Tuesday, December 6, 2016

Economic News , Data & Views ...... December 6 , 2016...... Quick Hits For Tuesday -1) Markets & Market Moving New : Asia Economic Outlook and News For Wednesday ; Europe & US Stocks Show Green Tuesday ; Oil News De Jour. 2) Around The Horn For Europe : Greece Coalition Has Morning After Blues Over Deal With EG , Additional Items Of Note For Greece ; Italian Political Scene , Italian Banks Under Pressure As Monte Paschi Bailout Flounders ; Euro & ECB Items ; Germany Items Of Note - DB Continues After Renzi Referendum Flop Rally , Merkel Gets Political At CDU Convention With Burka Ban Call / Globalization Screed - Yet Germany's Economy Beholden To Many Weak Sister World Economies. 3) US Politics- Recount Drama , Transition Updates. 4) Odds & Ends.



Markets.....




Asia - Wednesday.....





BoJ Deputy Gov Iwata: Yield curve control can only be achieved by massive JGB buying by BoJ





BOJ Deputy Governor Iwata: Won't hesitate to take additional easing steps












Does the poor Australian Q3 GDP have negative implications for AAA rating?





PBOC sets USD/CNY mid-point today at 6.8808 (vs. yesterday at 6.8575)





Japan - Reuters Tankan: Manufacturing index +16 in Dec. (+14 in Nov.)




Australia - Construction PMI for November: 46.6 (prior 45.9)


US & Europe - Tuesday.....






The US stock indices end session higher.





European stocks end the day near highs







| Pres Maduro confirms phone convo with Putin. says Putin confirmed Russia would cut production. reuters.








OIL - private inventory data shows bigger than expected draw in stocks



CRUDE -2.21mb GASOLINE +0.828mb DISTILLATES +4.1mb CUSHING +4mb






U.S. crude futures settle at $50.93/bbl.⬇$0.86. -1.66%. _F7 Volume: ~550k






| energy ministry official: will produce 547mm tonnes crude in 2016. 548mm in 2017 net of agreements on reduction. TASS.






| energy ministry says has declined invitations to Dec 10 meeting in Vienna. BBG.






Despite output cut, anticipates inventories builds across 2017 (small draw in Q3)






Around The European Horn.....







The Coalition must have read the terms of the EG Deal overnight and realized was not such a great victory after all...








Citi FX Technicals expect to drop below parity in 2017 and to revisit all time low at 0.8230 by 2018.








Italian Government Prepares To Nationalize Monte Paschi







Italian president pushes for new voting law before election – Reuters







Italian bank Monte Paschi's bailout plan in tatters after Renzi's referendum defeat - Daily Sabah





Italy has requested possible Monte dei Paschi bailout: paper via







Chouliarakis Says Government Wants to Close 2nd Review as Soon as Possible; Even Before Christmas








2016 Budget Revenues Surpassed Targets by 2.44 Bln Euros, November Figures Show






Things moving fast: ITALY'S 2017 BUDGET WILL BE APPROVED BY PARLIAMENT ON WEDNESDAY IN CONFIDENCE VOTE - SENATOR






1/2 Italy bailing out junior MPS creditors makes good political sense: if Renzi's resignation means new elections with M5S polling highest





2/2 there's no way you can "bail-in" junior creditors and then watch them head to the polls and vote for Grillio. Better to anger EU instead







Apparently Marine Le Pen is running on an anti-austerity platform. Her comments on the Italian referendum say so














Deutsche Bank continues its rally after the failed Italian referendum. Jumps by almost 8% following price target upgrade by Morgan Stanley.








Fitch cuts outlook for 's banks to negative as bad debts persist.






ramps up balance sheet expansion. Total assets rose by €21bn vs €13bn prev to fresh high of €3,587bn on QE & higher MRO intake by banks







Greek court decides to extradite 3 Turkish soldiers after rejecting similar request for 3 others ystd. They appealed, remain in detention








's Merkel has called for a burqa ban "wherever that is legally possible."







's Merkel: “The full veil is not appropriate here and should be banned.”








's Merkel says there's no turning back from at CDU party convention.








Most scary chart for Germany. 6 of 's biggest export countries already in turmoil or to suffer from pol uncertainty in 2017.











(1) UK PM Spokesman: Govt Clear Does Not Want To Extend Brexit Negotiation Beyond Two Year Timetable - RTRS




(2) UK PM Spokesman: Going Into Brexit Negotiations In Spirit Of Goodwill, Reflected In Dialogue With EU Partners So Far - RTRS





(3) UK PM Spokesman: UK Has Made It Clear It Wants A New Deal With EU - RTRS






(4) UK PM Spokesman: Wants To See Smooth, Orderly Transition Out Of The EU, Confident This Can Be Achieved - RTRS





US Politics.....






Courts split over Jill Stein's recount efforts in Michigan







Breaking: Michigan appellate court tells state board to reject Stein recount – Hot Air




The Michigan Court of Appeals agreed that Jill Stein is not an aggrieved candidate and the recount must stop.







Recount updates - Wisconsin , Nevada , Pennsylvania & Michigan.






6th U.S. Circuit Court of Appeals, on 2-1 vote, affirms U.S. District's Court's order that presidential recount in MI proceed.





Michigan Court of Appeals judges skeptical about crossing a federal judge who ordered Monday’s start of statewide presidential recount.







U.S. District Judge Paul Diamond scheduled a Friday hearing on Stein's bid to force a recount of Pennsylvania's election result.









Scoop: Trump has offered the post of U.S. ambassador to China to Iowa Gov. Terry Branstad, 3 people close to the matter tell me.








JUST IN: Trump will visit Ohio State victims Thursday








Pence to Heritage Foundation dinner in D.C. says Trump is "going to be in the promise keeping business." Will repeal Obamacare, he says.







Trump will "get out that pen and repeal every unconstitutional executive order" that Obama signed, Mike Pence tells Heritage Foundation.








Before spring, will cut taxes across the board for working families, small businesses, family farms and corporations, Pence says.









Fresh off Trump talks, Carrier is increasing prices to stay competitive








Scoop: Boeing called Trump team after PEOTUS' tweets; said cost can decrease if gov't lowers specs, Boeing sources tell me.







Negotiation works: Boeing Said to Offer Talks on Air Force One After Trump Tweets: BBG







Hey , The Chinese apparently called you a "diplomatic rookie" >>








Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S. toward businesses and 50,000 new jobs....








DJ SOFTBANK'S SON: $50B WILL COME FROM $100B INVESTMENT FUND SET UP WITH SAUDI ARABIA







DJ SOFTBANK'S SON SAID HE SET UP MEETING WITH TRUMP, AND LIKES HIM 'VERY MUCH'






DJ SOFTBANK'S SON: $50B WILL COME FROM $100B INVESTMENT FUND SET UP WITH SAUDI ARABIA






UPDATE: Trump sold all stocks from every company in June. "All. Do not know if he had any Boeing stock at that time," Jason Miller tells me.







DJ TRUMP WEIGHS FORMER CALIFORNIA PROSECUTOR FOR SEC CHAIR -- TRANSITION TEAM OFFICIAL







Donald Trump Cabinet members: His picks so far






Odds & Ends.....
















 









Terrible news on the Indonesian earthquake earlier: 18 dead so far







DETAILS: Dozens of buildings collapsed, no tsunami warning was issued









FWIW - One of the most important yet least appreciated news stories out there...







NEW MAP: Massive gains in . 's 2nd largest city will most likely be fully secured before 2017. HD:









East 7 districts liberated today - Al Sha'ar - Jouret Awwad - Karm Al Qaterji - Turbat Lala - Al Marjeh - Shiekh Lutf - Karz Dada







Rebel sources confirm that factions operating in eastern have now agreed to pullback completely.







UN's @ UN Security Council: "I urge the Central Bank of to save the (UN-appointed) GNA by rapidly disbursing money" 😂😩😫







UN's : A new Tripoli militia-based "Presidential Guard [not 's army] will apply for exceptions to the weapons embargo"









report for by : UN intends to send UN troops to Tripoli ('Green Zone'), sent advance team in Oct (par 49, 68, 69)







's media office says field commanders confirm they fully control Al-Jiza al-Bahriya area in , putting an end to the war








Sovereignty Bloc: If the GNA then continues to hijack decision-making, the HoR will declare that Libya is under indirect occupation







The HoR's Sovereignty Bloc suggests holding a vote in the first parliamentary session after Dec17 to exit the LPA & halt the work of the PC








Monday's HoR session, attended by 66 MPs, revolved around reactivating/ electing parliamentary cttees and summoning Interim Govt on Dec19/20







Ali al-Gitrani: The Constituent Assembly would be reactivated and elections would be held once the country is stabilized






Ali al-Gitrani: Under this plan all institutions, except the HoR, would be dismantled and the Army would have wide-ranging powers






Ali al-Gitrani: We must start with a transitional phase during which the Army under Field-marshal Haftar takes control of all Libya... (1/2)








Ali al-Gitrani: ...before we take up political affairs again. (2/2)





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