Tuesday, September 26, 2017

Economic News , Data & Views.....September 26 , 2017.....Quick Hits For Tuesday-1) Markets : US - Stocks Muddle Through Lackluster Day - Dow Modestly Down / S&P And Nasdaq Modestly Up , Oil Also Off Modestly - API Shows Crude Draw But Builds For Gasoline & Distillates , Yellen Speech Has Something For Everyone - Adding To Blah Day ; Asia- Calendar For Wednesday , Market Moving News & Data. 2) US Politics - Graham-Cassidy Bill Won't Be Called For Vote - Votes Not There In Senate , North Korea Updates Including Trump Statements Of Day And New Sanctions On Banks / Bank Employees , Tax Reform Next Up On Agenda With HC Done For Now , Hurricane Maria / Irma Updates - Puerto Rico & UVI. 3) Spain - 5 Days Before Historic Referendum - State Of Play In Catalonia. 4) Kurdistan - Barzani Declares "YES" Wins Vote , Iraq Declares Figurative War On Kurdistan. 5) UK-EU Exit Talks - EUCO President Tusk Meets PM May - Full Text Of Press Remarks & Key Snippets. 6) France - Today's Proposals For EU Reform From President Macron. 7) Odds & Ends !


Markets....



US......



New York wrap for Tuesday...





1 hour ago
DOW JONES UNOFFICIALLY CLOSES DOWN 7.16 POINTS, OR 0.03 PERCENT, AT 22,288.93




1 hour ago
S&P 500 UNOFFICIALLY CLOSES UP 0.50 POINTS, OR 0.02 PERCENT, AT 2,497.16




1 hour ago
NASDAQ UNOFFICIALLY CLOSES UP 10.57 POINTS, OR 0.17 PERCENT, AT 6,381.17




1 hour ago
Crude -0.761MM, Gasoline +1.470MM Distillate -4.527MM Cushing +1.064MM



WTI Futures Settle At $51.88/Bbl, Down $0.34



Here is today's speech from Fed Chair Yellen...




Asia.....



Calendar for Wednesday , China data in focus...

Chinese Industrial Profits (Y/Y) Aug: 24.0% (prev 16.5%)


PBoC Fixes USDCNY Reference Rate At 6.6192 (prev fix 6.6076 prev close 6.6400)



PBoC To Skip Open Market Ops Today


New Zealand Westpac Employee Confidence Q3: 113.8 (prev 113.4)




US Politics.....


Swampland....



IRS shares info with Mueller for Trump-Russia probe: report




Trump admin refuses to lift shipping restrictions to help get supplies to Puerto Rico



Freedom Caucus Chair Meadows hopes his mbrs will meet after tax details announced. Says Freedom Caucus may take position on tax reform




*BOB CORKER WILL NOT SEEK REELECTION TO U.S. SENATE




If Senate GOP couldn't get 50 votes , hard pressed to believe they can get 60 votes later. No way Dems cross over.



Senate Judiciary Committee to hold hearing on DACA next week




If tax reform flops , where does McConnell go from there ?




Not a shocker - GOP already had lost Cruz , McCain , Paul & Collins...more were leaning no. Back to drawing board.




Health care protesters now conducting “die in” and blocking tunnel from Russell to the Capitol




Silly Dem stunts-one reason Trump continues to make outrageous statements & tweets. They fall for stunts everytime.






Roger Stone tells reporters Paul Manafort's attorneys told his attorneys that Manafort expects to be indicted soon but doesn't know for what




Roger Stone says he told House Intel that there was no collusion between Trump campaign and Russia.



Grassley: Why does the FBI want to keep Congress "in the dark" on Comey





Hurricane Maria/Irma Aftermath...



JUST IN: USNS Comfort hospital ship is being dispatched to Puerto Rico disaster, FEMA Admin. Long says at the White House.





President Trump authorizes Puerto Rico to be exempt from 25% local match for FEMA funds




Trump head to Puerto Rico next week and discussion of hard road ahead.






It gives an idea of the level of reconstruction that has to happen.




Replying to 
Gov. Rossello: Briefed Pres. Trump on Puerto Rico crisis, and "thanked him for his leadership, quick response and commitment to our people."





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North Korea.....



Replying to 
Trump; "North Korea is a situation that should have been handled 25 years ago... many administrations left me a mess.But I'll fix that mess"



Have to be real careful with statements-especially now that it's clear Trump befuddles NK-to the point of outreach.




US President Trump: US Is Totally Prepared For Military Option On North Korea, Which Will Be Devastating For Pyongyang - RTRS




US President Trump: US Is Totally Prepared For Military Option On North Korea, Which Will Be Devastating For Pyongyang - RTRS



Replying to 
Nukes and missile development "threaten the entire world with unthinkable loss of life," said President Trump



US Treasury today froze assets in US jurisdiction of 8 North Korean banks and 26 individuals with ties to NK's financial networks.



List of 8 banks sanctioned by US today.







Hmmm , looks like a US Carrier Group set to perform maneuvers off coast of North Korea..




Idea of a young , bright North Korea Official searching the world for the meaning of Trump tweets-sounds like Kafka.




Spain.....




Figuring out the way forward , it would appear.



Spanish PM Rajoy Said To Cancel EU Summit Trip On Catalan Crisis – El Mundo



Interesting.......




Doesn't seem like Carles Puigdemont doubts the Catalan Referendum is going forward.




Catalan update........1




Catalan update.......2






Catalan update.......3





Catalan update.......4





Catalan update.....5





Kurdistan....




Barzani states "yes" received 92% of vote in Independence Referendum.






: Barzani: should respect the decision of the Kurdish people and not threaten and intimidate





: calls on govt to engage in ‘serious dialogue’ after on independence




PM: we will not surrender the unity of Iraq because this is a patriotic & constitutional duty. (1)




Replying to 
PM: The is illegal & unconstitutional. Iraqi govt will impose its sovereignty according to law & constitution. (2)




Replying to 
PM: the took ahare from all pst loans & grants to Iraq. (3)



Replying to 
PM: As of Friday, no flights to Arbil & Suli airports until they are returned to full control of federal govt. (5)



Replying to 
PM: all border points must be returned to full control of federal govt. (6)




Here we go between Iraq,Federal Gov't and Kurdistan !






UK-EU Talks.....


Full text -Tusk remarks today.




LONDON - EUROPEAN COUNCIL PRESIDENT TUSK SAYS CHANGE OF UK TONE ON BREXIT IS GOOD NEWS



Replying to 
Donald Tusk: If you ask me, I would say there's not sufficient progress yet



Donald Tusk: We will discuss our future relations once there is sufficient progress



EU’s Tusk: Brexit Is About ‘Damage Control’, Says His Opinion Remains Unchanged - RTRS




France....



One tax to rule them all: How Macron sees the future of the EU





FRANCE'S MACRON SAYS WHY NOT GIVE OURSELVES AIM TO FULLY INTEGRATE FRENCH AND GERMAN MARKETS BY 2024 AND HARMONISE RESPECTIVE LAWS





Macron: We need a stronger budget at the centre of Europe. We must consider raising a tax for a common EU budget, companies could be taxed.'






Replying to 
Macron’s 2 concrete proposals. First one is A EU-wide corporate tax, starting with convergence with Germany and other countries.




Replying to 
Macron wants to link converging corporate taxes otherwise no EU funds for you. Watch out Ireland and others ….




France's Macron: Wants A Corporate Tax Band, Would Be A Condition To Get Access To EU Cohesion Funds




Surprise, surprise... demands more transfers. Double down on a policy which has failed since 2010




Corporate tax receipts should be pooled, once harmonised, into a common euro zone budget - Macron



*MACRON CALLS FOR COMMON EUROPEAN DEFENSE BUDGET




*MACRON WANTS TO REVIVE EU FINANCIAL TRANSACTIONS TAX




*MACRON CALLS FOR EUROPEAN PROGRAM FOR CLEAN VEHICLES




*MACRON SAYS MUTUALIZING PAST DEBT ISN'T WHAT EUROZONE NEEDS



*MACRON SAYS EURO ZONE NEEDS COMMON BUDGET FOR INVESTMENT




Odds & Ends....








Poland wants to have a discussion with Germany regarding reparations & you know what Germany is going to say. Nein.




Tu-95MS strategic bombers have carried out cruise missiles strikes against ISIS and JN facilities in Deir ez-Zor and Idlib provinces





Signs of corruption emerge as Amnesty accuses Ukraine of illicit arms sales in South Sudan| KyivPost



threatens to shut over local data storage laws




Interesting....