Monday, July 4, 2016

Economic News , Data & Views ..... July 4 , 2016....... Quick Hits On Independence Day ( US ) - 1. UK Politics / Post Brexit News & Views . 2. Italy Next Hot Zone For Europe - Italian Banks & Risky October Referendum Regarding Constitution Reforms . 3. Greece News De Jour. 4. Odds & Ends.

JFK & Liberty Bell on Fourth of July, Philadelphia, tomorrow 1962:

Philadelphia - the birthplace of American Democracy. Happy Fourth of July!

UK Politics / Post Brexit News & Views.........

Key - Dutch law makes a referendum on EU membership unlikely for now. But watch elections due by March next year.

Mishcon's challenge devoid all legal merit. Triggering Art 50 TEU is Crown prerogative - no Act or Parl approval required

Full ConHome CON members survey Leadsom 38% May 37% Gove 13% Crabb 6% Fox 5%

The way things actually work....always consider that.....


Farage steps down as UKIP leader ...... and unexpected turn of events !

Ladbrokes: Next Conservative leader Theresa May 1/3 Andrea Leadsom 3/1 Michael Gove 12/1 Stephen Crabb 33/1 Liam Fox 66/1

CONSERVATIVE LEADER BETTING: Andrea Leadsom's odds keep getting better

Wow. Osborne must be removed now.

UK businesses are preparing a legal challenge to prevent negotiations.

Boiling things down to the essential elements , IMF tactics of fear-mongering pre-Brexit vote , now forgotten...

Very helpful primer on QMV...

Italy In Focus....


Getting close to hitting the wall - Italy's Banks are teetering on the brink....

- Referendum on Italian Senate reform: DB calls it a 50-50 - If Renzi loses it, he will resign. - New 5S gov. could launch Euro referendum

“The single biggest risk on the European political landscape this year”

faces fight to shield bank investors in rescue, Fitch says.

Italian Banks situation , much more problematic for markets in Euripe , than Brexit...

exposes ’s weak spot: ’s banks.

Fitch: Public Funds to bolster 's banks will be difficult.

Italy is going to be the next hot spot for Europe , apart from its wobbling Banks , there is a political risk factor

Greece - News De Jour....

Farmer threatens to torch Thessaloniki PPC branch

A year on, capital controls still biting

Fraport Greece to primarily recruit local staff, chief executive says

Emergency measure that feeds Greek crisis

COSCO deal will help Greece stand on its feet, Tsipras says

Odds & Ends....

Agreement recognises PC as gov & HoR as legislature. He said HQ based n Tripoli until improves etc.

1. NOC chairmen have united their divided admins in a new agreement, but some rhetorical disagreement emerges over HQ of NOC.

2. Chairman Mustafa Sanalla tells me NOC HQ "will be in as soon as the infrastructure permits us, and also the security"

3. As some rival admins find common ground, the divided politics at play makes any agreement subject to uncertainty - unfortunately

4. Asked where oil revenues would go, Eng. Sanalla told me "it's up to Presidency Council to ensure the money is distributed fairly"

Here we go ... Standard Life Investments has suspended trading on its £2.7bn UK real estate fund ( for at least 28 days , perhaps longer) ....redemption requests slammed fund after Brexit vote.

The first signs of post-Brexit financial stress: property fund suspended

So three explosion in a day in Saudi Arabia. Suicide bombing in Jeddah and Qatif, and an explosion in Madinah.

Explosion & smoke at Masjid al-Nabawi in Medina

Suicide attack within al-qateef Shia mosque al Omran in Saudi Arabia


LATEST — Explosions reported in Saudi Arabia near Masjid an-Nabawi in the holy city of Medina and predominantly-Shiite eastern city of Qatif

Images from suicide bombing attack in Saudi Arabia's al-Qatif Province

While bond prices have risen-shrinking returns mean Pension funds need to hold even more to cover liabilities.

PSOE leader Sánchez, who hasn't spoken in public since the election, spotted in Mojácar (south coast) by .

Bassman says Fed should offer to buy gold at a much greater price than present price - perhaps $5,000 an ounce ....


The lower the CNY drops, the higher the mainland commodity prices. Massacre since last Friday night section.


Silver squeeze in China....

Gov't skewered for not being able to safeguard Baghdad...and still using known fraudulent bomb detectors !

Thiam says Credit Suisse won’t be dismantled or sold as stock in race to bottom w/ Deutsche

No evidence that the injured kid and his friends did anything wrong. Also seems as if a booby trap was set up.