Markets.....
Asia....
Economic data due from Japan today
Japan retail sales (November): -0.3% m/m (expected -0.5%, prior +2.5%
Japan Industrial production for November(preliminary): +1.5% m/m (expected +1.7%)
Good morning from Berlin. Asia follows Wall St higher w/ Indonesian shares have their biggest 2d gain since Feb. Copper, iron ore buoyant.
CNH plunges to new record low 6.9738 amid CNY Bitcoin shoots up to high new 6,888 Yuan...
PBOC sets USD/CNY mid-point today at 6.9495 (vs. yesterday at 6.9462)
#China yuan HIBOR 3M +66bps to 8.998% (highest level since Jan)
I cannot find this news in those Chinese financial news.
#China Banking Regulatory Commission Official: Proposes RRR cut at an "appropriate time"
China aims to cap 2017 total primary energy consumption at close to 2016 levels
Looks like Toshiba's done for the day. Shares limit down -20.5% - biggest drop since the company went public in 1974
#merrychristmas
That's about a third of company's market value gone since last Christmas
That's about a third of company's market value gone since last Christmas
US & Europe....
US stocks end the day up. Dow fails to crack 20K again
US Crude oil futures settle at $53.90
At 8.8 million barrels a day, US already pumps almost as much crude as two years ago, with just a third of the rigs it operated at the peak
Since May, US drillers added about 200 rigs, taking advantage of rising prices as OPEC began talking up supply cuts http://bloom.bg/2iycM6A
US stocks higher but off high levels at midday
European stocks end the day with modest gains
Europe In Focus .....
Court decision may deprive state of 1 billion euros http://dlvr.it/MzMQLh
Finance minister's letter to creditors appeases concerns http://dlvr.it/MzMQF3
Greek FinMin @tsakalotos releases text of letter to lenders to overcome pension bonus row & free up short-term debt relief measures #Greece
In @tsakalotos letter, #Greece govt commits to using future excess surplus on social protection/easing taxes/clear arrears/build cash buffer
@tsakalotos letter to institutions confirms pension bonus as one-off & "compensatory measures" will be taken if fiscal target missed #Greece
This seems like a replay of Cyprus...
File this statement away..
Note-EG Chief Dijsselbloem's caution that the bail-in of shareholders and junior bondholders must precede state aid.
1/ Why ECB K request for #MPS rose from 5bn to 8.8bn? Answers range from regulatory arbitrariness to a deterioration of the bank's situation
2/ My hunch is that the precautionary recapitalisation has a stiffer test as it needs to ensure there is no more need for State money. #MPS
3/ ECB is showing that precautionary recap is no walk in the park. This matters as Italy was considering same option for other banks too.
4/ But @ecb is threading a thin line - investors will be concerned by the variability of capital demands once they put money in a EZ bank.
Despite some relief after govt recap of Monte Paschi, #Italy remains No1 #Eurocrisis candidate even before #Greece. Sentix #Italexit at 16%.
EUC allegedly looking at tightening capital controls of cash and gold (into and out of EU) , to fight terror.
PRIMARY ANALYSIS OF DATA FROM TU-154 AIRCRAFT'S FLIGHT RECORDER COMPLETED, LIST OF POSSIBLE CAUSES NARROWED - RUSSIAN DEFENSE MINISTRY. IFX
Russia Warns Any Attempt By Obama To Arm Syrian Rebels Will Be Seen As A "Hostile Act"
Turkey, EU work to speed up flow of European funds for Syrian refugees http://www.hurriyetdailynews.com/turkey-eu-work-to-speed-up-flow-of-european-funds-for-syrian-refugees.aspx?pageID=238&nID=107787&NewsCatID=510 …
Will be interesting to see how Germany handles so called "fake news" phenomenon.
Right-wing president of Romania, from German minority, anti- gay marriage refuses to accept Social Dem Muslim woman as PM. Ugly
Tracing last movements of the Berlin Xmas Market killer..
MENA....
Syria.....
Turkey & Russia strike a national cease-fire deal. Terror groups to be excluded. Still needs buy in from Syria Gov't & fighting forces.
Deal to come into effect 12/29. If pact agreed & holds, Syrian government & Opposition will launch peace talks brokered by TUR & RUS.
Now we see whether Erdogan puts up his "proof" , as compared with running off at the mouth.
Apart from aiding YPD , Erdogan claims he has evidence of US aiding ISIS in Syria...
#Assad regime demanded #YPG to leave SheikhMaksoud neighbourhood and Russian operation room in #Aleppo has YPG convinced to leave.
#A24
Last major jihadist pocket in western #Damascus under attack by Syrian Army: map https://aml.ink/Ex-ha #Syria
Turkey's @RT_Erdogan says his country will not wait for US-led coalition to support their Op. in Syria, pledges to cleanse Al-Bab from ISIS.
Great read & gives valuable insights into different perspectives of Russia , Iran and even Syrian leadership on past & future strategies.
Syrian refugees may become vulnerable to radicalisation once in Europe & be specifically targeted by Islamic extremist recruiters-Europol.
Russia sending "specialists" to Syria-mission unstated-but whomever put "hit" on Russian Ambassador-you're on notice
Source in RU diplomatic cirlces confirms #Russia,#Turkey, #Syria/n opposition groups currently in #Ankara trying to set ceasefire parameters
Libya....
Abderrazaq al-Nadhuri: Reports of Egypt & UAE air force fighting alongside Libyan Army are wrong and intended to downplay Army victories
Abderrazaq al-Nadhuri: Army didnt promise any foreign country to let it establish military bases in Libya, will not sell out nat'l territory
And as the article notes , once again the GNA relegated to the role of spectator.
#Libya: #Misrata said #Haftar strikes in Jufra targetted anti #ISIS forces & promises "firm reaction" https://shar.es/1D6yJO @agenzia_nova
Demonstrations on the streets of AlJufra where locals are calling for the Benghazi Defence Shield to leave the City. #Libya
LNA Cheif of Staff Nadouri: Several brigades have promised to hand over weapons, join army after it enters #Tripoli
http://alwasat.ly/ar/news/libya/128437/ …
LNA Cheif of Staff Nadouri: #ISIS presence in #Sirte was due to #Misrata handing control of city to Ansar al-Sharia
http://alwasat.ly/ar/news/libya/128437/ …
#Libya #Libyaoil Airstrikes yesterday on Hun. Was staging area for attack on oil ports earlier this month. https://www.libyaherald.com/2016/12/27/lna-conducts-airstrikes-against-bdb-in-jufra-base
Russia warns Haftar is a leading political figure , who is ignored at the peril of the UN Envoy and western powers.
#Russia Deputy FM Gennady Gatilov: UN envoy Martin Kobler is biased and the #Libya unity government is ineffective
http://alwasat.ly/ar/news/libya/128438/ …
Odds & Ends....
Judge indicts Argentine ex-president Kirchner in corruption case http://f24.my/2hLdJbz
Tapping the foot , waiting on those Agencies - who have no problem leaking reports anonymously , to respond.
Despite rhetoric-not a single person has gone on record or presented evidence to confirm Russian involvement in DNC or John Podesta hacks.
I think we knew this...
So this happened— Jason Miller has resigned as Trump's Comms Dir. as surrogate AJ Delgado sent tweets like this: http://nydn.us/2hjEpCp
U.S. SAID FINALIZING DETAILS ON RUSSIA HACKING RESPONSE: http://W.POST
IS Leader #Baghdadi's Aide Captured in #Mosul - #BasNews
http://www.basnews.com/index.php/en/news/iraq/320844 …
Vera Rubin, pioneering astronomer with revolutionary work on dark matter, dies at age 88. http://nbcnews.to/2idS3sh
Donald Trump picks ex-Bush aide Thomas Bossert to be his homeland security adviser http://nyti.ms/2i3DDui via @shearm
This chart show who are mostly behind rally in #Bitcoin. Chinese flight their capital circumnavigate cap controls as Yuan keeps devaluating.
#Bitcoin continues its rally as trading volume on peer-to-peer exchanges broke records. Now shy of $1k mark.
#Bitcoin hit fresh life-time high vs Euro as Chinese & Indian investors hoping to evade capital controls & circumnavigate cash restrictions.
Not surprisingly - consider the ongoing campaign to go cashless , India has a campaign to discredit bitcoin.
Militant attacks in the Gulf have been rare, but the rollback of IS in Iraq and Syria, and economic and social issues, point to uncertainty.
A China "house of cards" about to implode in strange circumstances re : Cosun Group ? Curious liquidity problems & fake guarantee documents.
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