Tuesday, June 13, 2017

Economic News , Data & Views....June 13 , 2017.....Quick Hits For Tuesday -1) Markets : Asian Economic Calendar For Wednesday- China In Focus , Data & Market Moving News When Available ; US - Dow & S&P Stock Indexes Hit New Record Closes , While Nasdaq Advances But Still Repairing Damage From Recent Carnage , Private Oil Inventory Data ( API ) Shows Surprise Builds For Gasoline & US Crude ; Additional Items Of Note. 2) US Politics : US CERT Issues Alert On North Korea Hacking Activity Since 2009 ; AG Sessions Testifies Publicly Before Senate Intel Committee Today ; US- Qatar Related Items ; Dem Leaders Try To Quell Impeachment Push From Dem House Member ; Additional Russia Related Concerns ; Additional Items Of Note. 3) Europe : Greece - Assessing Monday's Earthquake Damage ; Items On The Economy ; Greece- Creditors Items Before Thursday's Eurogroup ; Italy - Italian Bond Spreads Continue To Narrow From Sunday Election Results , Veneto Bank Rescue Still Undecided ; UK - State Of Play Politically For Tuesday. 4) Qatar- KSA MENA Battle Royale Updates For Tuesday. 5) Odds & Ends - Libya , Syria & Iraq In Focus Primarily.


Markets....




Asia....





Economic data due from Asia today - China the focus




China data: (May) Industrial Production 6.5% y/y (expected 6.4%)




China data: (May) Retail Sales 10.7% y/y (expected 10.7%)





China (May) Fixed Assets (excluding rural) YTD y/y 8.6% ( expected 8.8%)






PBOC sets USD/CNY reference rate for today at 6.7939 (vs. yesterday at 6.7954)





SK Unemployment Rate SA May: 3.6% Est (3.9%), Prior (4.00%)







Updated--> NZ largest quarterly current account deficit since December 2008





NZ data - Q1 Balance of Payments Current Account $ 0.244bn (prior -2.335bn)



New Zealand - Food Price inflation (May): 2.4 % m/m (prior -0.8% m/m)




China industrial production data due today - preview



New Zealand house price data for May (REINZ)


US....




S&P and Dow has record closes. Nasdaq still working on reversing declines.






Record # of Fund Managers say stocks overvalued, 3/4 say internet stocks expensive/bubble, long Nasdaq #1 crowded trade, BofAML survey shows








44% of Fund Managers say equities are overvalued, the highest response on record, up from 37% in May, acc to BofAML Fund Manager survey.





"Long Nasdaq" tops the crowded trade list again in June's Fund Manager Survey, up 12 ppt from May.







Private oil inventory data shows a surprise build in crude stocks





US Politics ....




Is Trump taping conversations inside White House? No updates on that, Sarah Huckabee Sanders tells press gaggle.




"There aren't any final decisions on that front yet," Sarah Huckabee Sanders says on AF1 when asked about Cuba policy.





Trump to Republican senators: The House health-care bill was “mean”





Sarah Huckabee Sanders in gaggle on AF1 says "while the president has the right to, he has no intention to" fire special counsel Mueller.





Few details are known about US Senate's version of GOP health care plan: the working group is operating in secret.





Deputy AG Rosenstein: “I have not" seen any reason to fire the special counsel in the Russia investigation.







1 hour ago
A very important read..




When is someone to ask whether North Korean hackers "possibly" attempted to hack into US state electoral systems?






Apparently has been in a coma for a year. Sounds like the poor kid was brutalized while imprisoned.







AG Jeff Sessions told Senate Intel he has never had any conversations with Russians or other officials about interference in U.S. elections.





BREAKING: Sessions says he was not silent when FBI director Comey expressed worry on Trump meeting, contradicting Comey testimony.




Replying to 
AG Sessions says he recused himself from the Russia investigation, but not from defending himself from "scurrilous and false allegations”




AG Sessions say he told Comey that he agreed with need for proper communication protocols with the White House for ongoing investigations.




Sessions provides his account of discussions with Russian Officials..








SESSIONS SAYS "NOT ONE THING IMPROPER" HAPPENED IN EITHER OF HIS TWO MEETINGS WITH RUSSIAN AMBASSADOR





AG Sessions: Suggestion that I colluded, or was aware of collusion, with Russians to undermine US "is an appalling and detestable lie."





SESSIONS SAYS HAS NO KNOWLEDGE OF ANY COLLUSION BETWEEN TRUMP CAMPAIGN AND RUSSIAN OFFICIALS






BREAKING: WH gives SECDEF/DoD authority to determine troop number limit in , a defense official tells BuzzFeed News







Dem leaders try to kibosh on quixotic impeachment push...







U.S. ambassador to Qatar steps down after several Gulf nations cut ties with Doha







TRUMP PERSONAL LAWYER COHEN SAYS HE HAS BEEN SUMMONED TO TESTIFY BEFORE HOUSE INTELLIGENCE COMMITTEE ON SEPT 5 -BLOOMBERG






This firing Mueller business seems to be a case of REAL fake news that could have been avoided with a simple fact check





Sounds like Chris Ruddy won't be invited back to the White House anytime sooon...






Sean Spicer says Ruddy never spoke to Trump about this, and only the president or his attorneys "are authorized to comment" on this subject.








U.S. SECRETARY OF STATE TILLERSON SAYS U.S.-RUSSIA RELATIONSHIP IS AT AN ALL-TIME LOW, AND DETERIORATING, OBJECTIVE IS TO STABILIZE THAT





DEFENSE SEC MATTIS: WILL TAKE ALL MEASURES TO PROTECT US FORCES IN , STRIKES AGAINST PRO-SYRIAN GOVT FORCES WERE SELF DEFENSE: RTRS





A.G. Lynch made law enforcement decisions for political purposes...gave Hillary Clinton a free pass and protection. Totally illegal!




Insurer exits bolster GOP case for ObamaCare repeal:






Leading health groups launch joint campaign against GOP's Obamacare repeal bill:




Europe....





ECB/ EU...





EU tussle with Hungary , Poland & Czech Republic over refusal to take asylum seekers taken to next level..







ECB COMPLETES FOREIGN RESERVES INVESTMENT IN CHINESE RENMINBI EQUIVALENT TO €500 MILLION




German FinMin Schaeuble: Before Common EU Deposit Insurance, Risks Must Be Cut





SCHAEUBLE SAYS THE ECB HAS TO IMPLEMENT A MONETARY POLICY THAT SUITS THE NEEDS OF ALL EURO ZONE MEMBERS




UK....



UK PM May: Had ‘Productive Talks’ With DUP On Stable Govt





UK PM May: Brexit Talks To Begin Next Week, Wants To Maintain Close Relationship With EU





1. The language of "hard" vs "soft" Brexit is so misleading. We need a good, clean exit which minimises disruption and maximises opportunity – at Houses of Parliament




2. In other words, we need the "softest" exit consistent with actually leaving and controlling laws, money, borders and trade




3. (of 3) and that means delivering on the whitepaper so can get on with improving UK and global trade – at Houses of Parliament







NEW Furious DUP MPs hit back at 'bile, hate and venom' against party amid Tory deal talks, PolHome reveals







Michael Gove hints at compromise on Government’s Brexit plans -







British Cabinet Discussed The Ongoing Talks With The DUP To Secure A Confidence And Supply Arrangement - RTRS







Greece...




Drive to house quake victims, assess damage on Lesvos






Employers expect more hirings this summer across the economy







Greece lags most EU peers in GDP figures, consumption






Greek PM Tsipras: If They Give Us May’s Offer Again We are Going to an EU Summit






Govt spox:Tsipras trusts Tsakalotos but he's not sure whether a body in which Schaeuble participates (€group) can provide positv solutn 4 GR





Schaeuble on He doesn't trust his finance minister to achieve a good result, which doesn't deserve





Schäuble on "He keeps calling the whole time& the chancellor says again and again 'Alexis, this issue is for the finance ministers




. spoke with told him wants a solution in but if not possible he will bring the issue to Summit






's told 's Le Maire he hopes there is an agreement on so there'll be no need to bring the issue to the




Italy...




BOARD OF ITALY'S INTESA SANPAOLO HAS DISCUSSED ISSUE OF VENETO BANKS BUT HAS NOT MADE ANY DECISION- BOARD MEMBERS




ITALY-GERMANY 10-YEAR GOVERNMENT BOND YIELD SPREAD TIGHTEST IN THREE WEEKS AT 173 BASIS POINTS - TRADEWEB




Renzi again rules out Italian general election this year. Key question of what electoral system will be used remains unanswered, though.






Says Solution for Veneto Is 'Close' Amid Talks With EU-Minister.






Replying to 
Veneto Banca solution looks like senior bailout, Junior/Perpetual bail-in.






Qatar- KSA....




TURKISH FOREIGN MINISTER SAYS HE WILL TRAVEL TO QATAR ON WEDNESDAY, AND TO SAUDI ARABIA "IF POSSIBLE"





Airlift of cows to minimize impact of blockade...






Iraq opposes KSA , et al blockade imposed on Qatar...






QATAR, WORLD'S SECOND-LARGEST HELIUM PRODUCER, SHUTS ITS HELIUM PLANTS DUE TO ECONOMIC BOYCOTT -INDUSTRY SOURCES







Replying to 
Few things •Jubair: sovereign right for to close airspace •Tillerson takes no Qs •Jubair says no blockade,Tillerson used word on Fri.






crisis Day 9: •Jordan King in Kuwait today •Putin called Saudi King •Macron will talk to Tamim+Erdogan •Doha Defense Minister in DC





Replying to 
Turkey's Erdogan slams 'inhumane, un-Islamic' isolation of Qatar






MHP leader parrots AKP line on purpose of Turkish base in Qatar....







ODDS & Ends...





Libya...





Pres. Council VP Maiteeg meets w/ the French Ambassador to







UN envoy Kobler: House of Representatives & State Council hampering negotiations to amend political agreement






Army CoS Abdelrazek Nadouri: involved in the 2011 assassination of General Abdelfattah Younis.

















LNA Spox to Alwasat: We will issue arrest warrants for those involved in the Jufrah events.


















Syria....




Who rebuilds Raqqa ?






Approx. situation in city, further corrections done. No major advances in terms of neighborhoods. 13.06.17.







Replying to 
Restaurant owner arrested after child dies and nearly 800 cases of food poisoning in Region











Replying to 
Those suffering from food poisoning are mainly children and elderly after charity delivers food to 2,000 IDPs