Wednesday, October 12, 2016

Economic News , Data & Views .... October 12 , 2016 ..... Items To Consider For Wednesday 1) US Stock Markets Have MixeJour ; d Day ; US Bonds Break Losing Streak ; Oil Items For Wednesday ; Fed Minutes Don't Move Markets Much ; Europe & Asia News & Market Items ; Wells Fargo CEO Quits With Immediate Effect . 2) Around The Horn Europe : Spain - PSOE & Catalan Socialist Party May Split , Hispanic Day Parade : UK-Brexit Items DeItaly - Budget Woes , Bank Woes ; Germany - Deutsche Bank In Focus ; Greece - Debt Restructure Dancing , Refugee / Migrant Situation , Domestic Items ; Netherlands - EU-UKR Deal In Focus , Dutch No At Referendum A Sticky Wicket ; Austria - Refugee Item ; Turkey - Purge . 3) Odds & Ends - Hurricane Matthew Aftermath , US Election Follies , China Continues To Weaken Yuan , Duterte Continues Getting Closer To China & Russia , Saudi Arabia - A Variety Of Woes these Days , Turkey- Syria Items


Markets.....





Asian Morning - Thursday






Down Goes Frazier.....








China Trade Balance (USD) Sep: 41.99B (est. 53.00B, prev. 52.05B)







CHINA'S SEPT. EXPORTS FALL 5.6% Y/Y IN YUAN TERMS; EST. +2.5%. More devaluation coming








And there it is again... Offshore yuan weakens past 6.73 to the dollar - how long is this going to last beyond this point?











It's China-trade day in Asia. Here's a 16-year look at China's trade surplus and the exchange rate. Data due in just over 2 hours













Wednesday





DOW JONES UNOFFICIALLY CLOSES UP 18.73 POINTS, OR 0.10 PERCENT, AT 18,147.39






S&P 500 UNOFFICIALLY CLOSES UP 2.70 POINTS, OR 0.13 PERCENT, AT 2,139.43






NASDAQ UNOFFICIALLY CLOSES DOWN 7.11 POINTS, OR 0.14 PERCENT, AT 5,239.68








 




A red day for European stocks






Catching up - overnight items of note










There's been more spikes in bund, gilts and US bond yields. US 10y is up to a high of 1.80%. 10y Bund yields jump to 0.06%, Gilts at 1.04%.









Morning Note: 1. FOMC minutes due later. 2. DB boosts size of private bond sale. 3. Bremainers get excited about nothing










WTI futs settle 61c lower (-1.2%) @ $50.18 per barrel






GHEIT: OPEC DEAL "IS ALL TALK, BUT NO ACTION"






GHEIT: "SAUDI ARABIA CANNOT SURVIVE ON $50 OIL"






*DJ QATAR OIL MINISTER: SOME NON-OPEC COUNTRIES TO BE INVITED TO ATTEND TECHNICAL MEETING IN VIENNA OCT 28-29







So , what did they discuss in Istanbul - the World Series for Baseball , NFL games , Soccer , Trump vs Clinton ?







Incoming Wells Fargo CEO Tim Sloan says there have been additional requests for information from Congress & continues to comply w/ q's







RT MarketWatch : Wells Fargo CEO John Stumpf to retire, effective immediately: report








3 year paper gets good reception..strong demand seen.








Basel committee announces new global capital rules for bank bonds --FT
















*FED: SEVERAL OFFICIALS SAID DECISION TO WAIT WAS ‘CLOSE CALL’





*FED SAYS SEVERAL FOMC MEMBERS SAW RATE RISE ‘RELATIVELY SOON’





Around The Horn - Europe ...





UPDATE: Catalan Socialist Party Threatens To Break Ranks With National PSOE




Two photos representing two different versions of "patriotism" in Spain this year, and comfort with "Spanish".









ING Said to Move Jobs to London in Contrary Post-Brexit Decision








Ambrose nails it...






DAVIS: NO ONE WILL BE ABLE TO VETO BREXIT REFERENDUM RESULT







Should countries that can't meet budget rules also have their EU funding cut-not just Italy , speaking generally ?









BANK OF ITALY: EU BANK CRISIS RULES UNDERMINE CONFIDENCE AND THE FINANCIAL STABILITY OF THE COUNTRY AND EURO ZONE




Germany Pressures Deutsche Bank to Speed Overhaul via




Deutsche Bank Securities To Pay $9.5 Mln Penalty – SEC









There's also the money-market situation... Crayola time










And in Euribor...










NO-ONE is like Deutsche; next worse is B1-rated Caixa Geral






Deutsche Bank has raised 4.5 bn in debt sales since Friday , basically at junk bond yields. Liquidity needs ?







GREEK ECONOMY MINISTER STATHAKIS SAYS REFINANCING PART OF GREEK DEBT COULD BE DONE BY LOCKING IN LOWER INTEREST RATES OFFERED BY ECB/ESM






Greece should just come out and say that it needs a debt haircut to make its debt sustainable.








Greece debt must be sustainable for Greece to access bond market. IMF needs sustainable debt to participate.







More than 11,200 migrants stranded on Aegean islands








Greek gov’t to freeze foreclosures of primary residences









Dutch PM tells MPs he's "not hopeful" to find a "solution" to deal w Dutch no vote to the EU- Treaty







EU and Ukraine plan Summit on 24 Nov to ratify EU-Ukr deal, but Dutch PM may declare before 1 Nov NL won't ratify





Austria will fall short of its goal for accepting refugees...







1 million people affected by emergency decrees and purges...







Odds & Ends....







Hurricane Matthew blamed for 26 deaths in N.C.; 1,000+ still need rescue after floods







The death toll has risen to 20 in North Carolina following as major river flooding continues:










Here's a look today at Mumford Road in Greenville, NC.









WATCH: Hurricane Matthew Death Toll Rising in North Carolina: Massive flooding has taken over neighborhoods with…










Hurricane Matthew is gone , but the flooding in North Carolina isn't over yet....











Trump intensifies attacks on Ryan with four weeks left until Election Day








JUST IN: Two women say Trump touched them inappropriately: report







Pence urges forgiveness for Trump: "It takes a big man to know when you are wrong"









Catholic group demands top Clinton aide resign over leaked emails










Note , this makes the second republican politician to reverse/ walk back prior condemnations.













A white sound engineer alleges Trump repeatedly referred to him as a “fucking monkey” and regularly sexually harassed the women on set.










You have to wonder what Bernie Sander really thinks every time he gives another endorsement of Hillary - as he reads how he got jobbed ?












China has weakened the yuan for a sixth day, the longest run of cuts in 9 months










Duterte readies huge business delegation for Beijing visit as pivot from Washington gathers pace








comments on arming ‘politically inept’: Erdogan










Russia responds to promise of retaliation from US: "Let them do it"









Focus: The attacks come as the United States re-evaluates its support of Saudi Arabia's campaign in Yemen.











Podesta leaks show Clinton email linking Saudi Arabia, Qatar to ISIS







A rare glimpse behind Saudi Arabia's deteriorating finances









Erdogan swats away Iraq's Prime Minister , as if he is no more than a mildly irritating fly..













Turkey-backed FSA captures village of Duweibiq, closes in on Daish-held village of Dabiqad