Saturday, July 8, 2017

Economic News , Data & Views.....July 8 , 2017 .....Quick Hits For Saturday-1) Global Markets Overview : Doug Noland Weekly Missive & Review Of Week That Was ; ECB In Focus ; Global Stocks & Bonds Suffer "Shrinkage" Last Week. 2) G-20 : POTUS Schedule At G-20 Today ; Reports From Various Leaders ; "Welcome To Hell " Updates. 3) Iraq - Mosul Operation Almost Completed , West Mosul Reported to Be In Complete Control By Joint Operations Forces. 4) Syria - State Of Play At Various Fronts In Ongoing War. 5) Gulf Rift - Latest Updates , Opinion Pieces & Items Of Interest. 6) Odds & Ends - Global Items Of Note.




Markets.....










Smooth Operator(s)





Doug Noland in his Saturday Missive "Weekly Commentary: Wonderful Monetary Policy and Beautiful Deleveragings" - a rebuke of Ray Dalio.















Global stocks have lost $278bn in mkt cap in week. Banks outperformed on steeper yield curves. Overall fundamentals did improve






: Global bonds have lost $681bn in value this wk w/ EU bonds in driving seat as ECB undergone biggest perceived shift in mon pol






US Treasury curve has broadly bear steepened in recent rout. US 2s/10s yield spread increased to 98bps after Fri's US jobs report. (BBG)






G-20....

















Lovely Day....






Mnuchin on AF1 stressed the relationship Trump and China's Xi are building--"the comeraderie" and "the warmness, the openness."







Trump's bilateral meeting with Germany's Merkel "could not have gone better," Mnuchin said on AF1. "On the same page on" almost every issue.





Steve Mnuchin tells press on Air Force One "tremendous substance" to parts of communique on trade. "Incredible consensus" on trade.









Thread from Director Roberto Azevedo - Director General of the WTO on G-20 Meeting ( Hamburg)







NEW: Five takeaways from Trump's whirlwind weekend of meeting with foreign leaders






Here is the 2017 G-20 communique:







U.S. Squeezes Steel Concessions From G-20 After Tariff Threat







Replying to 
LIVE — Erdoğan: The fact that Europe serves as a safe haven for putschist FETÖ soldiers offends Turkish people







Replying to 
LIVE — Erdoğan: PKK and its affiliated groups collect millions of euros as ransom in Europe, those who murder people are being safeguarded








Replying to 
LIVE — Erdoğan: I thank German police for their devoted efforts during the G20 summit






LIVE — Erdoğan after G20 Hamburg summit: Turkey emphasized the need for a consistent and determined stance against globalizing terrorism






US is only nation objecting to proposed G20 climate statement: report







's Merkel says that after meeting Turkish pres Erdoğan, 'deep differences' with remain.






Merkel says 'deep differences' with Erdogan remain





G20 presser: crisis acute problem w severe regional consequences but we didnt discuss it




Working breakfast with Angela Merkel and Emmanuel Macron







Replying to 
LIVE: leaders focused on money laundering, tax evasion, counterterrorism at summit -






Replying to 






Replying to 
LIVE: My impression is took on board Moscow's argument about alleged meddling -





Replying to 
LIVE: I am optimistic about the -






Replying to 
LIVE: Russia will not meddle in election in Germany, has good relations with the country -





In Victory For Merkel, G20 Reach Compromise On Trade But Trump Holds Out On Climate







One official watching G20 mtg said Ivanka has taken Trump's place at table at least twice today and did not speak.





Photo by shows Ivanka Trump sitting in US president's place, between China's Xi and UK's May, at G20.








Modi at G-20....








Trump praised US's "big relationship” Singapore, one of world’s smallest nations. Told Lee Hsien Loong relationship will "get bigger.”











Trump in good mood, laying on THICK PRAISE: --"We have a great neighbor" in Canada & Trudeau. --Merkel doing "really incredible" job at G20.







1 hour ago
Trump at women-in-business panel: "If she weren’t my daughter it’d be so much easier for her. It might be the only bad thing she has going."









Merkel calmly explain precisely why Ivanka sitting at the Leaders Table was not a big deal.








1 hour ago
found compromise but people in Hamburg left with question "Who will repair my neighborhood?".






1 hour ago
TRUMP SATURDAY: -UK's Theresa May -G-20 mtgs -Indonesia's Joko Widodo -Singapore's Lee Hsien Loong -Japan's Abe -China's Xi -fly to DC.





calls meeting a success but also complicated during






: revealed its strengths, "satisfied" that they could agree that "the markets need to stay open", against protectionism






on Trump saying US will leave Paris climate pact: "I deplore this", but happy that other 19 in say irreversible





on violent riots: "I wholeheartedly condemn the brutal attacks on life and limb of officers", thanks officers for service






1 hour ago
on trade talks with : "I don't want to hide from you that it's still difficult to achieve negotiations on trade"






1 hour ago
: Unfortunately residents and shop owners were also affected by riots and looking into possible compensation






Trump told reporters he has "very special" relationship with UK's Theresa May. "I will be going to London." Will work out a date, he said.










: Chinese President and his US counterpart meet on sidelines in Hamburg (File Pic)







"We'll get there, we'll get there. It's a place I'd like to go," Trump told Indonesia's Joko Widodo, per .









Strengthening cooperation with South Korea...PM and President Moon Jae-in met on the sidelines of the Hamburg G-20 Summit.







Xi-Abe summit: "The two nations are like partners sharing food from the same pot" N. Korea G-20







Protesters hope to attract 100,000 people to demonstrate against the G-20 summit on Saturday








“We will keep mkts open, continue to fight protectionism." G20 reaches compromise on Trade after wrangles on 1st day






protests LATEST: - 100+ arrested - Some 200 officers injured - Saturday’s demonstration mostly peaceful





















First lady Melania Trump not allowed to leave residence in Hamburg because of ongoing protests due to G-20 summit.








No comment needed!





Violence-marred G-20 summit heads into final day






Iraq....










We Are The Champions....





From Mosul Eye , ISIS territory in all of Mosul - East and West , reduced to zero.








is completely liberated.






commander (Saudi citizen) Abu Hafsa killed when he tried to flee from Old city to east Mosul by crossing the Tigris river.










Ayad Al-Jumaily deputy and Abu Ahmed Al-Iraqi ( head of Nineveh province) killed in Old city.









Literally going out with a bang....








JOINT OPERATIONS ANNOUNCED COMPLETE CONTOL OF OLD CITY.






joint operations announced 35 militants killed after trying to cross Tigris River from Mosul old city to east .






Replying to 
Multiple militants were arrested since this morning after they tried to cross the Tigris river from old city to east side.





forces have formed a line of troops on the east side to prevent any militant that tries to escape from Old city.






The coast Tigris river from Old city side.








Syria....













A Love Supreme....





Hasn't this been clear 4 some time? Deal = fig leaf for those wanting Iran roll back. Allows RU & US to focus on ISIS. Delays hizb on Golan








Syrian Democratic Forces captured al-Mahdi district and 70% of ar-Rafiqah district in the Old City of Map:








Syrian Arab Army captured Al-Hail gas field from Islamic State Map:







| Clashes took place between and Turkey-backed rebels near Ablah village






| captured al-Mazarie Square in al-Barid district






| and allies took control of Jibab Hamad






| targets Harrabesh district with mortar shells. 10 people were wounded and 1 woman was killed






Gulf Rift Updates....











Round In Circles....




Thread on the partisan policies pursued in MENA by the 3 Gulf states. Refreshing—when just describing those actions triggers high emotions.







Calls for of after ‘Glorious Tamim’ campaign in










1 hour ago
Qatar calls Quartet claims (terrorism , interference in internal affairs) defamation , Qatar main commercial port working at full capacity.











Iran to launch direct marine route to Qatar








All the latest developments on the Qatar-Gulf crisis:








What's next for Qatar and the GCC? via








Qatar's main commercial port is operating "at full capacity", Hamad Port chief says







Qatar rejects latest threat of 'siege countries'







POV piece on tactics against Qatar & Turkey , explains why certain nations taking Qatar's back...







Quarter Doesn't see Qatar responding in good faith...






Stay tuned ...






Odds & Ends....












Stormy Monday....

Japan...





Japan continues to struggle to recover from record Flooding Rain that hit July 4-6 from Tropical Storm Nanmadol.







1 hour ago







Flooding in Japan continues , death toll at 16 presently...








Spain...






Ciudadanos' Albert Rivera not happy with Leopoldo López house arrest: "we demand his freedom and that of all Venezuelan political prisoners"










PSOE leader Pedro Sánchez says Leopoldo López being allowed home "is a step forward", "…still many political prisoners in Venezuela".









1 hour ago
Mariano Rajoy tweets he is "happy" after Spanish newspapers report release of Venezuelan opposition leader Leopoldo López.







Libya...






The two sides have three days to start making serious attempts to find compromises on amendments to the LPA.





THIS - " The crown prince also wished the Libyan National Army “good luck” in achieving further victories against extremists and 1







Replying to 
terrorists “in order to liberate ALL Libya from these destructive menaces."( - emphasis mine on ALL.) 2







Libyan Interim Government & say it will open International airport this week.






Highly recommend reading the accurate depiction of the Paradox by :





President of European Parliament calls for migrant agreement with , similar to the one signed with Turkey







FM Alfano: 31 million euro's allocated in attempt to control 's southern borders








's Benina Airport nanager calls on employees to return to work.







North Korea...





Rex Tillerson: US, Russia have differing views on how to deal with North Korea






A look at the US military's options to confront North Korea





Could the US take out North Korea's missiles before a launch?






BREAKING: 2 US Air Force B-1 bombers from Guam fly near DMZ on border with N Korea in 'show of force,' escorted by South Korean fighter jets






's nuclear test site continues to be in standby mode--no significant new activity, but can test if given orders.