Thursday, June 29, 2017

Economic News , Data & Views .....June 29 , 2017.....Quick Hits For Thursday 1) Markets : Asia - Economic Calendar For Friday , Market Moving News And Data ; US - US Stock Indexes Walloped Today , Treasury Yields Spike , Gold Weakens , Oil Treads Water ; Additional Items Of Interest. 2) US Politics - Key Domestic News & International Items Of Concern. 3) Europe In Focus : Greece - Garbage Strike Over , PM Tsipras & FM Tsakalotos Try To Put Best Spin On Things ; France - News Of Note ; UK Queen's Speech Passes Commons , Corbyn Sacks Rebel Labour Party MPs , Additional News Of Note. 4) Qatar VS Arab Quartet - "Gulf Rift" Updates. 5) Libya - Oil Production Closes In On 1 ML BPD , Refugees Flowing From Libya Overwhelming Italy Which Considers Shutting Down Ports , International & Domestic Politics , Additional Items Of Note. 6) Global Odds & Ends.



Markets....




Asia.....




China Avg. Wealth Management Product Yield Rises to 4.66% on Week: PY Standard






Good morning! Asia stocks drop as risk appetite turns sour, led by a slide in crowded Tech. Bond rout continues due to CenBank hawkishness.







Offshore also breaks 6.77, surging over 300bp to 3-week high, as plunging to NEW LOW since last Oct
 







Onshore breaking 6.77 to NEW HIGH since last Nov, touching 6.7551 at one point





Non-manufacturing activity also expanded in Jun, non-manufacturing at 54.9, vs prev 54.5, shows data from National Bureau of Statistics




's manufacturing activity accelerated in June, manufacturing rose to 51.7 from prev 51.2, beating estimate of 51





Economic calendar in Asia today is a biggie - Japan inflation!




U.S. sanctions Chinese bank for laundering North Korean cash





Likely to see Asian stocks clock in another month of gains. First time ever stocks haven't had a monthly decline going into the second half






Japan Industrial Production (May, preliminary): -3.3 % m/m (expected -3.0%)







Tokyo June CPI Ex Food 0.0pct (Est 0.2pct, Prev 0.1pct) Tokyo June Ex Food, Energy -0.2pct (Est 0.0pct, Prev 0.0pct)





Japan May CPI Ex Food 0.4pct (Est 0.4pct, Prev 0.3pct) Japan May CPI Ex Food, Energy 0.0pct (Est 0.1pct, Prev 0.0pct)




Japan May Overall Household Spending -0.1pct (Est -0.7pct, Prev -1.4pct)





Japan May National CPI 0.4pct y/y (Est 0.5pct, Prev 0.4pct) Tokyo June CPI 0.0pct (Est 0.3pct Prev 0.2pct)




Japan May Jobless Rate 3.1pct (Est 2.8pct, Prev 2.8pct) Japan May Job-To-Applicant Ratio 1.49 (Est 1.48, Prev 1.48)





New Zealand Building Consents (permits) May: +7.0 % m/m (prior -7.6%)





RBA monetary policy meeting - what to expect



US, S Korea And Japan To Hold Trilateral Talks At G20 Reports Yonhap





Japan inflation data (and more!) due today - get set for another preview


BNZ Pushes Out Expectations For New Zealand Rate Hike From RBNZ To Mid-2018 From Feb 2018





US......






1 hour ago
Forexlive Americas FX news wrap: USD takes a tumble helped by falling stocks, higher German inflation.



US stocks tumble but it could have been a lot worse



US crude oil ends higher at $44.93









Reminds me of Greece at the lowest point of its ongoing crisis , but this is Illinois in the "ICU" folks.








US Politics...





2 media retractions and NYT makes a big correction today. Beat goes on !








: House passes "Kate's Law" bill cracking down on sanctuary cities, illegal immigration







U.S. STATE DEPARTMENT SAYS HAS NOTIFIED CONGRESS OF ARMS SALES TO TAIWAN WORTH ABOUT $1.42 BILLION





. officially announces fmr. Sen. Kay Bailey Hutchison to be US Ambassador to NATO




In her post as UN Ambassador- likely Haley received report before officially released. Which is Friday , by the way.






"Van Susteren's slightly wonky right-centrism didn’t catch."






House Intel says it wants more from White House on whether any recordings or documents on Trump conversations with Comey exist/ever existed.






4 Chinese entities and individuals targeted in latest round of sanctions...








Sanders defends tweets slamming hosts. Says Pres "attacked mercilessly" and "he'll fight fire with fire."






“We have no specific agenda,” National Security Adviser H.R. McMaster says of upcoming Trump-Putin meeting at the G20 in Germany





National Security Advisor McMaster: Trump Will Meet With China's Xi On The Sidelines Of G20 Summit In Germany




National Security Advisor McMaster:Trump Will Meet With Russia's Putin On The Sidelines Of G20 Summit In Germany




CBO: TREASURY CAN FUND U.S. GOVT THROUGH EARLY TO MID-OCTOBER





Joe , Mika and Donald all merit red noses and big floppy shoes today -clowning each other but also themselves.








JUST IN: Ryan: Trump's attack on Brzezinski's looks not appropriate, doesn't help civility







DHS Sec Kelly says it "offends me" when mbrs of Congress "threaten me" over sanctuary cities






DHS Sec Kelly on local police in sanctuary cities. Says it's "beyond my comprehension" that police don't enforce laws





Should be interesting....







| *SENATE MAY MEET FRIDAY HEALTH BILL DEADLINE, CORKER SAYS - BBG






Daggers out...






Europe.....




Greece...




PM urges investors to come to Greece





Tsakalotos sings the creditors’ tune on market return and reforms





Garbage cleanup begins as workers halt strike action





Gov’t drops case against sell-off officials





says Greece will not need credit line after end of program in 2018, which would mean new measures+a 'diguised memorandum' 1/2






Replying to 
says Greece will make a 'clean' exit from the bailout program 2/2







EPP Weber: Germany will grant debt relief but not to this government






France...





Man attempts to drive car into crowd outside mosque in Paris suburb







BREAKING: Ireland joins France, Germany & Bulgaria in banning onshore . Win for people power & the climate!







France 'far off course' in efforts to hit deficit targets





France's Fin Min: Labor Market Reform Is The Most Difficult Hurdle




UK....





Jeremy Corbyn sacks frontbench rebels after 49 Labour MPs defy him over Brexit -






Queen's Speech passes the Commons as DUP MPs back Theresa May's plans







Hearing that Labour frontbenchers who voted for the Umunna amendment are being SACKED by Jeremy Corbyn. Andy Slaughter among them.






Major blow for Rupert Murdoch as 'political influence' fears delay Sky takeover bid:






Majority 26






MAY'S GOVT DEFEATS LABOUR PARTY AMENDMENT TO QUEEN'S SPEECH





Qatar & Arab Quartet - " Gulf Rift"





spat has come at a time when Trump Adm already was distracted by domestic affairs & struggled to form coherent policies for .





"As Gulf Rift Turns" , latest chapter in geopolitical soap opera.






Qatari FM: we've made clear to Saudi that if they have problems with Al Jazeera, they should talk directly w/ Al Jazeera, it's independent





Qatar's Foreign Minister al-Thani rejects 13 demands from Arab Quartet. Says Qatar won't surrender its sovereignty.








Riyal exchange issues also popping up in India..







Gulf Rift has effects showing up in UK now....







Libya....






| Majid 5kbd field expected to reopen saturday after 8 month closure due to power failure - AGOCO spox. reuters.







Italy mulls over shutting down its ports to rescue migrants ships coming from Libya








UN Security Council discusses situation in , extends sanctions








National Safety Authority: Rise in tempratures causing an outbreak of fires in .











1 hour ago












: UN convoy attacked yesterday west of Tripoli between Surman & Zawia. No explanation why they were in Surman 🤔







Replying to 
: No word from UN, but 's account says convoy was visiting a "data center" in Surman 😩🤣😂




ICYMI: Surman is the sort of place you might be if you were visiting jihadist training camps & lunching with , /Daesh.






Odds & Ends....




Puerto Rico GO Bondholders File ‘Clawback’ Suit in Bankruptcy: BBG





There are lots of apologists for Maduro's regime and so called outside interference ( in contrast to rebellion.) 1













Italy says crap the heroic crap , give us real help !







China doesn't play around with financial fraud. Potential of death penalty is very real , if convicted.










Map update Old city. Green= Completely liberated. Red= clashes.







| Coalition jets hit Kuniku gas plant near Khasham







Senior Saudi claims NYT report is " untrue , completely false and baseless." Suggests bin Nayef may sue NYT.






's shrinking caliphate: Analysts say IS faces funding crisis after losing 60% of territory and 80% of revenue







This is an important statement by the Assad regime about how important retaking Deir ez-Zor is to the Syrian authorities.






Ah , people finally figuring that out...










Germany -Turkey rift still going strong. ...







Both The Telegraph and NYTs reporting Ex Crown Prince essentially in "house arrest" status in Jeddah.








Mohammed bin Nayaf reportedly confined to his palace in Jeddah , banned from leaving KSA & his personal bodyguards replaced.






RUSSIAN PM MEDVEDEV SAYS GOVERNMENT SUGGESTS EXTENDING COUNTER SANCTIONS ON EU UNTIL DEC 31, 2018