Good morning! Asia stocks decline while bonds & Gold extend gains after Wall St took risk-off turn following weak US department store sales.
Mind the gap: While US tech index Nasdaq trades near life-time high, #China's equivalent ChiNext 56% below 2015 high.
The U.S. and China reached agreement to promote shipments of American natural gas and beef-part of effort to reshape the trade relationship.
SHFE Rebar closed at day low and down almost -3%
Economic data due from Asia today
China commodity import volumes: dumping
NZ data - Home sales (April) down 31% y/y
PBOC injects CNY 66.5bn via 6 month and CNY 392.6bn via 12 month MLF
China's CBRC launches emergency risk assessment of lender's practices
Calling this one the "Xi Put". China said to be considering support HK stocks (if needed) ahead of Xi's July visit
Apparently realizing testing another nuke/firing an ICBM , is a bridge to far-NK decides to fight a phantom menace.
BOJ JGB buying operations today ... no change in amounts from prior operation
New Zealand becomes second country to ratify TPP
US stocks end the day lower but well off the lows
US Crude oil futures settle at $47.83 /BBL
Spain feels the most pain at the European close
EC: Eurozone 2017 GDP Seen At 1.7% (Prev 1.6%), 2018 Unchanged At 1.8% -EU 2017 GDP Seen At 1.9% For 2017, 2018 At 1.9%
EC: UK 2017 GDP Seen At 1.8% (Prev 1.5%), 2018 At 1.3% (Prev 1.2%)
EC: German 2017 GDP Unchanged At 1.6% (Prev 1.6%), 2018 Seen At 1.9% For (Prev 1.8%)
EC: French 2017 GDP Seen At 1.4%, 2018 At 1.7% -Italian 2017 GDP Seen At 0.9%, 2018 At 1.1%
EC: Spanish 2017 GDP Seen At 2.8% (Prev 2.3%), 2018 At 2.4% (Prev 2.1%)
EC: Greek 2017 GDP Seen At 2.1% (Prev 2.7%), 2018 At 2.5% (Prev 3.1%) - Portugal 2017 GDP Seen At 1.8% (Prev 1.6%), 2018 At 1.6% (Prev 1.5%)
Ambitious man meets immovable obstacle ...
Not a bad strategy...
Former French PM Valls will run for MP as an independent, but Macron's movement won't field a candidate against him in his constituency.
En Marche will not fight Valls but still, there is no guarantee he will be elected considering the score of Melenchon there in presidentials
Cuts up to 60 bln till end of the term in FR says @pisaniferry" We have 2 high public spending in FR higher than other EU ms" @Bruegel_org
#FRANCE | MACRON ADVISER PISANI-FERRY SPEAKS AT BRUEGEL IN BRUSSELS - BBG *PISANI-FERRY: GOAL TO CUT FRENCH PUBLIC SPENDING SIGNIFICANTLY
FN also faces internal debate. Le Pen's right-hand man, Florian Philippot, is among those seen as putting too much emphasis on € exit.
*BUNDESBANK'S WEIDMANN URGES QUICK REFORMS BY MACRON: FOCUS
Greece's Stournaras: Greece Should Maintain Primary Surplus At 3.5% Of GDP To 2020, Target Should Be Reduced To 2% Of GDP After
Two more unions join strike action http://dlvr.it/P6rqFK
Greece says bailout review conclusion will help outperform growth forecasts http://dlvr.it/P6mT6b
BoE discusses its view and plans regarding Brexit.
A cautionary tale from Norway..
*BANK OF ENGLAND KEEPS KEY INTEREST RATE AT 0.25%; VOTE 7-1
UK finally showing signs of a slowdown ? Data out today raises concerns...
UK Construction Output (YoY) Mar: -0.70% (est 0.30%; rev prev -1.30%) -(YoY) Mar: 2.40% (est 2.80%; rev prev 0.90%)
** UK Manufacturing Production (MoM) Mar: -0.60% (est 0.00%; rev prev -0.30%) **
UK Industrial Production (MoM) Mar: -0.50% (est -0.30%; rev prev -0.80%) -(YoY) Mar: 1.40% (est 2.10%; rev prev 2.50%)
(Much More At Twitter T.L)
FBI Raid Today / Director Comey Firing / Russia Probes....
"FBI agent groups dispute Trump's rationale for Comey firing" http://www.politico.com/story/2017/05/10/comey-firing-fbi-trump-238247 …
Strategic Campaign Group identified in this report as subject of today's raid by DC field office of the FBI.
Annapolis firm targeted by FBI touted for pioneering the use of technology in political campaigns. Represents GOP candidates nationwide
Developing: FBI confirms agents are executing a search warrant at the office of GOP Fundraiser/Consulting firm in Annapolis
So basically , we are in the midst of a DC version of "Through the Looking Glass and What Alice Found There."
Even for DC , this unusually bizarre. So much spinning and counterspinning ongoing , pretty amazing stuff.
JUST IN: Trump contradicts official White House story: I was going to fire Comey anyway http://hill.cm/xYoXEGE
Acting FBI Director says no effort to impede the FBI's investigation to date...
Acting FBI Director McCabe promises not to update Trump White House on Russia investigation http://hill.cm/PlyJ5ti
Senate Intel hold impromptu meeting with deputy AG Rod Rosenstein http://hill.cm/SHI7Q5h
I can only imagine the discussions going on in world capitals and intel circles this week...
McCabe says "I'm not aware" of any Comey request for more resources and says Russia investigation is "adequately resourced."
MCCABE SAYS RANK AND FILE FBI OFFICIALS SUPPORTED COMEY
NEWS: Trump's considering MIKE ROGERS, ex-congressman and FBI agent from Michigan, to replace Comey at FBI, I'm told
Sec. Tillerson: "We are not going to rush to make a decision. We are going to work to make the right decision for the US."
Sec. Tillerson: US is currently reviewing how Trump admin. "will approach the issue of climate change" - @Abs_NBC
Obamacare / GOP ACHA News ....
Delaware judge denies Anthem's request for preliminary injunction, allowing Cigna to end $54 billion merger
In fact , the payments "may" be ended as early as the end of this month. In such a case , all hell will break loose.
Senate GOP writing healthcare bill behind closed doors, leaving out health experts: http://hill.cm/tLOWCyX
Tax & Infrastructure....
NEW: Jared Kushner worked with Saudi Arabia to seal deal to invest as $40 billion in U.S. infrastructure. @DNair5
Trump: White House "may align" tax reform with infrastructure spending http://hill.cm/eeHoDBQ
U.S. HOUSE WAYS AND MEANS COMMITTEE SETS MAY 18 HEARING ON TAX REFORM AND ECONOMIC GROWTH: RTRS
Two new EOs just signed: #1: Presidential Executive Order on Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure
JUST IN: Trump signs executive order on cybersecurity http://hill.cm/v75SYyi
JUST IN: Pres. Trump signs executive order on "Establishment of Presidential Advisory Commission on Election Integrity."
#2 Presidential Executive Order on the Establishment of Presidential Advisory Commission on Election Integrity
Expected to be completed by 2018, Sarah Huckabee Sanders says at press briefing.
In Jan., Pres. Trump said he would initiate a "major investigation" into voter fraud. The executive order had been postponed, until today.
Odds & Ends....
Libyan coastguard turns back nearly 500 migrants after altercation with NGO ship - Eyewitness News
Looks like Tripoli and GNA going to be in even greater focus going fowars , as Misrata Elders Council speak out.
GNA Foreign Minister's remarks still roiling the waters...
GNA Foreign Ministry remains closed today.
A good analysis - Libya has made some tentative steps forward. A deal remains far off down the road.
Libya seeks investment partnerships in billion dollar projects - https://www.libyaherald.com/2017/05/11/libya-seeks-investment-partnerships-in-billion-dollar-projects/ …
Syrian aid grinds to halt as Turkey cracks down on foreign agencies http://ow.ly/ng1G30bDc4A
The day after: US-backed forces thwart Islamic State counterattack today after Tabqa, Euphrates Dam wins. http://bit.ly/2r5SExz
Injured northern rebels hold sit-in to demand unpaid wages. "Our expenses are higher because we're displaced." http://bit.ly/2r5SSoo
BREAKING: "The SDF accepted ISIS's surrender of the city to protect innocent civilians and to protect the Tabqah dam infrastructure"