Wednesday, September 28, 2016

Economic News , Data & Views ...... September 28 , 2016...... Quick Hits For Wednesday- 1. Markets & Market Moving News : US , Europe And Asia Stocks ; OPEC Meeting Produces "Agreement But No Details Until November" ; Fed Speakers On The Prowl Today ; Fed Interest Speculation For Today Asian Data At The Top . 2. US Political Round Up For Wednesday : Presidential Race : FBI Director Comey Grilled On The Hill ; JASTA Now Law AS Obama Veto Hit By Override. 3. Around The Horn In Europe. 4. Turkey Purge Updates. 5. Odds & Ends



Markets....







US WRAP: OPEC reaches d̶e̶a̶l̶ consensus on need to cut production. (Is there anything else worth talking about today?)









57 central banks have cut rates or pumped stimulus into their economies since January 1, 2015, to boost growth







Foreigners Sold Most Japan Bonds Last Week Since at Least 2014... and yields dropped








Japan Aug. Retail Sales Fall 1.1% M/m; Est. -0.6%








The Fed has been too optimistic for too long:









Yellen testimony today -transcript. ..










Mester missing meaning of economic data that's been released. ..










DOW JONES UNOFFICIALLY CLOSES UP 107.69 POINTS, OR 0.59 PERCENT, AT 18,335.99







S&P 500 UNOFFICIALLY CLOSES UP 11.16 POINTS, OR 0.52 PERCENT, AT 2,171.09







NASDAQ UNOFFICIALLY CLOSES UP 12.83 POINTS, OR 0.24 PERCENT, AT 5,318.54









So , now we understand time frames for when ECB and BOJ completely run out of their rope..







ICYMI:ForexLive European morning FX news wrap: Euro and pound in focus as markets wait on Yellen






BOJ going deeper into NIRP-Land...








Traders put the odds that the Fed will raise rates by December at barely better than a coin-flip









The production estimate variance for Iraq, Kuwait, UAE and Venezuela amounts to over 900kbpd, or more than the entire "cut"









The Bickering Begins: Iraq Disagrees With OPEC's Method Of Oil Production Estimates









OIL - Iraq questioning the 'deal' - angling for higher output quota already






OPEC press release regarding today's meeting and the next meeting (Nov 30)








Great summary of OPEC "deal"









Big move for oil after OPEC agrees on need for output cap









OIL PRODUCTION LIMIT DEAL AT 32.5MLN - AUG 33.23MLN - JUL 33.11MLN - JUN 32.86MLN - MAY 32.36MLN - APR (DOHA) 32.25MLN








OMFG :they are announcing a MOU without the understanding but NO memorandum? So they can play headline game for 2 months? Short it to $10!










 US Politics








Trey Gowdy to Comey: What more would Hillary Clinton have had to do to get you to prosecute her?








Sure , of course it did...









Congress gives Obama and Saudis a major smack down, despite explicit warnings and veiled threats."Check" to Saudis.










Saudi appeasement on display...certain weak in the knees Senators pledge to "fix" JASTA.












Why didn't the cowards vote against the override ?








JUST IN: Majority of voters say Clinton won first presidential debate, according to new NBC News/SurveyMonkey poll








National @Reuters/Ipsos Poll: LV's: Clinton 42 (+4) Trump 38 Johnson 7 Stein 2 RV's: Clinton 42 (+7) Trump 35 Johnson 8 Stein 4









9/28 ■REUT: CLINTON +6 ■NBC: CLINTON +7 ■MONMOUTH: CLINTON +4 ■ECONOMIST: CLINTON +4 ■MARIST: CLINTON +7 ■AP: CLINTON +6







Holy cow !!!









Yeah , I'm sure voters will sleep secure knowing DHS & FBI poking their noses into the upcoming Election..








Does Kerry want war with Russia ?








Hmmmm....










Around The Horn In Europe...






Commerzbank to Cut About 10,000 Jobs: Bild. So not 9,000 as reported before. 10K is 20% of total workforce







Good article on travails of Deutsche Bank...










Deutsche Bank sells its UK insurance unit ( at a loss ) , more pieces certainly to be sold off soon !












Turkey trolling Germany ? Turkey's economic adviser suggests Turkey should buy Deutsche Bank - market cap only approximately14 bn presently.












Zeit report: Some in German government favor EBRRD mechanism (bail-in) for










Deutsche Bank Rescue Plan Would Come Into Force If Bank Needed, And Was Unable To Raise Extra Capital On The Market - Zeit









Contingency plan envisages possible sales of units, with the option of state guarantees to back the transactions if needed: Die Zeit










Deutsche Bank Emergency bailout scenarios already being floated in the german press. One scenario has Gov't taking a 25 % stake.










More and more like Lehman Bros every day , bailout "out of the question " , just don't read "Die Ziet" today , I guess...






Pay no attention to the German Bank behind the curtain...










 




It's happening:










BREAKING: Pedro Sánchez digs in, will not resign. What's left of PSOE HQ to call extarordinary meeting and congress for leadership contest.

















Asked what happens next this evening, PSOE spokesman said: "we don't know, this has never happened before".









List of PSOE rebels includes two current first ministers, national party chairwoman and former PSOE defence minister









Catalonia to hold independence referendum with or without Spain's consent







Everything in Greece on sale...








Look at this trial balloon being floated...








DRAGHI SAYS I DON'T SHARE VIEW THAT ECB IS TO BLAME FOR DEUTSCHE BANK'S PROBLEMS








Wonderful...









Why isn't Sarkozy locked up ?










Sweden losing control , 55 no go zones means police have lost control in those sectors...









Turkey.....









At least 70,000 detained since the state of emergency rule declared. 32,000 arrested, including 3,500 judges/prosecutors, 121 journalists.







Under this rule, more than 100,000 employees from public institutions were fired or suspended, banned from seeking public jobs in the future








Under this rule: - 131 media outlets - 1,043 schools - 800 dorms - 15 universities - 1,254 civil society groups were closed.






Under state of emergency rule - 15 universities closed - 5,070 academics fired/suspended/arrested - 61,382 students lost their universities







Hundreds of businesses were seized by the government including giants such as Boydak and Ipek (~$10bln). Hundreds of businesspeople arrested







EUC says Turkey still has met 7 benchmarks , which is a requirement for visa free travel.









Turkey’s public housing body undertakes Syria border wall construction, reports









Odds & Ends...








Rejecting unity govt, Hiftar tells better served by a leader with "high-level military experience" (who could he possibly mean?)








Very interesting interview of Field Marshall Haftar..







Hanjin Shipping in the news today...









Taliban must have watched from WiFi equipped Bat Cave deep in Bora Bora Mountains...











Haftar going to have a big voice in next Gov't. So will Saleh. Will Sarraj have a voice at all ?










| Germany's Wintershell AG began pumping at Sarah field on 9/16. now producing 35kbd. BBG.












Not being paid for 7 months will bring angry workers to the streets...














Saudis showing considerable financial strains...











Warplanes knock out Aleppo hospital as Russian-backed assault intensifies







Islamic State loses control of last oil wells in Iraq








US official confirms that President Obama will send more US forces to Iraq to "train & advise" as planning to retake Mosul "intensifies"











UN Sec-Gen. Ban says use of "ever more destructive weapons" in Aleppo constitutes war crimes, says city is worse than "a slaughterhouse".










Kumamoto government estimates ¥3.8 trillion in damage was done by April earthquakes







While Elon Musk talks about Mars , meanwhile back on Earth , prone to explde Teslas can be hacked remotely.....