Thursday, October 27, 2016

Economic News , Data & Views.....October 27 , 2016 ..... Quick Hits For Thursday - 1) Markets & Market Moving News : US Markets Moderately Lower ( Amazon Misses In After Hours Earnings Report ) ; Europe Stock Indexes Blase ; Asia In The Red-Zone ( Strong Dollar , Bond Selloff , Risk-Off Mode In Effect ) ; Global Bond Sell-Off Picks Up ; Production Freeze / New Supply Items. 2) Around The Horn In Europe : Greece - Creditor Talks , Obama Tells Greeks Don't Expect Much From His Visit , ESM Chief Pours Cold Water On Debt Relief ; Germany - Deutsche Bank Earnings Released Today - Key Highlights , Polling For 2017 Presidential Election ; Belgium - Wallonia & French Citizens Reach Agreement , CETA Will Be Approved ; Italy - EU-Renzi Battle Ramps Up , Refugee Items , Apple Related Matter , Earthquake News.

Markets & Market Moving News...

Asia Friday News - 10/28.....

BoJ's Kuroda: Strongly expects govt to take steps to raise potential growth rate and the natural rate of interest --Rtrs

Japan FinMin Aso doesn't view BoJ bond buys as debt monetisation

Tokai Tokyo Research: Japan's economy likely posted no growth in 3Q

BoJ's Kuroda: The September decision was completely different to tapering --BBG

JN Tokyo CPI (YoY) Oct: 0.10% (est -0.40%, prev -0.50%)

JN National CPI (YoY) Sep: -0.50% (est -0.50%, prev -0.50%)

JN Unemployment Rate Sep: 3.00% (est 3.10%, prev 3.10%)

JN Household Spending (MoM) Sep: 2.80% (prev -3.70%)

People’s Bank of China sets yuan reference rate at 6.7858 (vs. yesterday at 6.7736)

Four straight weeks of weaker yuan fixes - the longest run since March 2015, according to BBG

This week the PBOC injected 595bn yuan net (prev 95.5bn)

PBOC to inject 195bn (95bn via 7-day reverse repos, 65bn via 14-day, 35bn via 28-day)




European wrap...

Good morning from Rhineland. Asia mkts extend losses as stronger Dollar weakens global risk appetite. Probability of Dec US rate hike at 73%

Ouch! Global selloff in bonds in one picture. US 10y yields has jumped to highest level since Jun1.

Bond selloff deepens amid speculation that major CenBanks may be moving closer to scaling back stimulus measures.

| meeting with Pres Putin this week, PM Medvedev says budget based on price of ~$40/bbl. via UPI.

| minister al-Luaibi comments earlier today re cuts. says Iraq suffering more than exempted countries. WSJ.

| official today: Iraq's request to be exempt from output cuts is "problematic." says they have no excuse. WSJ.

now +376kbd over sept MoMR. now +110kbd over below tweet. brings our OPEC total to 34.632mbd. hooray for math!

| NOC media office thurs: crude production has now hit 670kbd. ⬆from 580-600kbd last announced.

Around the Horn In Europe.....


White House Plays Down U.S. President Obama’s Visit to Greece

ESM Chief Klaus Regling Says Debt Relief Not Necessary for Greece

IMF says decision on new loan possible by year-end

Lavrov is expected to visit Greece next week


Deutsche Bank Reviewing Asset Management Business, Cryan Says: BBG

Overall liquidity for DB was 223 bn on June 30-Q3 report shows liquidity down to 200bn. Sight deposits off 13%.

DB CET1 11.1% vs 10.8% in Q2

DB net income in Q3 256m EUR (est loss 394m)

Deutsche Bank Rev 7.49bn (est EUR 7.57bn)

DB: Settlement discussions with DOJ are ongoing

DB: negative perceptions of business resulted in reduced business volumes and asset outflows at end of Q3

DB says liquidity reserves end-Sept @ 200bn eur vs 223bn end-June

Deutsche Bank CEO: Need Faster, Higher Intensity Restructuring - RTRS

Deutsche Bank CEO: Must Reduce Litigation Overhang By Settling Matters, Remains Top Priority - RTRS

2 months after moving to sell its Argentine subsidiary , DB announces sale of its subsidiaries in Mexico

DB had been depository bank for Level 1 ADR since October of 2012....confidence in DB fading ?

Germany, Emnid poll: CDU/CDU-EPP: 33% ↑ SPD-S&D: 23% ↓ AfD-ENF: 13% GRÜNE-GREEN: 11% LINKE-LEFT: 10% ↑ FDP-ALDE: 5% ↓

CETA Set To Be Approved , Belgium Reaches Agreement

Walloon PM : What we got important for Walloons & World No changes to actual text, only Belgian declr

Looks like Belgium has reached a deal regarding CETA after all.


EU-Renzi battle rachets higher as EU deadlines Renzi & Italy regarding the Budget.

vows to rebuild after latest earthquakes:

Italian Earthquake devastation...

UNHCR: Worst death rate ever for migrants crossing the Med 2015: 1 death for every 269 arrivals 2016: 1 for 88 ( to : 1 for 47)

Under the settlement agreement, a 6-month jail sentence for the executive has been converted into the payment of a 45,000 euro fine.