Tuesday, July 25, 2017

Economic News , Data & Views.....July 25 , 2017....Quick Hits For Tuesday-1) Markets : Asia - Economic Calendar & Data Splash , North Korea Appears To Be Setting Up A Ballistic Missile Or ICBM Test Perhaps For Thursday ; US Markets - Dow Powers Ahead More Strongly Today - But S&P And Nasdaq Post New Record Highs , Oil Has A Strong Day Topped By Larger Than Expected Draw For US Crude & US "Threat" Of Sanctions To Venezuela Oil Industry. 2) Europe - Fifteen Items In The News To Consider Today Across Europe - Greece , UK , Germany & France In Focus Today 3) Us Political Round Up - Leaks Going To Be Plugged Or Else , Jeff Sessions Still Twisting In Wind , Tillerson Taaking Some Time Away , Russia Probes Updates , "Replace & Repeal Status" , Venezuela Sanctions Status , Fed Chief Prognostications & More Items To Consider. 4) Odds & Ends - Global !


Markets....



Asia.....




PBOC sets USD/CNY reference rate for today at 6.7529 (vs. yesterday at 6.7485)





All 4 Australian banks CPI preview - check it out!








June 27th is date of Armistice ending Korean War , so this Thursday could see an important test.







U.S. House Of Representatives votes for new sanctions on Russia, Iran, North Korea



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Japan June PPI Services 0.8pct y/y (est 0.8pct prev rev 0.8pct)





NZ June Trade Balance NZD242M (est NZD150M prev rev NZD74M)





Economic data due from Asia today - and the RBA Governor speaks






US....






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ForexLive Americas FX news wrap: US dollar gets a lift from Washington




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Stocks have shrugged off all kinds of political uncertainty this year, but the dollar is a totally different story






so RU gets Venezuela an Citco when they are force to default.>>US Treasury preps Venezuelan oil export sanctions






OIL - private inventory data shows larger than expected draw in US crude inventory


Brent extend gains well above $50 a barrel (+4% today) after API reports huge stock draw (crude 10.2m barrerls)






Boom !






Crude: -10.23MM Gasoline: +1.903MM Distillate: -0.111MM Cushing: -2.568MM






S&P 500, Nasdaq notch records, but historic 3M's stock collapse caps Dow's rally







Cohn and Yellen are candidates to lead Fed, Trump says




WTI Futures Settle At $47.89/Bbl, Up $1.55




Europe.....




Greece....




Turkish Nationalist Leader: 15 Aegean Islands Were Illegally Taken by Greece






Greece Returns to Financial Markets by Selling €3Bln Bond at 4.62%





Tsipras Hails Greece’s Return to Markets; EU’s Moscovici Urges Implementation of Reforms (video)





UK....




Former Labour frontbencher savages 'depressing' Barry Gardiner as party's Brexit splits grow






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EU preparing for 'substantial relocation' of finance firms from London, says IMF -







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Jeremy Corbyn faces growing trade union backlash over Brexit stance





Donald Trump says he is working on a 'big and exciting' trade deal with the UK






Germany....





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Bavaria ramps up security measures against terrorist threats. But some lawmakers say these new measures go too far






German PEN President Regula Venske: "Turkey is the world's biggest jail for journalists"







Daimler could dodge billions in fines for being the first to reveal cartel: report






France.....






1 hour ago
Fires destroy 1,400 hectares of forest in southern France






France asks for Europe's help in fighting raging forest fires in the southeast, near popular resort Saint-Tropez








Two rival Libyan leaders commit themselves to cease-fire after meetings with French Pres. Macron:








Live now: Serraj, Macron, & Hafter at Press Conference in . Joint Statement: Political solution is the only solution for








Macron faces an uphill battle against France's labor law






US Politics....



Venezuela...



US Treasury preps Venezuelan oil export sanctions: source - Oil | Platts News Article & Story



 Healthcare....



The Senate is now voting. (on the motion to Waive the Budget Act re: BCRA 3.0 amendment) 60 votes needed




Replying to 
For clarity, b/c of no CBO score, this amendment (BCRA + Medicaid funds + Cruz amendment) needs Budget Act req waived. This vote will fail.





To reiterate, that needed 60 votes. It was expected to fail. But served as a test vote of sorts for BCRA + Cruz + 100bn in new Medicaid $




The vote fails 43-57




And with that, the U.S. Senate is adjourned until tomorrow (and the debate clock stops til then.)




Senate now on House health care bill. Amdts coming. Debate (DEBATE, not voting) limited to 20 hrs. Pass or fail by wk's end






Expect the Senate to have a “vote-a-rama” on health care bill. Expect final vote on health care win/lose later this week




Debate time is limited under budget reconciliation to just 20 hours. Amendments are curbed, too. They must be “fiscal” in nature





MCCAIN: I WON'T VOTE FOR HEALTH BILL AS IT STANDS TODAY




Senate wil consider health care the bill under special rules called “budget reconciliation” which shuts off conventional filibuster rules.






Yellen...




US Pres. Trump: Yellen ‘Absolutely’ In Running To Stay As Fed Chair, Sees Gary Cohn As Top Contender – CNBC Citing DJ




Russia Probes....



Glenn Simpson is now cooperating w/Senate Judiciary Cmte over Trump dossier. Had been subpoenaed. Will now appear at transcribed i-view





BREAKING: Glenn Simpson of Fusion GPS has agreed to give an interview to the committee, following subpoena from Senate Judiciary





Manafort update..






Sen Judiciary Com / Manafort & counsel unable to reach deal on voluntary transcribed interview - thus the subpoena.








Shiff has nothing negative to say about Kushner , noting very productive session and that witness was cooperative .






Seems as though Jared Kushner has made it clear he has nothing to hide or fear.








Tillerson....




Define " a little time off " ?








Erdogan says progress made but more time needed to resolve Qatar crisis







Sessions..



TRUMP WON'T SAY IF HE WILL FIRE ATTORNEY GENERAL SESSIONS -- WSJ INTERVIEW





Seems inevitable that it will play out this way..





Not a good sign...






Schumer: It’s clear President Trump is trying to bully his own Attorney General out of office





Schumer says Dems will block any effort by Trump to possibly fire Mueller & install a “recess” appointment





Schumer puts McConnell/Ryan on notice if Trump fires Mueller: I can’t believe they would be complicit in creating a constitutional crisis




Swampland News....




Trump On Nafta Says "It May Be Salvageable…I Have An Obligation To Give It A Shot”- WSJ




Trump: "Waiting Till We Get Everything Finished Up...Health Care And Taxes...Maybe Even Infrastructure” For Decision On Steel Trade Pol- WSJ




Trump Says “We’re Going To Be Addressing The Steel Dumping,” Which He Called “A Very Unfair Situation” - WSJ





US Sen Corker: N. Korea Language Addition Might Delay Sanctions Bill





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JUST IN: Comms. Director Scaramucci says has authority from Pres. Trump to "fire everybody" in comms. dept. to stop leaking, if necessary.





Replying to 
Senior Assistant White House Press Sec. Michael Short says he has resigned -





Odds & Ends....





Venezuelan business group urges government to abort congress vote




Southeast ceasefire is holding. Displaced residents returning.






LIST: These are the most dangerous al-Qaeda terror suspects in






“The real winner amid today’s peace talks is Khalifa Haftar.”





Note , on this axis , just 70 km to Deir Ezzor City.









Ammo seized by Syrian security forces before it made to jihadists in desperate need of it in West Qalamoun







MAY PRECAUTIONALLY PREPARE PROCEEDINGS ON : POLITICO





Replying to 
continues bombing heavily in outskirts: al-Ridwan infantry is breaking into every cave of al-Qaeda (Nusra/HTH) +





Replying to 
area of control in outskirts is reduced to a very small geographic area as abu Malik sl-Talli ( emir) rejects to surrender.





KSA Palace intrigue...







Erdogan says progress made but more time needed to resolve Qatar crisis







Venezuela's opposition urges boycott of vote that it dismisses as a ploy by President Maduro to cling to power








When toilet paper becomes the coin of the Realm.....