Saturday, December 10, 2016

Economic News , Data & Views ...... December 10 , 2016..... Quick Hits For Saturday 1) Market Overview For The Week That Was & Saturday Items - Global Stocks Gain 1 Trillion In Market Value , Global Bonds Lose 300 Billion In Market , Non Opec Announces 612,000 BPD Production Cuts , Doug Noland Weekend Missive. 2) Europe Saturday Round Up : Greece News Round Up For Saturday ; France - News De Jour From France ; Italy Italian Banks & Political Notes ; Germany - News Of Note From Germany - Martin Schulz May Halt Merkel's Bid For The Chancellorship. 3) US Political Round Up :



Markets.....






The top 5 economic events and releases in the week starting December 12







Credit Bubble Bulletin: Weekly Commentary: Renzi Falls, Markets Rise Always informative !






Good morning from Berlin. Global stocks have gained $1.1trn in mkt cap this week as crazy Trump rally continues and Wall St hit new highs.






Global bonds have lost $300bn in value this wk as expectations in EZ & US hit new 1y high. China has become exporter of inflation





inflation expectations - measured by 5y5y swap - following US inflation expectations sharply higher,










OIL - OPEC, non-OPEC deal signed - focus will now switch to compliance







| Khalid al-Falih saturday: KSA will be cutting "substantially" BELOW the 10.06mbd cap established Nov 30 in Vienna. BBG.








& | 12 non-OPEC producers agree to collectively cut output by 558kbd. breakdown not provided. see official doc below









| al-Falih: natural declines can count toward cut. "This agremeent leaves for countries to decide how to implement". WSJ.





| energy minister Khalid al-Falih saturday: does not expect U.S. shale response in 2017. reuters.







| monitoring committee to be formed by 3 OPEC members: , , + 2 (unnamed) countries. WSJ.






OTHER COUNTRIES MAY JOIN AGREEMENT ON OUTPUT CUT; WE WILL WORK TO COME TO OUTPUT CUT OF 600K BARRELS PER DAY - NOVAK. IFX.





NOVAK TO MEET WITH COMPANIES TO DISCUSS OUTPUT CUT DETAILS NEXT WEEK. IFX.





SOME RUSSIAN COMPANIES HAVE BY NOW STARTED CONCRETE ACTIONS ON REDUCING OUTPUT -NOVAK. IFX.





TO CUT OUTPUT BY 50,000 BARRELS PER DAY IN JANUARY, TO REACH OUTPUT CUT OF 200,000 BPD BY MARCH - NOVAK. Interfax.





| Novak saturday: production baseline set at 11.247mbd. 300kbd cut will be gradual. will reach -200kbd by March. RTRS.







| energy minister Novak saturday: diaolgue with was rescued by energy minister Khalid al-Falih. reuters.








: Non-OPEC Said to Join in First Global Cuts in 15 Years via






| SecGen Barkindo saturday: sees a total of 12 countries signing declaration to curtail output. reuters.





Europe.....




Greece ....






Greece parliament approves budget, projects strong economy growth next year








Mouzalas requests mainland pre-removal centers







Should asylum seekers be returned under Dublin system?







Gov’t defends actions to wary European Commission







Greek ferry strike called off, for now






Greek Finance Minister: Second Programme Review Can Be Concluded in December





France.....





France's new prime minister seeks state of emergency extension









Paris hosts foreign ministers for diplomatic meeting on Syria conflict







Pollutions levels still high in Paris. Eiffel Tower is now hiding in protest.










Brussels 'to fast-track offer' for British nationals in France to remain EU citizens





Italy.....






A look at Banks after Italy's referendum...

























Things moving quickly in Italy - new govmt soon, then elections, bank bailout








The merry go round of Italian politics - Blasting News UK





Time passes & remains a powerful player in politics - says he wants new electoral law, won't join grand coalition





Germany ......







Martin Schulz, President of the EU Parliament, is now as popular as Merkel among Germans, survey shows. 57% are happy with his work.







More than 100 Afghan asylum seekers gathered in Freiburg in memory of Maria, killed by an underage Afghan refugee.







Germany's Divided Conservatives: Merkel Critics Deal a Blow to Chancellor







: Budget for state-sponsored integration courses for migrants to rise from €559m in 2016 to €610m in 2017. (via .)






US Politics.....







WaPo runs second story since the Election based on anonymous sources spouting their unverified claims and theories....








Naked Capitalism set to drop the hammer on PropOrNot....







Sen. Heitkamp emerges as PEOTUS's top choice for Agriculture secretary. Trump has considered Heitkamp for Agriculture or Energy secretary.










Trump has repeatedly stated he wants to reshape US relationship with Russia. His selection of Tillerson is consistent with that position.










Surprise selection ! Former Exxon CEO Tillerson selected as Secretary of State !









I think he was told he wasn't getting SoS , then was allowed a gracious exit.





















Ronna Romney McDaniel seems slated to lead RNC. Maybe an indication Romney gets Secretary of State gig - who knows ?










GOP elector: Not all of us are voting for Trump







Supreme Court kills off Jill 🤣🤣's recount




Michigan Supreme Court denied Stein recount appeal on Friday. Michigan door basically shut.










Keys : Judge Paul Diamond to rule early Monday ; Stein has raised almost 10 million ; & still no hacking evidence.











Interesting item from Stein from December 8th...









Trump on ‘lock her up’ calls: ‘Now we don’t care’









Reid: FBI director should be investigated in wake of report on Russia's election interference







Obama orders investigation into election-related hacking









Odds & Ends....




Turkey......






The moment of explosion & gunfire at Besiktas Stadium in Istanbul💔








- Images of the scene of the explosion.










29 dead, 166 wounded in twin Istanbul bombings after football game






Death toll at 13 near football stadium , Turkey imposes media blackout , second blast still not confirmed at Taksim Square.








Turkish Interior Minister to CNNTurk: 2nd explosion could be a suicide bomber, in Macka Park, targeting civilians. (this points to ISIS more







Turkish Interior Minister says explosion likely caused by car bomb, most of the wounded in Istanbul blast are riot police






Explosion in






PHOTO: site — RT (RT_com) December 10, 2016







First explosion was by Beşiktaş football stadium, second apparently at a minibus stop in Taksim










2 explosions in One near to stadium One near to nightclub










Developing story - it "appears" explosions occurred at two locations - Taksim Square and at Suzer Plaza ( near Besiktas Stadium.)











Turkish interior minister says at least 20 people have been wounded by an explosion outside a football stadium in Istanbul







Libya.....




The parliamentary Mithaq Bloc demands that Majbari & Gitrani resign from Presidency Council, blaming the latter for the attack







Libyan forces reportedly found 100 women and children alive when IS collapsed in Sirte last week






US ends air strikes after Libyan forces captured Sirte from IS last week. Total 495 strikes since Aug 1.








Syria.....







My sincere condolences to mainstream media: we have lost all credibility. This job is no longer up to any standard. I am sorry.

 








50,000 civilians fled E Aleppo last two days , 1,000 rebels had laid down their arms as pro-government forces closed in.






Tons of weapons and ammunition (& food)left behind by rebels in east tunnels, all new believed to have reached the city last June.










All mainly found in al-Sakhour neighborhood of east Aleppo, with (2) field hospitals, tons of medicine and food supply








US' Kerry urges Russia to show "grace" in Geneva Aleppo talks