Market Moving News....
Bond shorts capitulate http://zerohedge.com/news/2016-07-28/global-equity-update …
US sells $28bn 7y Notes:
-B/C 2.51 (prev 2.56)
-HY 1.34% (prev 1.497%)
-WI 1.341%
-Dir 7.7% (prev 9.1%)
-Indir 65.5$ (prev 65.6%)
#US JUN ADVANCE GOODS TRADE BALANCE: -$63.3B V -$61.0BE
- Prior Goods Trade Balance revised worse from -$60.6B to -$61.1B
Final US GDP forecast from Atlanta Fed model: following 1.1% in Q1 and 1.4% in Q4, 1.8% in Q2 would be pathetic
Fitch: Cancelled Fines Show Limit of #Eurozone Fiscal Credibility. https://www.fitchratings.com/site/pr/1009608
German CPI EU Harmonized (YoY) Jul P: 0.40% (est 0.30%; prev 0.10%)
-(YoY) Jul P: 0.40% (est 0.30%; prev 0.20%)
GILT 10Y YIELD FALLS BELOW 70BPS TO ALL-TIME LOW
Italy......
Out of 8 Banks wooed to participate in proposed bailout - Morgan Stanley , UniCredit and Intesa SanPaolo walk away.
#Italy’s Bond Spread Widens Before Results of Banks’ Stress Tests. http://bloom.bg/2a1NcH7
Painful adaption to Euro reality: #Italy wages +0.7% in Jun, 6th mth of gains <1% YOY, unprecedented. (Chart via AP)
#Italy households on the hook as bank depositors own almost half of vulnerable junior bonds. http://bloom.bg/2axlS4B
#Italy's banks may be biggest losers in plan to save them as >1/3 of Italy banks' bonds owned by other Italian banks
Good Morning from #Italy where output gap so high & inflation so low that fair interest rate should actually -1.55%.
Turkey....
“It seems that the routes have re-opened, so the chasing game has started again,” as per Coast Guard sources.
More demands from Turkey. Gulenist witch hunt continues..
Gulen gives his observation on current situation in turkey , with historical parallels drawn.
Not surprised MHP dissident group chief detained as a Gulenist. Erdogan seems to look out for the embattled MHP Head
Turkey claims Gulen could flee US. Any evidence for this ? Any evidence of Gulen's alleged coup involvement ?
Local Turkish prosecutor includes CIA, FBI allegations in Gülen indictment http://bit.ly/2ae7IWm
Turkish police to receive heavy weapons. One reason: Regime knows it will mistrust military for foreseeable future.
France & German Leadership Terror Responses / Reactions , Refugee Related Concerns...
True , Erdogan keeps repeating that the EU hasn't up to its promises and threatens to unleash refugees on Europe.
New National Guard to be created to protest citizens - lack of confidence swipe at Police and Interior Minister ?
MERKEL ON REFUGEE CRISIS: STILL CONVINCED 'WE CAN DO IT'
German Army to be made part of fight against jihadist terror at home in Germany.
Not a surprise this raid occurred on same day Merkel addressed internal threats to Germany from jihadists.
Guess we shall see if that actually comes to pass...
MERKEL: 'WE NEED A BETTER EARLY WARNING SYSTEM' FOR RADICALIZED ASYLUM-SEEKERS
Spain.....
RAJOY: Confusion over what Rajoy is really announcing after meeting King. https://www.thespainreport.com/articles/806-160728192737-rajoy-accepts-king-s-invitation-to-form-new-government …
Journalists having to begin questions for Rajoy with "Excuse me, let me get this straight…".
RAJOY: Might not go for confidence vote if no support after new talks. https://www.thespainreport.com/articles/806-160728192737-rajoy-accepts-king-s-invitation-to-form-new-government …
RAJOY: Spain can't afford "another failed parliament". https://www.thespainreport.com/articles/806-160728192737-rajoy-accepts-king-s-invitation-to-form-new-government …
LATEST: Rajoy accepts but says not currently enough support to form govt.
#Spain | Ciudadanos' @Albert_Rivera proposes PP/PSOE/C's grand coalition without Rajoy as PM or minority Rajoy govt via PSOE/C's abstentions
Odds & Ends...
Greek GDP has contracted 26%
Greek unemployment = +25%
Greek riots & govt changeovers
Hard to defend this outcome.
West has only itself to blame for mainstreaming AlQaeda in #Syria. People living in Mid East are the ones who will pay the price for this.
Pics: #Syria army captures Bani Zaid where terrorist rebels made hell canon missiles & shelled civilians for 4 years
Pic: #Syria army drops flyers on east Aleppo, detailing 4 humanitarian corridors for civilians wishing to leave
zerohedge @zerohedge
U.S. STATE DEPARTMENT SAYS IT SEES NO REASON SO FAR TO CHANGE ITS VIEW OF NUSRA FRONT. But they "amicably split" on youtube
The Daily Beast
The Democratic Congressional Campaign Committee is second Dem group hacked:
WHITE HOUSE SAYS FBI HAS NOT REVEALED ANY INFORMATION ABOUT WHO HAS PERPETRATED THE HACK OF DNC EMAILS
#Libya presidential council (appointed by UN envoy) in Ras Lanuf to follow up on UN envoy's deal with Ibrahim Jadran
Chris Stephen @reportingLibya
#Libya 1,095 migrants rescued off Libya this morning.
#Egypt Hosting High-Profile #Libya Talks to Ease Deadlock
http://www.nytimes.com/aponline/2016/07/28/world/middleeast/ap-ml-egypt-libya.html?_r=0 …
AGOCO oil company able to pay only 1 month of salaries to its employees http://libyanbusiness.tv/2016/07/28/ شركات-تجتمع-بطبرق-لمناقشة-سبل-الاستثم/ #Libya
Jathran says oil exports will start today. NOC Chairman says no way that will happy. LNA says will bomb any tanker without permission #Libya
#LIBYA : Sarraj under threat from Al Jadhran oil agreement http://bit.ly/2apjJH0
Passport officials murdered in Murzuk - https://www.libyaherald.com/2016/07/27/passport-officials-murdered-in-murzuk/ …
A wider political settlement is a prerequisite to increased Libyan oil production? ... - https://www.libyaherald.com/2016/07/27/a-wider-political-settlement-is-a-prerequisite-to-increased-libyan-oil-production-analysis/ …
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