Wednesday, July 12, 2017

Economic News , Data & Views.....July 12 , 2017.....Quick Hits For Wednesday -1) Markets : Asia - Economic Calendar For Thursday , North Korea Has Earth Quake 200 KM Off SE Coast , 560KM Below Seabed - Not Likely To Be A Nuclear Test , Addition Market Moving News & Data. ; US - US Stocks Roll Today As Dow Hits New Record High And Both Nasdaq & S&P Shine , Oil & Gold Have Decent Days , US Treasuries Have A Decent Day , USD Looking Punkish Today , Nuggets From Yellen Testimony ; Europe - Major Indexes Rip Today - All Is Well , It Would Appear. 2) US Politics : Replace & Repeal Updates ; Russia Related Items ( Sanctions / Probes ) ; Reps Sherman & Green Introduce Impeachment Article In House ; Additional Items Of Interest From Swampland. 3) Europe In Focus : Greece - Domestic Economy , Refugee Crisis , International & Bailout Politics In Focus ; UK - Political Round Up For Wednesday ; France - Barnier Retort To Bojo Regarding Brexit , France Economic Impact In Illinois (US ) , Refugee Concerns ; Germany - CDU/CSU Beating SPD Handily , Samsung Chooses Berlin Over London For HQ , Exploding Yacht Mystery , Germany Has Made A Billion From Helping Greece. $) MENA Updates - Gulf Rift , Syria , Iraq & Libya In Focus.



Markets.....



Asia...





China’s trade with N. Korea increased 10.5% in first half of 2017: Beijing






Hurray! Global stocks, when measured by Bloomberg World Index, are at record highs. What'd I miss?






Looks as if globally coordinated hawkish Sintra pact was just a hoax: Dollar Index DXY drops to lowest since Oct2016 on dovish Yellen speech






June trade numbers rise as global trade rebound keeps momentum: Exports rose 11.3% way above 8.9% expected. Imports increased 17.2%.






Good morning! Stocks & Bonds rally as goldilocks narrative prevailed after Yellen testimony. Asia ex-Japan stocks at highest since mid-2015.






Economic data due from Asia today - China trade balance


China H1 trade balance (January - June) announced


Trade surplus of 1.28tln yuan

  • exports +15% y/y for H1
  • Imports +25.7% y/y for H1







PBoC Fixes USDCNY Reference Rate At 6.7802 (Prev 6.7868)





1 hour ago
NZ ANZ Consumer Confidence Index Jul: 125.40 (Prev 127.80) NZ ANZ Consumer Confidence (M/M) Jul: -1.90% (Prev 3.10%)








Pentagon spokesman says initial indications not a North Korea nuclear test






Does not seem nuke test related , based on this information.






US.....





Fed gives risk another lift. Dow Jones jumped to a record after Yellen signals future rate hikes will be gradual.







Dow closes at a record high. S&P and Nasdaq up strongly.





US crude oil futures settle at $45.49, up $0.45




1 hour ago






Fed's Yellen: Very concerned about income, wealth inequality. Wage growth seems somewhat low given 2% objective.







's Yellen: Hopes balance sheet shrinkage will be gradual, orderly. Balance sheet will end up substantially larger than before the crisis





Crude: -7.564M Cushing: -1.948M Gasoline: -1.647M Distillates: 3.131M Imports: -0.282M







Europe...






Don't worry , be happy...










US Politics...





Trump admin bans government agencies from using products by Russian cyber firm







Judiciary chairman will call Manafort to testify, threatens subpoena







Kaspersky Lab says it has become pawn in U.S.-Russia geopolitical game







House of Representatives member Sherman (Dem) introduces article of impeachment for Obstruction.







Perfect time to get put of the hot , humid swampland of DC , full of hungry gators and crocs...






Health insurers applying to participate in Obamacare are disappearing







Source: House to introduce tough Russia sanctions bill






Senate GOPers to meet late Thursday morning to hear details on amdts to health care bill in effort to jumpstart process





Somewhere Putin is chuckling over credit given to Russia for interfering in Election 2016-apparently for both sides.






WATCH LIVE: Trump's FBI pick: I've promised no loyalty to Trump






Europe...




Greece...






1 hour ago
Corporate officials see sales drop







1 hour ago
Spending slashed by half a billion next year






Moody’s: Improvement and constraints in Greece






Balkan trilateral summit to take place in Thessaloniki







Gas drilling off Cyprus commences as planned







Amid fresh uptick in refugee arrivals, Lesvos mayor appeals for action





On Debt Sustainability"letter of intent" notes "further relief will be essential to maintain GFN bellow 15% of GDP in medium run-20 in long"





"Letter of intent" outlines Ec & Fin policies that will be implemented during 2017-2018 under 13 month precautionary SBA in amount €1,6b






UK...




Damian Green left red-faced after slap-down from OBR on 'Brexit risks report'






Damian Green rejects 'scaremongering' warnings about quitting EU nuclear body







1 hour ago
Boris Johnson: Britain has 'no plan' for leaving EU without a trade deal -






1 hour ago
Chief EU negotiator Michel Barnier slams Boris Johnson over 'go whistle' jibe






Quite enjoyable watching a Libdem MEP rely on "stuff Michael O'Leary says". Google "Michael O'Leary quotes" for even more fun.






Michel Barnier says the "second best" option for Britain outside of staying in the EU is to join the EEA like Liechtenstein and Norway












France....






France, 2017 Unemployment: 10% Debt as % of GDP: 96% GDP growth: 1.3% Trade balance: $61 billion deficit Budget balance: 3% of GDP deficit








Amazing how rapidly the EU's Brexit rhetoric has turned sour. Barnier talking today about lack of trust.






French companies support 26,200 jobs in Illinois! Check out our interactive map of 🇫🇷🇺🇸economic ties








France to boost housing for migrants as mayor tweets shock images of camp's child refugees






Barnier responding to Foreign Secretary's words yesterday that EU shd "go whistle": "I'm not hearing any whistling..just the clock ticking"







Germany....





Latest Ipsos Poll: Germany’s Conservatives Seen At 39%, Social Democrats At 26% - RTRS





Samsung picks Berlin over London for new HQ because UK capital 'only fun for the rich'






Exploding yacht injures 16 in west German harbour






Germany made more than €1 billion from helping out Greece: report







Germany, Forsa poll: CDU/CSU-EPP: 39% SPD-S&D: 22% ↓ LINKE-LEFT: 9% GRÜNE-G/EFA: 8% AfD-ENF: 8% ↑ FDP-ALDE: 8%








MENA





Gulf Rift...




Collective unity of GCC or at least perception thereof , is shot to heck presently.





Sanctions push Qatar inflation up only modestly in June







Boycott-busting bovines begin arriving in Qatar







Not surprised there isn't a break through today , not after the statement from the Quartet on Tuesday.







Tillerson holds talks with four Arab states over Qatar boycott






Libya....



Hear a 48 hr ceasefire is holding out, during which Misratan brigades have been told to leave.





Well, today seems quiet, flights back to normal routes (taking off over Tajoura), power cuts still in force.





*LIBYA CRUDE OIL OUTPUT SAID TO RISE TO 1.05M BARRELS A DAY
























Syria....





Replying to 
: likely reacting to anti- campaign, a suicide bomber targeted gathering in Spinning Factory, outside city. Many casualties.






-Dozens killed & wounded a suicide bomber blew himself up in headquarters at East







Interesting...







Russia - US ceasefire in Southwest Syria moving ahead ..







Maghawir Al-Thawra reportedly refused to be transferred from southern Syria to SDF areas in northern Syria








Islamic State fighters attacking Syrian Democratic Forces in Rawdah district Map:







Syrian Democratic Forces repelled an Islamic State attack towards al-Qadisiyyah district in Raqqah Map:







Government forces are attacking Abu Khashbah and trying to create a rebel pocket Map:








Iraq.....





IMPORTANT Rapid Response Division have finished a reconnaissance mission on Tal Afar west .






counter-terrorism continue to pull out militants from underground tunnels in Old City, 28 captured most of them foreign.