Markets.....
Asia.....
Economic data due from Asia today
Good morning from Berlin. Asia stock mkts extend rally after Dow topped 20k on Trump trade combined w/ Dollar weakness. Gold below 1200/oz.
Kia reiterates plan to invest $3.1B in the US along with Hyundai; also preparing contingency plans to respond to Trump policies
Our top story. China said to order its banks to curb new loans this quarter. Details to follow ->
Japan Services PPI (December) 0.4 % y/y (expected 0.3%, prior 0.3%)
#China bond mkt in peril: While PBOC injected record amount of funds into system, 10y yields jump after breaching long-term avg. (via BBG)
CHINA SAID TO REQUIRE BANKS TO CURB NEW LOANS IN FIRST QUARTER
PBOC sets USD/CNY mid-point today at 6.8588 (vs. yesterday at 6.8596)
Japan PM Abe: Making final preparations for meeting with Trump
Japan press: Deeper primary deficit in FY2020 than projected, likely radical reforms
New Zealand Q4 CPI: 0.3 % q/q (expected 0.3%) & 1.3% y/y (exp. 1.2%) CORRECT
New Zealand stocks tops new 3-month high
Nikkei futures signal sharp gains at the open
#MaybeAtSomePointItsAlsoNikkei20000
Mornin APAC
USD
10Y Treasury 
2.51%
Australia, India, Taiwan, Vietnam shut
Philippine GDP, HK trade, Singapore factory output due
#DOW20000
10Y Treasury 2.51%
Australia, India, Taiwan, Vietnam shut
Philippine GDP, HK trade, Singapore factory output due
#DOW20000
US.....
Forexlive Americas forex news wrap: Dow 20K...finally
Record closes for the US markets
DOW JONES UNOFFICIALLY CLOSES UP 151.83 POINTS, OR 0.76 PERCENT, AT 20,064.54
S&P 500 UNOFFICIALLY CLOSES UP 18.15 POINTS, OR 0.80 PERCENT, AT 2,298.22
NASDAQ UNOFFICIALLY CLOSES UP 54.97 POINTS, OR 0.98 PERCENT, AT 5,655.93
US Politics.....
CIA director Pompeo reportedly was never consulted about the executive order & was not aware that it even existed until NYT disclosed draft.
House Oversight Committee chairman: I see no evidence of voter fraud http://hill.cm/MtT1VTZ
Trump team compiles infrastructure investment priority list. (And, here it is!)
Health insurers quietly shape Obamacare replacement with fewer risks http://reut.rs/2jgIvcu
UNITED STATES: Scientists are planning a planning a march on Washington DC to protest Trump Administration's policy on climate change
McCain to Trump: We will not bring back torture http://hill.cm/d2wvoVo
JUST IN: White House: Pres. Trump nominating Philip Bilden as secretary of the Navy.
BREAKING: Scientific studies and data from the Environmental Protection Agency (EPA) to be reviewed by political staff before release - AP
BREAKING: Draft order shows Trump plans to suspend issuing visas to citizens of 7 Muslim-majority countries for at least 30 days.
Gag orders are broader than originally thought. More Agencies involved than just National Park Service and EPA.
Actually interesting that Mexico's President still meeting Trump next week - as President Nieto under fire at home.
Report: Mexican president may cancel visit to Washington over Trump’s border wall order
Rumblings Mexico's president might nix U.S. visit due to Trump's wall plans, but reporter @lopezdoriga says Peña Nieto to visit AS PLANNED.
#Mexico Pres says it will not pay for Trump’s wall stopped short of immediately cancelling his planned trip to DC. https://www.ft.com/content/918ec1de-c8c3-3cc8-885f-1f2a2f61f0d0 …
Iowa's @JamieJohnsonUSA is now an adviser in the Department of Homeland Security's Office of Public Affairs. Was at Trump speech today.
Trump has designated Maureen Ohlhausen as acting chairman of the Federal Trade Commission.
https://www.ftc.gov/news-events/press-releases/2017/01/statement-acting-ftc-chairman-ohlhausen-appointment-president …
Here's Trump's wall in the executive order: "…the immediate construction of a physical wall on the southern border".
https://www.whitehouse.gov/the-press-office/2017/01/25/executive-order-border-security-and-immigration-enforcement-improvements …
One executive order Trump signed just now is on "enforcement/border security" -- build a wall, end catch-and-release and other matters.
Have to wait and see what this actually provides....
Choice of word "campaigns" as compared with "campaign" indicates a broader inquiry underway.
JUST IN: Pres. Trump signs executive order enhancing public safety in the U.S. in part by ensuring execution of immigration laws.
JUST IN: Pres. Trump signs executive order addressing border security and immigration enforcement improvements.
Per his executive order, here's how President Trump intends to make Mexico pay for the border wall:
SEN. RAND PAUL SAYS HE INTRODUCES OBAMACARE REPLACEMENT BILL: BBG
Fwiw , if this guy is the main source for the Dossier , I think the Dossier doesn't have legs to stand on...
CREW's Self-Inflicted Injury in the Emoluments Clause Challenge http://joshblackman.com/blog/2017/01/22/crews-self-inflicted-injury-in-the-emoluments-clause-challenge/ … via @joshmblackman
Tribe, Chemerinsky explain why their own Emoluments Clause lawsuit against Trump should be dismissed
Schedule of Remaining Cabinet Nominees
http://www.decisiondeskhq.com/2017/01/25/schedule-of-remaining-cabinet-nominees-updated-1252017/ …
Europe....
Italy.....
Monte Paschi issues a total of EUR 7bn in state guaranteed bonds --ANSA
THREAD ALERT: Italian Constitutional Court has ruled the Italicum electoral law partly unconstitutional. What does it mean?
Court is OK with bonus seats for whoever wins at least 40% of nationwide vote, but not with run-off between two most voted parties.
Crucially, this means the Italicum electoral law is immediately applicable - except for the bits that have been ruled unconstitutional.
The Constitutional Court's decision leaves #Italy with 2 very different electoral laws, one for each of the Houses of Parliament
Greece....
Disposable income In Greece drops by 2.3 pct in Q3 on sharp rise in taxes https://shar.es/1Ow7jj #Greece #economy
Greece and its creditors may find agreement on second bailout review at February Eurogroup meeting
EU official on #Eurogroup @Lagarde will not be taking part, will take stock on where we are in the course of 2nd review #Greece
EUC/ EP/ ECB/ Catch-all ......
EU Parliament Negotiator Guy Verhofstadt: Further disintegration of EU possible post-Brexit --BBG
UPDATE 1-Brussels wants EU free-travel zone restored from mid-May, Germany sceptical http://dlvr.it/NC7h4j
US Briefing 25-Jan-17: German Business Morale Weakens, Earnings In Focus
EU migration commissioner Dimitris Avramopoulos told MEPs in the civil liberties committee that Libya is too unstable.
France......
France prosecuting citizens for 'crimes of solidarity' http://aje.io/egjv
NIRP Umbrella
Trade Balance, 2016
France: $55 billion deficit
UK: $180 billion deficit
US: $740 billion deficit
Germany: $280 billion surplus
France investigates 'fake job' claim against Fillon wife http://f24.my/2ktO4oY
*FRENCH FINANCIAL PROSECUTOR CONFIRMS OPENED PROBE ON MRS FILLON
UK.....
BREXIT news: Microsoft says it will NOT leave the UK following historic ruling http://bit.ly/2jwDQEb
Thursday Times: "Bullish May tells Trump they can lead the world" #tomorrowspaperstoday #bbcpapers (via @MsHelicat)
NEW: Trump eager for trade deal but UK doesn’t have enough trade negotiators; worried end up w bad deal. @timross_1
The SNP wants to leave UK single market to remain part of the EU's single market. Perhaps it's the euro or open borders they really love?
UK PM May to publish 'White Paper' setting out Brexit plan - RTRS By @HareshMenghani https://goo.gl/HlPkMU #Brexit #GBPUSD
ODDS & Ends.....
Syria......
Interesting observations...
Alleged msg of Ahrar al-Sham leader proclaim general mobilisation after JFS refused all calls to halt attack vs FSA
The only real fighting that armed groups will do against #AQ #JundAlaqsa is on twitter
Libya.....
#Libya's National Oil Corp. (NOC) chief Sanalla: Oil can be used to unify Libya. But UN/US/EU have lost credibility. https://www.theguardian.com/world/2017/jan/25/oil-investment-moral-authority-libya-west-mustafa-sanalla …
Sarraj trying to meet Haftar soon in Cairo , with Russia as honest broker...
Kobler welcomes "informal consultations" of LibyanPoliticalDialogue members in Hammamet and suggestions to amend LPA to put it back on track
Tawfiq Shuhaibi: Disagreements within the HoR will not be about the amendments that we proposed per se but about the details
#Sijal
Belgasem Gzit: The ball is now in the Parliament's court
#Sijal
Gzit: With today's proposal the HoR obtains 90% of its demands, but surely there r regionalist & group demands that #Hammamet cannot address
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