Asian Morning - Thursday
Down Goes Frazier.....
China Trade Balance (USD) Sep: 41.99B (est. 53.00B, prev. 52.05B)
CHINA'S SEPT. EXPORTS FALL 5.6% Y/Y IN YUAN TERMS; EST. +2.5%. More devaluation coming
And there it is again... Offshore yuan weakens past 6.73 to the dollar - how long is this going to last beyond this point?
We're watching #Thailand very closely today. The currency's down for 9th straight day http://www.bloomberg.com/news/articles/2016-10-12/thai-stocks-lead-declines-in-asia-on-concern-over-king-s-health …
It's China-trade day in Asia. Here's a 16-year look at China's trade surplus and the exchange rate. Data due in just over 2 hours #Gday
DOW JONES UNOFFICIALLY CLOSES UP 18.73 POINTS, OR 0.10 PERCENT, AT 18,147.39
S&P 500 UNOFFICIALLY CLOSES UP 2.70 POINTS, OR 0.13 PERCENT, AT 2,139.43
NASDAQ UNOFFICIALLY CLOSES DOWN 7.11 POINTS, OR 0.14 PERCENT, AT 5,239.68
A red day for European stocks
Catching up - overnight items of note
There's been more spikes in bund, gilts and US bond yields. US 10y is up to a high of 1.80%. 10y Bund yields jump to 0.06%, Gilts at 1.04%.
Morning Note: 1. FOMC minutes due later. 2. DB boosts size of private bond sale. 3. Bremainers get excited about nothing
WTI futs settle 61c lower (-1.2%) @ $50.18 per barrel
GHEIT: OPEC DEAL "IS ALL TALK, BUT NO ACTION"
GHEIT: "SAUDI ARABIA CANNOT SURVIVE ON $50 OIL"
*DJ QATAR OIL MINISTER: SOME NON-OPEC COUNTRIES TO BE INVITED TO ATTEND TECHNICAL MEETING IN VIENNA OCT 28-29
So , what did they discuss in Istanbul - the World Series for Baseball , NFL games , Soccer , Trump vs Clinton ?
Incoming Wells Fargo $WFC CEO Tim Sloan says there have been additional requests for information from Congress & continues to comply w/ q's
RT MarketWatch : Wells Fargo CEO John Stumpf to retire, effective immediately: report http://on.mktw.net/2dd8Kh0
3 year paper gets good reception..strong demand seen.
Basel committee announces new global capital rules for bank bonds --FT http://on.ft.com/2erSy0o
Markets shrug off Fed minutes --FT https://www.ft.com/content/9b4e96c6-8465-3a3b-b4b3-38cf04e75b6f?segmentId=776b81d7-dd92-c731-e669-99cdd37d3a96#myft:my-news:rss …
*FED: SEVERAL OFFICIALS SAID DECISION TO WAIT WAS ‘CLOSE CALL’
*FED SAYS SEVERAL FOMC MEMBERS SAW RATE RISE ‘RELATIVELY SOON’
Around The Horn - Europe ...
UPDATE: Catalan Socialist Party Threatens To Break Ranks With National PSOE
Two photos representing two different versions of "patriotism" in Spain this year, and comfort with "Spanish". https://www.thespainreport.com/articles/946-161012115734-daily-spain-briefing-wednesday-october-12-2016 …
ING Said to Move Jobs to London in Contrary Post-Brexit Decision
Ambrose nails it...
DAVIS: NO ONE WILL BE ABLE TO VETO BREXIT REFERENDUM RESULT
Should countries that can't meet budget rules also have their EU funding cut-not just Italy , speaking generally ?
BANK OF ITALY: EU BANK CRISIS RULES UNDERMINE CONFIDENCE AND THE FINANCIAL STABILITY OF THE COUNTRY AND EURO ZONE
Deutsche Bank Securities To Pay $9.5 Mln Penalty – SEC https://www.sec.gov/news/pressrelease/2016-213.html …
Deutsche Bank has raised 4.5 bn in debt sales since Friday , basically at junk bond yields. Liquidity needs ?
GREEK ECONOMY MINISTER STATHAKIS SAYS REFINANCING PART OF GREEK DEBT COULD BE DONE BY LOCKING IN LOWER INTEREST RATES OFFERED BY ECB/ESM
Greece should just come out and say that it needs a debt haircut to make its debt sustainable.
Greece debt must be sustainable for Greece to access bond market. IMF needs sustainable debt to participate.
More than 11,200 migrants stranded on Aegean islands http://dlvr.it/MRPjzT
Greek gov’t to freeze foreclosures of primary residences http://dlvr.it/MRRBsL
EU and Ukraine plan Summit on 24 Nov to ratify EU-Ukr deal, but Dutch PM may declare before 1 Nov NL won't ratify
Austria will fall short of its goal for accepting refugees...
1 million people affected by emergency decrees and purges...
Odds & Ends....
Hurricane Matthew blamed for 26 deaths in N.C.; 1,000+ still need rescue after floods
WATCH: Hurricane Matthew Death Toll Rising in North Carolina: Massive flooding has taken over neighborhoods with… http://abcnews.go.com/WNT/video/hurricane-matthew-death-toll-rising-north-carolina-42765071?utm_source=dlvr.it&utm_medium=twitter …
Hurricane Matthew is gone , but the flooding in North Carolina isn't over yet....
Trump intensifies attacks on Ryan with four weeks left until Election Day http://reut.rs/2dM0B5L
JUST IN: Two women say Trump touched them inappropriately: report http://hill.cm/zSwIe5E
Pence urges forgiveness for Trump: "It takes a big man to know when you are wrong" http://hill.cm/50uvLIK
Catholic group demands top Clinton aide resign over leaked emails http://hill.cm/t31SyGH
Note , this makes the second republican politician to reverse/ walk back prior condemnations.
A white sound engineer alleges Trump repeatedly referred to him as a “fucking monkey” and regularly sexually harassed the women on set.
You have to wonder what Bernie Sander really thinks every time he gives another endorsement of Hillary - as he reads how he got jobbed ?
China has weakened the yuan for a sixth day, the longest run of cuts in 9 months http://bloom.bg/2dK1Suh
Duterte readies huge business delegation for Beijing visit as pivot from Washington gathers pace
Russia responds to promise of retaliation from US: "Let them do it" http://hill.cm/JRRosaF
Focus: The attacks come as the United States re-evaluates its support of Saudi Arabia's campaign in Yemen. http://social.stratfor.com/DOvB3057p5W
Podesta leaks show Clinton email linking Saudi Arabia, Qatar to ISIS http://fxn.ws/2e44kKd
Erdogan swats away Iraq's Prime Minister , as if he is no more than a mildly irritating fly..
Turkey-backed FSA captures village of Duweibiq, closes in on Daish-held village of Dabiqad