Sunday, June 26, 2016

Economic News , Data & Views ..... June 26 , 2016 .....Quick Hits - 1. Markets : Turmoil Unleashed Friday Set To Continue ; Middle East Markets Prologue For Tough Sledding In Asia Later ; CBers Getting Ready As "Anomalies" Seen Already ; Expect Massive Program Trading & Flights To Safety. 2 UK Political and Post-Brexit News , Rumors - Just Nuts Presently. 3. Spain Votes Today In Its Re-Run Election - Updated As News Develops During Course Of Sunday. )


BofA forecast changes: - US GDP from 2.0% to 1.8% in 2017 - Eurozone GDP from 1.6% to 1.1% in 2017 - UK GDP cut from 2.3% to 0.2% in 2017

Totally mad world: adds $380bn to global negative-yielding bond pile.

In other news the world's central bankers met at the BIS HQ again to prop up markets

IG's Sunday FTSE is open and trading at 5958: 180 points lower than Friday's official UK close.

Dubai and other middle eastern stock mkts slump as investors weigh fallout.

will unleash as much as $300bn of selling by automated quant programs

JPM Head Quant: Expect Up To $300 Billion In Program Selling, "5-10% Near-Term Downside To The S&P500"

UK Political Situation and Post Brexit Happenings...

David Cameron will not trigger Article 50 at Tuesday's summit: BBG

Labor MPs stating the referendum result should be ignored or calling for a second referendum , should read this. Then have a conversation with Corbyn.

Pretty soon the story of petition for a second referendum will quietly slip beneath the waves & go away.

Kerry before meeting w Italian FM:a country has made a decision, it is a decision that the US had hoped would go the other way, it didn’t.

Sources: Jeremy Corbyn to release a statement within hours saying he will fight on and not be cowed by shadow Cabinet resignations

Corbyn coup: and another one goes - Vernon Coaker, Shadow N Ireland. Now 8 (+1 sacking)

Coup so far: out Hilary Benn Heidi Alexander Gloria de Piero Ian Murray Lilian Greenwood Lucy Powell Kerry McCarthy Seema Malhotra

Shadow Education Secretary is 5th person to resign from Labour shadow cabinet

Scotland's First Minister Nicola Sturgeon has told the BBC that Holyrood could try to block the UK's exit from EU.

Note , next General Election slated for 2020 - but who knows what the future may hold ?

Ian Murray resigns....

De Piero resigns...

Shadow Health Secretary Alexander has resigned.Ian Lucas MP asked Corbyn, to step down as Leader - by open letter.

Last 48 hrs have shown the public's doubts in the political class were well founded. PM & chancellor disappear. Labour self destructs.

Corbyn coup so far: out Benn Alexander De Piero Murray Greenwood Powell McCarthy Malhotra Coaker Falconer And more to come

The BBC is saying that up to nine members of the shadow cabinet will resign...

Sajid Javid denies there will be a 'punishment budget' and says govt need to make work

told from contacts inside Tory HQ ,Osbourne will be resigning Monday , his leadership bid & position untenable

Rumors swirling Osborne set to resign .....unconfirmed. Very much FWIW.

Why do I feel whether he "says it " or not , someone will "hear it " ?

Spain Votes...


With 66.26% of vote counted: (135) (90) (71) (29)

With 36.11% of the vote counted: PP (134), PSOE (95), Podemos (69), Ciudadanos (27)

Exit polls - caution , have to see how these match up with official results.

LATEST: Table comparing two exit polls with actual result from December:

Left wing has "potential" to form a Gov't -
understand major political & philosophical divisions exist on left side.

Turnout in Spanish election on course to be lowest since the country entered democracy in late 1970s. People fed up having to vote again.


IMPORTANT-worst ever evening turnout for a Spanish general election ? Rajoy fatigue ? PSOE fatigue ? How will Podemos do ?

Buenas noticias : no hagas las maletas todavía.

"Votes are like cars: as soon as you use them, they lose their value" - the latest El Roto

First participation figures are in for the Spanish general elections. Check them out on our live blog:

Biggest lunchtime turnout increases seem to be in interior provinces, central and western, Andalusia.


Lots and lots of things for you to read as we wait for the results later this evening.

Updates here all day for you. Exit poll at 8 p.m. Spanish time. Results expected at around 10 p.m..

Those voters on left hoping for change might be emboldened by the outcome of Brexit to vote for Unidos Podemos....

stands defiant against Spain after vote