees . 6. Odds & Ends For Today. )

Markets & Market Moving News....

#ECB Rules Out Automatic Sales of Corporate Bonds Cut to Junk. http://bloom.bg/1UwrSr1 

‏@Schuldensuehner

#Opec Keeps Status Quo as #Oil Rally Brings New-Found Harmony. http://bloom.bg/25CBXLI 

‏@MktOutperform

Emerging Market High Yield Index at new all-time high. MSCI EM equity index still 26% below its all-time high in '07

‏@MktOutperform

Another all-time high in Leveraged Loans, up in 95 out of the past 99 trading days. Historic rally in credit.

‏@MktOutperform

New all-time high (total return) for the SPDR S&P 500 ETF, up 260% from the March 2009 low. $SPY

‏@MktOutperform

First time in 2016: all 9 S&P 500 Sector ETFs positive YTD and above their 200-day moving average. $SPY

‏@JavierBlas2

Brent #oil prices up after US stocks drop and gasoline demand rises strongly -- #OPEC a happy (SUV) passanger #OOTT

‏@JavierBlas2

The best friend of #OPEC is the US driver: gasoline demand at 9.7m b/d in late May; level akin to peak summer #OOTT

‏@MktOutperform

US Yield curve at flattest level since November 2007, 91 bps spread b/t 10s and 2s.

Turkey In Focus .....

‏@HDNER

Leading Turkish tourism player expects $15 bln loss in revenue in 2016 http://bit.ly/1Y4mOxg 

‏@fredwalton216

Reprehensible statement - and this comes from Turkey's Justice Minister.

Mark Lowen @marklowen

#Turkey Justice Min after #Germany #Armenian genocide vote: you burnt Jews in oven then you slander us with 'genocide'. Look at your history

‏@fredwalton216

Erdogan not going to be pleased this statement. Not a good Thursday for Erdogan.

Hürriyet Daily News @HDNER

US says it does not consider Gülen movement a terror organization http://bit.ly/1sqvq5i  

‏@MiddleEastEye

ANALYSIS: From master to observer - how Turkey became irrelevant in Manbij http://ow.ly/qNQl300R1Cu 

‏@fredwalton216

As expected , Turkey extremely upset by Germany passing the Resolution. Now we wait for the blowback.

Middle East Eye @MiddleEastEye

To say Turkey is not happy with Germany is an understatement http://ow.ly/Hga420000E4  

‏@fredwalton216

Turkey found to be an unsafe country -ten such  decisions now.

Andrew Connelly @connellyandrew

#EUTurkeyDeal 10 decisions by Greek Appeals Committees all deemed #Turkey unsafe third country for #Syria #refugees https://www.proasyl.de/en/pressrelease/appeals-committee-on-lesbos-stops-deportations-to-turkey

UK In Focus , Brexit Items

‏@prospect_uk

David Miliband: our financial services are a "showcase of success"—but Brexit would threaten them http://www.prospectmagazine.co.uk/politics/david-miliband-our-financial-services-will-be-at-risk-if-we-leave-the-eu …

‏@ftwestminster

Military think-tank warns on Brexit shock http://on.ft.com/1sQnJoO 

‏@V5M1000

@fredwalton216 https://www.youtube.com/watch?v=0BFSJRH1q-A … @EU_Buster @NBCNightlyNews

‏@fredwalton216

Imagine that ?

zerohedge @zerohedge

KAPLAN: BREXIT VOTE 'MAY' AFFECT JUNE FOMC MEETING

‏@fredwalton216

11,000 jobs hang in the balance...

The Guardian @guardian

BHS rescue bid fails putting 11,000 jobs at risk http://trib.al/9aM42bb 

‏@fredwalton216

Pimco comment on Brexit. .

MineForNothing @minefornothing

Pimco says Brexit would not be a globally systemic event http://www.reuters.com/article/us-britain-eu-pimco-idUSKCN0YO0VR …

Brazil ......

‏@GoldmanSachs

$GS' Alberto Ramos comments on the #Brazil #economy on @BloombergTV http://link.gs.com/vohD  cc: @scarletfu @TheStalwart @OJRenick

‏@SamCowie84

Temer team say that Brazil economy will only improve when impeachment process complete. Sounds like excuses to me http://bit.ly/1WxrTPd 

‏@AFP

OECD slashes Brazil growth forecast, citing political uncertainty and corruption worries. http://u.afp.com/ZE6k 

‏@ForbesInvestor

Suspended president Rousseff finally got the Brazil economy moving. Well, sort of. 
http://onforb.es/1UhtD8P 

‏@fredwalton216

Zika not the only reason Rio Olympics need to be moved or postponed.

zerohedge @zerohedge

Caught On Tape: Brazilian Police Fire Tear Gas, Rubber Bullets As Protesters Try To Storm New President's Office http://www.zerohedge.com/news/2016-06-02/caught-tape-brazilian-police-fire-tear-gas-rubber-bullets-protesters-try-storm-new-p …

France.......

‏@fredwalton216

Euro 2016 starts in a week , right ? Let's see how long PM Vallas stands by his words.

China Invest @ChinaInvest

RT FT : French PM says he intends to stand by his labour reforms in spite of union protests.
…

‏@fredwalton216

Less than 5,000 a year.....France leaving the heavy lifting to Germany.

DAILY SABAH @DailySabah

France to accept 400 refugees per month from Greece as part of EU relocation deal, Interior Minister says
http://sabahdai.ly/nqCn4g 

‏@TheLocalFrance

High water levels very obvious under Pont Charles de Gaulle

‏@fredwalton216

Just ahead of Euro 2016, strikes paralyze France in ongoing labor market battle - trains, planes & fuel impacted.

dwnews @dwnews

WATCH: Labor reform protests in France continue http://dw.com/p/1Iyj3  

Odds & Ends....

‏@ekathimerini

ECB holds key rates steady, makes no announcement on Greece http://dlvr.it/LSf13Z 

‏@FrudBezhan

Rioting at Greek camp in Lesbos leaves 4 injured. Violence broke out between #Afghans & #Pakistanis. Majority of camp being sent to Turkey

‏@fredwalton216

Donald Tusk urged Europeans to abandon dreams of federal Europe as these will stoke the rise of anti-EU populists.

Kathimerini English @ekathimerini

EU's Tusk urges end to 'utopian dreams' of Europe http://dlvr.it/LSc7yd  

‏@YanniKouts

Makes sense. Institutions need to assess new clauses to be voted in Greek parliament today & then give report to EWG

The Greek Analyst @GreekAnalyst

EWG teleconference on #Greece postponed (perhaps) for Monday, says @naftemporikigr citing EZ sources. http://www.naftemporiki.gr/finance/story/1110999 …

‏@simonting

China imported 4.81 mln ton of Russian crude in April and to settle in RMB, more than Saudi.

‏@MiddleEastEye

Residents desperate as anti-IS forces move on Manbij http://ow.ly/TkSq300PdTC 

Catharsis Ours

Thursday, June 2, 2016

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