Wednesday, January 25, 2017

Economic News , Data & Views..... January 25 , 2017..... Quick Hits For Wednesday - 1) Markets : Asia Economic Calendar And News For Thursday ; US Markets - Dow Finally Cracks 20,000 , S&P and Nasdaq Hit Intraday Record Highs , Bond Yields Continue To Move Up , Gold Falls As Low As 1195 In Regular Session , Additional Items Of Note. 2) US Politics For Wednesday - Highlights From Day Four Of Trump Presidency - Confirmation Schedule & Appointments , Executive Orders , Political Developments Of Note. 3) Europe In Focus : Italy Constitution Court Rules On Electoral Law - Early Elections Now Possible ; Greece Economic Data & Second Review Updates In Focus ; EUC / EP Items Of Note ; France's Fillon Has A Controversy On His Hands Involving Payments To His Wife ; Additional Items Of Note. 4) Odds & Ends - Libya & Syria In Focus .



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%)






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)






1 hour ago
Japan PM Abe: Making final preparations for meeting with Trump







Japan press: Deeper primary deficit in FY2020 than projected, likely radical reforms





1 hour ago
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









1 hour ago
Mornin APAC USD🔽 10Y Treasury 🔼2.51% Australia, India, Taiwan, Vietnam shut Philippine GDP, HK trade, Singapore factory output due









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








Headline Inventory Figures







US Demand







US Crude and Product Stocks up 20M since cuts went into affect








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







Trump team compiles infrastructure investment priority list. (And, here it is!)





Health insurers quietly shape Obamacare replacement with fewer risks








UNITED STATES: Scientists are planning a planning a march on Washington DC to protest Trump Administration's policy on climate change







1 hour ago
McCain to Trump: We will not bring back torture







1 hour ago
JUST IN: White House: Pres. Trump nominating Philip Bilden as secretary of the Navy.








1 hour ago
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 says Peña Nieto to visit AS PLANNED.







Pres says it will not pay for Trump’s wall stopped short of immediately cancelling his planned trip to DC.









Iowa's 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.









Here's Trump's wall in the executive order: "…the immediate construction of a physical wall on the southern border".








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...












Tribe, Chemerinsky explain why their own Emoluments Clause lawsuit against Trump should be dismissed













Europe....




Italy.....





Monte Paschi issues a total of EUR 7bn in state guaranteed bonds --ANSA






Talk of early elections in following ruling, as early as April.






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 with 2 very different electoral laws, one for each of the Houses of Parliament






Greece....





BoD will discuss Article IV report and debt sustainability analysis on Feb 6. Till then not much progress can be achieved.






Disposable income In Greece drops by 2.3 pct in Q3 on sharp rise in taxes








Greece and its creditors may find agreement on second bailout review at February Eurogroup meeting







EU official on will not be taking part, will take stock on where we are in the course of 2nd review







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






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'









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








*FRENCH FINANCIAL PROSECUTOR CONFIRMS OPENED PROBE ON MRS FILLON





UK.....






BREXIT news: Microsoft says it will NOT leave the UK following historic ruling







Thursday Times: "Bullish May tells Trump they can lead the world" (via )








NEW: Trump eager for trade deal but UK doesn’t have enough trade negotiators; worried end up w bad deal.







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




ODDS & Ends.....




Syria......





Interesting observations...










(Nusra/JFS) communique': On every front in "we represent two third of all attacking and defensive forces".








🔥









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 is on twitter









Libya.....





Reports of car explosion in Jamal Abdel Nassr St. after random shelling








As LNA continues to advance in , the risk of IS/BRSC retaliation with car bombs & suicide missions increases.







Area of west of is reported to be fully liberated by the . is almost completely liberated.









After nearly 3 years, is nearly AS/IS free. Ganfouda fully liberated & one last hideout for IS/AS remains in center.







's National Oil Corp. (NOC) chief Sanalla: Oil can be used to unify Libya. But UN/US/EU have lost credibility.







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









Saleh Hama (HoR dialogue team): We decided not to attend the session because parliamentary consultations are ongoing







Tawfiq Shuhaibi: Disagreements within the HoR will not be about the amendments that we proposed per se but about the details







Belgasem Gzit: We will not reach consensus even after the proposal




Belgasem Gzit: The ball is now in the Parliament's court







Gzit: With today's proposal the HoR obtains 90% of its demands, but surely there r regionalist & group demands that cannot address