Economic data due from Asia today - MOAR China PMIs & RBA
Good morning! Asia stocks retreat, Dollar hold gains following slightly hawkish Fed & soft #China data. Shanghai Comp drops below key level.
Chinese companies cancelled/put off total 132.6bn yuan worth of #bond in April amid rising borrowing cost (21 Century Business Herald)
Borrowing cost in #China rose in April, average coupon rate on credits up near 200bp (21 Century business herald)
Commodities on Chinese exchanges: Iron Ore -7% Rubber -5.5% Copper -2.3% Palm Oil -1.2% Aluminum -0.1%
The deleveraging of China's $4 trillion shadow banking system just accelerated massively as Bank Wealth Product Issuance crashes 15% (MoM)
Number of #WMPs issued by Chinese banks fell to 10,038 in Apr, 15% lower than 11,823 in Mar, following intensified govt restrictions
PBoC To Inject CNY 30 Bln Via 7 Day Reverse Repos -Inject CNY 10 Bln Via 14 Day Reverse Repos -Inject CNY 10 Bln Via 28 Day Reverse Repos
Australia Exports (MoM) Mar: 2.0% (prev 1.0%) - Imports (MoM) Mar: 5.0% (prev -5.0%)
Australia Trade Balance (AUD) Mar: 3107M (exp 3250M; prev 3574M)
Australia HIA New Home Sales (MoM) Mar: -1.1% (prev 0.2%)
New Zealand ANZ Commodity Price Index (MoM) Apr: -0.2% (prev 0.4%)
ICYMI - Japanese markets are closed today
US major stock indices end the day mixed.
ForexLive Americas FX news wrap: Fed brushes off weak Q1, dollar climbs
Local Puerto Rico bondholders say governor & legis leaders have promised to make up their losses in bk #muniland https://notiuno.com/bonistas-del-patio-dice-son-los-mas-afectados-con-quiebra/ …
Puerto Rico bankruptcy today. $73B bond debt + $50B unfunded pension promises = $35,406 for every man, woman, and child in Puerto Rico.
Biggest ever Municipal Bond Bankruptcy is underway..
Puerto Rico officially triggers bankruptcy protection proceedings http://cnb.cx/2p94DJs
June rate hike odds jump from 70% to 90%
Imagine that ?
Over 100 House Republicans push to end cap on defense spending http://hill.cm/xGr6soN
GOP sounds alarm over travel concerns..
News broke during dinner with religious leaders House has votes to pass health care bill, but Trump didn't mention in his remarks, I'm told.
Here's the one-pager White House aides handed out in briefing room tonight on tomorrow's religious liberty executive order.
US House Rules Committee Clears Republican Healthcare Bill For Vote By Full House On Thursday – RTRS
No additional amendments expected on health bill tomorrow aside from Upton's, per GOP aide.
give it another try ➞ GOP Sets Health-Care Bill Vote Thursday Amid Doubts About Count https://www.bloomberg.com/politics/articles/2017-05-03/key-gop-holdout-embraces-health-bill-raising-hopes-for-a-vote … via @bpolitics
Republican and Democrat aides confirm health care vote scheduled for tomorrow, official announcement expected soon. #AHCA
Basically, the vote is tight. GOP hopes to pass AHCA tomorrow, but they're still short. The whip operation tonight & tomorrow will be brutal
Upton expects amendment to be posted this afternoon -- and possible floor vote tomorrow. But also says he thinks still a few votes short.
Obamacare Implosion: Last Major Healthcare Provider Pulls Out Of Iowa Leaving No Options In 2018 http://www.zerohedge.com/news/2017-05-03/obamacare-implosion-iowa-wont-have-healthcare-access-2018-last-major-provider-pulls- …
Aetna just announced it will leave Virginia's Obamacare market next year, likely creating additional bare counties in 2018.
Asked about weakening guarantee of health coverage for people with pre-existing conditions, Spicer: "We're not. We're strengthening."
SCOOP: Tuesday Group lawmakers plot to oust Co-Chairman @RepTomMacArthur over healthcare bill http://thehill.com/homenews/house/331785-lawmakers-plot-to-oust-tuesday-group-leader-over-health-bill …
GOP 131 yes to 103 no Dem 178 yes to 15 no (via @elwasson)
Minutes after he said it's "literally impossible" to come out with a complete analysis on its impact.
Email: Trump “directly involved” in post-inauguration hunt for rogue tweeter
This is interesting to note..
What else can he say ?
True. But difficulty is NYT etc has stories that are little more than "wow spies and classified stuff" sometimes too
Comey from his testimony today..
Poll: Voters oppose letting states opt out of requiring coverage of preexisting conditions, 38/50
Wow. Comey says he saw 2 doors on HRC emails, "one was labeled speak, the other was labeled conceal."
Tense call between Tillerson and Cavusoglu - as rumors heat up that Cavusoglu is soon to be replaced....
French Election News....
( Much more On Debate at Twitter Timeline , Just some highlights here )
Macron- Le Pen final televised debate on Wednesday expected to be bitter, personal and potentially decisive ahead of voting this weekend.
30% des électeurs de Mélenchon et 38% des électeurs de Fillon ont jugé Le Pen plus convaincante, selon le sondage d'Elabe pour BFMTV
Poll's details -Better understanding of people: Macron 55%, Le Pen 45% -More honest: Macron 62%, Le Pen 34% Gap shows no opinion #France2017
Post-debate poll's details: -Best project: Macron 64%, Le Pen 33% -More presidential: Macron 64%, Le Pen 33% 1/2 #France2017
Elabe Poll: Macron Found More Convincing Than Le Pen In French Election Tv Debate With 63% - RTRS
Elabe Poll: 34% Of People See Le Pen Winning Debate
VIDEO - Marine Le Pen on Europe: "I want to organize a referendum to leave the EU in September" http://f24.my/1B1V.t
VIDEO - Emmanuel Macron to Marine Le Pen: "you are promoting civil war!" http://f24.my/1B1Z.t
Reminder: Macron's plan for new EZ gov't parl& budget requires treaty change& GER previously opposed common financing structure #2017LeDebat
Tell you what is extraordinary: the delusional Brexit divorce settlement.
No deal prospect being observed and at some point will be discounted by markets...
Juncker won't spend more than 30 mins a week on Brexit, Selmayr says
EU COMMISSION PRESIDENT'S HEAD OF CABINET MARTIN SELMAYR SAYS BREXIT WILL NEVER BE A SUCCESS, BUT IT CAN BE MANAGED IN A PROFESSIONAL WAY
EU'S SELMAYR SAYS BRITISH PM MAY IS AN IMPRESSIVE NEGOTIATOR, THAT IS GOOD, UNITES THE ENTIRE NATION BEHIND HER
PM May says Brussels officials , presently unidentified, are meddling in the UK Election..
Trump, Putin signal new effort to cooperate on Syria
LIVE — Putin with Erdoğan: Normalization with Turkey complete, mutual trade stopped falling, is recovering http://sabahdai.ly/zcHbj5
Odds & Ends....
Not a good look for Maduro.....
On top of everything, rumors swirling tonight that Venezuela's most famous political prisoner was rushed to hospital http://abcnews.go.com/International/wireStory/wife-jailed-venezuela-opposition-leader-seeks-info-47192901 …
Wife of jailed Venezuela opposition leader seeks info on him https://www.washingtonpost.com/world/the_americas/wife-of-jailed-venezuela-opposition-leader-seeks-info-on-him/2017/05/03/3de47554-306e-11e7-a335-fa0ae1940305_story.html?utm_source=dlvr.it&utm_medium=twitter …
Venezuela street protests again turn deadly, bringing death toll to more than 30, as overhaul of constitution begins http://abcn.ws/2qtGVvn
#SYRIA: De-escalation zones (DZ) aim to "put an immediate end to the violence" & "provide conditions for safe, voluntary return of refugees"
#SYRIA: Russian draft calls for 'de-escalation zones' in rebel-held territory in Idlib, parts of Homs, in Syria's south, & in Eastern Ghouta
#SYRIA: Astana talks remain suspended. Rebel representative tells @AFP they had yet to meet with anyone today.
High ranking JaI commander killed by FaR, JaI say they are unable to retrieve the body due to JaR snipers
After several days of clashes/shelling, SAA have reportedly taken full control of al-Shawmariyah mountain range in east Homs countryside
Colonel defects from Faylaq al-Rahman and joins Jaish al-Islam
Sisi arrives in UAE with Hafter and Serraj still in Abu Dhabi - https://www.libyaherald.com/2017/05/03/sisi-arrives-in-uae-with-hafter-and-serraj-still-in-abu-dhabi/ …
Separate statements from Hafter and Serraj on their Abu Dhabi talks - https://www.libyaherald.com/2017/05/03/separate-statements-from-hafter-and-serraj-on-their-abu-dhabi-talks/ …
Mufti call for protests against both Haftar and Serraj is a sign these Talks are substantive.
They seem to be getting along just fine..
Libyan governments in 2016 lacked vision, strategy and priorities: Audit Bureau 2016 ... - https://www.libyaherald.com/2017/05/03/libyan-governments-in-2016-lacked-vision-strategy-and-priorities-audit-bureau-2016-annual-report/ …
Top speaker line-up at 10 May Washington Libya conference - https://www.libyaherald.com/2017/05/03/top-speaker-line-up-at-10-may-washington-libya-conference/ …
UAE praises Hafter-Serraj meeting - https://www.libyaherald.com/2017/05/03/uae-praises-hafter-serraj-meeting/ …