Saturday, September 2, 2017

Economic News , Data & Views......September 2 , 2017....Quick Hits For Saturday -1) Global Market : Doug Noland Weekly Missive " Strong Data & Conspicuous Bubbles " , Legend Holdings Buys Qatar's 90% Stake In BIL Bank , Bull Market Prognostications , Global Stocks & Bonds For Last Week , Germany CDS Items , Yuan Moves This Week , Friday News Of Note. 2) Europe In Focus - Items Of Note From Germany , France , Italy , Spain , Greece & UK. 3) US Political Round Up For Saturday - Harvey Relief funding Related Items , Comey Termination Items , Russia Diplomatic Ousters Items , Swampland News & More. 4) Odds & Ends - Keeping Tabs On Hurricane Irma , BRICS Summit In China For Sept 3-5 With India -China Tensions In Focus , North Korea Items , MENA Items - Iraq / Syria & Libya


Markets.....


Saturday morning Essay , Market Sector & News updates from Doug Noland.










Barron's: The risk to the bull market is higher now than at any time in the past eight years. Recession is the key factor here.




Investors putting hedges against risk of a stock mkt crash after S&P 500’s lost August.




Bond bubble deflates. Value of global bonds lost $421bn past week to $48.9tn on strong global econ data. Fall in US PCE & NFP support bonds.





Value of global stocks crossed $80tn for 1st time in history as Goldilocks scenario prevails. Now worth $80.3tn, equals to 105% of world GDP





Good morning from which is characterized by mkts as most fin sound country in the world. CDS price lower than Norway or Switzerland





Onshore closed at 6.5596 per USD, surged 888bp this week. It climbed 1401bp or 2.08% agst USD in Aug, biggest monthly rise since 2005







Friday's News Links


[Bloomberg] Stocks Rise, Dollar Falls After Weak Jobs Number: Markets Wrap


[Bloomberg] Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts


[Bloomberg] ECB May Not Have Final QE Plan Ready Until December


[Bloomberg] Junk Bonds Face Wave of Supply Just as Investors Turn Sour


[Reuters] China August factory activity picks up to six-month high as orders surge: Caixin PMI


[Bloomberg] Harvey's Made the World's Most Important Chemical a Rare Commodity


[Bloomberg] Bank Of Japan's Break From Battling the Yield Curve May Soon End


[Bloomberg] This May Be China's Most Debt-Strapped Developer


[Bloomberg] ECB's Nowotny Sees No Need to Overdramatize Euro Appreciation


[Bloomberg] European Equity Funds Post Biggest Outflow in Six Months


[Reuters] Xi's power on parade as China party congress looms


[Reuters] Putin warns North Korea situation on verge of 'large-scale conflict'



Europe.....



Germany...



. posters spotted in , Germany






Merkel interview - Der Spiegel...




Monster X-ray laser in Hamburg offers glimpse into nano-world




France....



Labour reform conundrum....




Asylum item touching on Niger and Chad....




Politician is left fighting for his life 'after MP in Macron’s party hits him on the head with a motorbike helmet'




Macron says having to talk to Erdogan is one reason his job isn’t as "cool" as you’d think




Five key ways Macron wants to change France's labour code






France warns North Korea could nuke US, Europe 'within months'



Italy....



Spagna-Italia, stasera la grande sfida
Translated from Italian by 
Spain-Italy, tonight the big challenge







1 hour ago
Migranti, Renzi: il Pd non è diviso. E glissa sulla Sicilia: «Non è nel libro»
Translated from Italian by 
Migrants, Renzi: the Democratic Party is not divided. And glosses over Sicily: "it is not in the book»






Mussolini's granddaughter to visit 'fascist forest' burned down by wildfire






Spain....




EDITORIAL: Recent terrorist attacks highlight urgent need for reforms in Spain's all-important tourism sector




Rajoy: "We are going to preserve the unity of Spain, no one should have any doubt about that".





La Vanguardia reports separatist parties and government in Catalonia to attempt to pass new referendum law on Wednesday.





Emergency services tell residents of three towns in Madrid—Humanes, Moraleja and Griñón—to stay indoors after a fire produces a toxic cloud.




Spanish authorities arrest members of global credit card fraud network






Spain tells North Korean embassy to reduce staff




Greece.....



Gov’t hails latest economic data as sign of recovery




Tuesday meeting with Moscovici




Greek asylum service releases new relocation statistics


UK.....




Items from Tories.... 1





Items from Tories.... 2





Items from Tories... 3




Items from Labour...1







Items from Labour .... 2








Items from Labour... 3







US Politics....




Whoa - look at what South Korea does tariff wise , if trade deal is terminated !






Tillerson and Mattis contradicting Trump leaves allies wondering if Trump speaks for US





| D.O.E. approves addition 800k bbl crude release from SPR. 500k to Valero, 300k to Placid. [total now 5.3mb]: DOE Statement sat.




In area set aside for children to play in the shelter at NRG Stadium. Also accompanied by .






President Trump and First Lady Melania have arrived in Houston to survey Harvey damage, meet with victims.


Arkema reps to Crosby residents: if all six remaining containers blow today, locals can get back to their homes by Friday.





Trump amended Texas disaster declaration: increased fed'l cost sharing to 90% for DEBRIS removal; 100% for EMERGENCY PROTECTIVE measures.





So sad to see this much loss of life





Trump aide who delivered Comey termination letter plans to leave White House: report





Outside the church, Pres and Mrs Trump help distribute cases of water and other supplies to storm victims.






Trevor Noah: "Antifa" are just the "vegan ISIS"





Firefighters battling raging fire in west side of town in waist high flood water. is live now!








“It was talked and talked about,” said one White House aide of Trump's decision to fire Comey





Fire spotted at second Russian diplomatic building Trump ordered closed





Mysterious smoke seen rising from chimney of Russia consulate that Trump ordered closed




Trump heads into September after brutal month of low approval ratings and controversy






A week after Hurricane Harvey slammed into the Texas coast, many are bracing for yet more rising water levels






Trump Defense Department sent nearly 5,000 fewer troops for Harvey recovery than claimed










1 hour ago
South Korea has already shot down this desire of POTUS...so under present circumstances, don't see this happening.





Back to Richwood in Brazoria County and this neighborhood is even worse than yesterday. Trashed by 's aftermath.




Pres & Mrs Trump at storm shelter in Houston meeting with evacuees.





So sad to see this much loss of life





1 hour ago




In just a few hours, and will land in Houston to tour Harvey damage:




LIVE AT 6: Rising water prompts new mandatory evacuations in Lake Jackson. reports:




Informative and sober read on the latest report and all the noise and buzz US Ambassador to the creates.






Nightmare continues for residents near Addicks Reservoir





Townhomes reduced to rubble in Forest Cove after water released from Lake Conroe






U.S. diplomats who faced mysterious "sonic harassment" in Cuba suffer mild traumatic brain injury, hearing loss





Ryan tweet: "The House will act quickly on request for emergency relief funding."




McConnell: The Senate stands ready to act quickly to provide this much-needed assistance to those impacted communities



Senate Apps Chair Cochran: Our committee is prepared to do its part to make resources available to those affected by Hurricane Harvey



Colleague Serafin Gomez confirms Trump sent letter to Congress asking for an initial $7.9 billion for Harvey recovery



McCarthy office says "Legislation Related to Disaster Supplemental Appropriations" expected next week. Will be suspension bill needing 2/3




Odds & Ends....



BRICS Summit



From 3rd to 5th September, I will be in Xiamen, China for the BRICS Summit. Here are more details.



At the BRICS Summit, looking forward to building upon the results & outcomes of the Goa Summit last year.



PM , President Xi meeting will be focal point at





Aerial panoramic view of China's coastal city , where the 9th summit will be held from Sept 3 to 5







Iraq....




| First Eid Al-Adha prayer in Tal Afar after its liberation from









1 hour ago
7 people were killed , 13 wounded in Iraq's northern city of Samarra after terrorists attacked a state-run power station early on Saturday.








Hawija, key to oilfields, is next anti-ISIS target in Iraq





Iraqi forces reclaim key Tal Afar area. confined to limited area in , still holds territories. World Konnect at 9 PM on






Syria....










1 hour ago
Syrian Army liberated Mount Neerman & mount Nudayrat in Deir Ezzor and is now 17km from Ash Sholah




Replying to 
Syrian Army after advancing from Mount Birshi towards Ash Sholah is now only 30km away from the nearest SAA units in besieged Deir Ezzor.







Replying to 
entered province from north, Allies entered from south Interactive Map: Clashes continue ..





'Islamic State' convoy stranded with families in Syria desert




Syrian Arab Army recaptured Uqayribat from Islamic State Map:






Replying to 
SAA withdrew from Jruh. Uqayribat still under ISIS control. East Salamiyah






| committed suicide bomb attacks (including women and children) in Uqayribat at night. Clashes continue in the town





| and allies continue to advance towards Deir ez-Zor and reached Kabbajab (40 km from Deir ez-Zor)




Libya....



: The 3 pro-East members of the PC:















Much political maneuvering in these days. Serraj appoints a new CoS & Majbri arrives in to meet with .




issues orders to stop any GNA activities deemed a threat to "national security" in areas under LNA control.



Haftar's anti-GNA order comes after Serraj appointed Faraj Qaiam as deputy MoI & after the latter's arrival in .




New acting CoS named by Serraj is Abdulrahman al-Taweel. He was in charge of the LPA's Security Arranagement Committee in .





Reuters: oil production drops by 350,000 barrels due to close of several fields




Hafter orders security forces in east to ignore new PC deputy interior minister -






North Korea....




🎶thread🎶







Replying to 
Bottom line: DPRK should be able to conduct a (probably successful) test of staged thermonuclear design. And they probably will next week.
 





Replying to 
Sidenote: If we assume plugins include for external neutron initiator, fission primary being > diameter than 2dry is worryingly accurate?
 







Replying to 
Compare DORK-2 thermonuclear warhead shape (Mr. Peanut) to US W80 thermonuclear warhead. Notice 2 different diameter chunks on both. 🤓
 








North Korea has developed a hydrogen bomb which can be mounted on a new intercontinental ballistic missile-as per Pyongyang's state media.






For those who are far more knowledgable on nuclear weapon technology - does the photo shed any light ? Thx....







DPRK new device as mounted in nose section.






The targeted amount accounts for about half to two-thirds of the North's annual imports of crude oil and petroleum products.





Why sanctioning North Korea’s elites won’t bring down Kim Jong Un





on Sat accuses of using alleged "threat" from the DPRK's nuclear and missile programs to legally justify overseas aggression




Irma.....




Key takeaways-Irma moving S of Due West across Cen Trop Atlantic mph , max sustained winds-110 MPH , 973 MB , small storm but will grow.







East Coast watches as Hurricane Irma brews in the Atlantic





GEFS take on Irma- could see SE Landfall with Florida and surrounding states in the focus of storm.








Large uncertainty with the track of though our Calibrated ECMWF EPS up to a 50% chance for an East coast impact as a Major Hurricane.