Wednesday, July 6, 2016

Economic News , Data & Views ...... For Wednesday July 6 , 2016.....1. Markets - Following Trends For Global Equities, Commodities , Bonds - Central Bankers Fingerprints Everywhere , Banks wobbling all over - Italy , DB , CS et al , Asia Update At The Top . 2. UK News , Post Brexit Matters , UK Politics . 3.Odds & Ends.




Asia Updates....





SAFE demands 20% FX Deposit for any forward CNH transactions effective Aug.15.







PBOC Fixes Yuan Reference Rate At 6.6820 (prev fix 6.6857)







BoJ Governor Kuroda: Will add stimulus via cutting rates or boosting QE if needed






BoJ Governor Kuroda: Financial system is maintaining stability -CPI expected to be slightly negative or around 0% for time being







BoJ Governor Kuroda: To maintain QQE with negative interest rates for as long as necessary








Japan buys JPY 428.2bln of foreign bonds in latest week Japan buys JPY 210.2bln of foreign stocks in latest week







Japan Official Reserve Assets (USD) Jun: 1.2654tln (prev 1.254tln)






Markets - Non Asian .....





Global Equity Indices, % below all-time high... Italy: 69% Japan: 61% China: 51% Brazil: 29% Germany: 24% US: 1.5%





Top Commodity Returns YTD Silver: +45% Hogs: +36% Heating Oil: +36% Sugar: +35% OJ: +33% WTI Crude: +29% Gold: +29%






S&P sector ETFs are all positive YTD and above their 200-day moving avg ... with the exception of (Financials)







Gundlach: "When Deutsche Bank Goes To Single Digits People Will Start To Panic"






If DB's CDS exceed spike from 2011 , might be a real sign that
extreme stress is occurring...











That's an all-time low for Deutsche Bank, including dividends...








Renzi's declares derivatives problems , at other big Banks , 100 times worse than NPL problem at Italy's Banks.











Renzi's declares derivatives problems , at other big Banks , 100 times worse than NPL problem at Italy's Banks.









UniCredit SpA - Largest Bank in Italy - trading at its lowest level since 1992 (including dividends)









 

Italian lenders have the largest share of domestic gvt bonds as a % of total assets 10.5% vs 3.2% for germany...









Just another day around the way...








US Yield Curve ends the day at a new expansion low: 78 bps spread b/t 10-year and 2-year yields.









Investors are paying more and more to hold German govt's debt. sold €3.44bn 2y Schatz at record low -0.69%.









UK Property Fund Pressures Continue , UK Politics & News ...

( Much more at Twitter T.L )







Chicot report out this morning...










A very interesting read ...







APPLIES DILUTION ADJUSTMENT; ABERDEEN SAYS FUNDS'ADJUSTMENT TO CUT TODAY'S DEALING PRICE 17%





APPLIES DILUTION ADJUSTMENT; ABERDEEN SAYS FUNDS'ADJUSTMENT TO CUT TODAY'S DEALING PRICE 17%






We now have 6 property funds banning withdrawals -total funds gated -actually 15 bn pounds !









This seems inevitable , at this point.







MPs back Labour motion calling for EU nationals to be promised the right to carry on living in the UK - by 245 votes to two

















Odds & Ends....







 

Death and wounded toll raised again..












EU parliament backs new border force











Bob Corker withdraws name from consideration as VP.











If remaining 27 countries actually had referendums governed by each country's laws , you would see a much 《 EU. 1











So , Gaddafi's son Saif freed under Libyan amnesty back in April , news of this just coming today ?








Best response from the civilians of Baghdad. Eid prayer performed at Karrada 'ground zero' of Daesh deadly bombing.














Corbyn: it would do us well to remember Robin Cook who stood here and said in a few hundred words what Chilcot said today in millions









Oil of course , front & center , in the report..










Fitch forecast another year of contraction for Greece in 2016, with GDP contracting by 0.9%, with gradual improvement coming in 2017





French PM Valls: Government Will Set Up A One-Stop Administrative Agency For Foreign Firms Seeking To Set Up In France -- RTRS