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End of Day FinancialJuice Market Wrap

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HEADLINES

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  • US Personal Income (MoM) Dec: 0.30% (est 0.40%; rev prev 0.10%)
  • US Real Personal Spending (MoM) Dec: 0.30% (est 0.30%; rev prev 0.20%)
  • US PCE Core (YoY) Dec: 1.70% (est 1.70%; rev prev 1.70%)
  • EU Parl’t Chief Brexit Negotiator Verhofstadt Calls Trump A Threat To EU
  • W’ton AG To Lawsuit In Fed Court Against Pres Trump Over Immigration Order
  • British PM May: Article 50 Vote Will Be A Simple Decision For MPs
  • ECB’s Nowotny: Removing QE Too Early Could Hurt Growth
  • ECB Asks Several Banks How They Plan To Reduce Problematic Loans
  • ECB’s Nouy: Italy Has Done Too Little On Banks’ Soured Loans
  • ESM’s Regling: European Bad Bank Likely To Need Public Support
  • German CPI EU Harmonized (YoY) Jan P: 1.90% (est 2.00%; prev 1.70%)
  • IMF: EU Should Provide Political Incentives To Comply With Budget Rules
  • Japan’s Abenomics Mastermind Calls For Aggressive Fiscal Policy
  • WBA & Rite Aid Enter Into Amendment And Extension To Merger Agreement
  • Deutsche Bank Poised To Settle Over Russian ‘Mirror Trades’
  • UniCredit Says To Miss ECB Capital Goal Ahead Of Cash Call

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COMMENTARY

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BoJ Rate Announcement Preview (Jan 2017)

The BoJ is not expected to change policy at the first meeting of 2017. Currently the bank conducts JPY 80trln bond purchases annually, targets the 10-year yield at 0.00% and the short-term policy rate is -0.10%. Conditions have seemed to turn in the BoJ’s favour in recent months, while the JPY is also depreciating which should boost inflation and exports.

Recent data releases support the BoJ’s view that the economy is in the midst of a “moderate recovery trend.” Manufacturing continued to pick up in December, with the Nikkei PMI improving to a 12-month high. Also, a solid pick-up in December consumer confidence-it rose to the highest in more than three years-suggests consumption remains on track to accelerate in 2017.

That effect has not materialised yet however, the most recent inflation figures showed both headline and underlying inflation weakened in December. This was attributed to the lingering effects of last year’s strengthening of the JPY lowering the price of goods. (Read More

A Guide to Why the Article 50 Bill Is a Headache for Theresa May

U.K. Prime Minister Theresa May was hoping to bypass Parliament on when and how to trigger divorce proceedings with the European Union. Then the Supreme Court set her straight. So this week lawmakers discuss for the first time a short bill giving her permission to invoke Article 50 of the EU’s Lisbon Treaty.

At stake is whether May will meet her self-imposed deadline for starting talks by March 31 and if she’ll have a free hand to negotiate as she wants.

If Parliament does reject the legislation, it could even resuscitate the specter of early elections. (BBG – Read More

Coming Up:

23:50 JN Industrial Production (Dec, P)

00:30 AU NAB Business Survey (Dec)

——– JN BoJ Decision

06:30 JN BoJ’s Kuroda Holds Press Conference Following MonPol Decision

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FILES & LINKS

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DATA

GOVERNMENT & CENTRAL BANKS

FX

FIXED INCOME

COMMODITIES & ENERGY

EQUITIES

EMERGING MARKETS

 

The post End of Day FinancialJuice Market Wrap appeared first on crude-oil.top.

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End of Day FinancialJuice Market Wrap

Follow ZeroHedge and live market Coverage on FinancialJuice.com

HEADLINES

http://www.livesquawk.com/img/trans_two.gif

  • US Personal Income (MoM) Dec: 0.30% (est 0.40%; rev prev 0.10%)
  • US Real Personal Spending (MoM) Dec: 0.30% (est 0.30%; rev prev 0.20%)
  • US PCE Core (YoY) Dec: 1.70% (est 1.70%; rev prev 1.70%)
  • EU Parl’t Chief Brexit Negotiator Verhofstadt Calls Trump A Threat To EU
  • W’ton AG To Lawsuit In Fed Court Against Pres Trump Over Immigration Order
  • British PM May: Article 50 Vote Will Be A Simple Decision For MPs
  • ECB’s Nowotny: Removing QE Too Early Could Hurt Growth
  • ECB Asks Several Banks How They Plan To Reduce Problematic Loans
  • ECB’s Nouy: Italy Has Done Too Little On Banks’ Soured Loans
  • ESM’s Regling: European Bad Bank Likely To Need Public Support
  • German CPI EU Harmonized (YoY) Jan P: 1.90% (est 2.00%; prev 1.70%)
  • IMF: EU Should Provide Political Incentives To Comply With Budget Rules
  • Japan’s Abenomics Mastermind Calls For Aggressive Fiscal Policy
  • WBA & Rite Aid Enter Into Amendment And Extension To Merger Agreement
  • Deutsche Bank Poised To Settle Over Russian ‘Mirror Trades’
  • UniCredit Says To Miss ECB Capital Goal Ahead Of Cash Call

http://www.livesquawk.com/img/trans_two.gif

COMMENTARY

http://www.livesquawk.com/img/trans_two.gif

BoJ Rate Announcement Preview (Jan 2017)

The BoJ is not expected to change policy at the first meeting of 2017. Currently the bank conducts JPY 80trln bond purchases annually, targets the 10-year yield at 0.00% and the short-term policy rate is -0.10%. Conditions have seemed to turn in the BoJ’s favour in recent months, while the JPY is also depreciating which should boost inflation and exports.

Recent data releases support the BoJ’s view that the economy is in the midst of a “moderate recovery trend.” Manufacturing continued to pick up in December, with the Nikkei PMI improving to a 12-month high. Also, a solid pick-up in December consumer confidence-it rose to the highest in more than three years-suggests consumption remains on track to accelerate in 2017.

That effect has not materialised yet however, the most recent inflation figures showed both headline and underlying inflation weakened in December. This was attributed to the lingering effects of last year’s strengthening of the JPY lowering the price of goods. (Read More

A Guide to Why the Article 50 Bill Is a Headache for Theresa May

U.K. Prime Minister Theresa May was hoping to bypass Parliament on when and how to trigger divorce proceedings with the European Union. Then the Supreme Court set her straight. So this week lawmakers discuss for the first time a short bill giving her permission to invoke Article 50 of the EU’s Lisbon Treaty.

At stake is whether May will meet her self-imposed deadline for starting talks by March 31 and if she’ll have a free hand to negotiate as she wants.

If Parliament does reject the legislation, it could even resuscitate the specter of early elections. (BBG – Read More

Coming Up:

23:50 JN Industrial Production (Dec, P)

00:30 AU NAB Business Survey (Dec)

——– JN BoJ Decision

06:30 JN BoJ’s Kuroda Holds Press Conference Following MonPol Decision

http://www.livesquawk.com/img/trans_two.gif

FILES & LINKS

http://www.livesquawk.com/img/trans_two.gif

DATA

GOVERNMENT & CENTRAL BANKS

FX

FIXED INCOME

COMMODITIES & ENERGY

EQUITIES

EMERGING MARKETS

 

The post End of Day FinancialJuice Market Wrap appeared first on crude-oil.top.

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Hungarian Foreign Minister Accuses Soros Of Seeking To Bring Down His Government

A climactic showdown between Hungary and George Soros is rapidly approaching.

Three weeks after Hungary announced it would launch a crackdown on all George Soros-funded non-governmental organizations, the country’s foreign minister doubled down, and told RT that the activities of NGOs funded by George Soros in Hungary are “anti-democratic,” as they want to undermine the government in Budapest.

Soros “would like this government to fail, he would like to kind of fire this government because he doesn’t like our approach, doesn’t like our policies,” Foreign Minister Peter Szijjarto told RT’s Sophie Shevardnadze. “We find it very anti-democratic if someone from abroad would like to influence Hungarian voters on whom to vote for,” he asserted. Several days before the interview, the Hungarian parliament began to discuss a bill allowing authorities to audit NGO executives and request detailed reports on their foreign donations.

As reported earlier in January, the chairman of the ruling Fidesz party Szilard Nemeth said that “these organizations must be pushed back with all available tools, and I think they must be swept out, and now I believe the international conditions are right for this with the election of the new president [Donald Trump].” Last September, Nemeth, who is also the deputy chairman of Hungary’s National Security Committee, submitted a list of 22 NGOs “connected to the Soros network for the purpose of having these organizations screened.” 

Foreign Minister Szijjarto said it is obviously the right of his country to be protected from foreign influence. “This is what we have heard a lot from the US for the last months – that external influence is so dangerous… So, it’s a good reason – if this is the American position, it can be our position as well.”

As a result of Germany’s open door policy toward migrants, Hungary last year became a main passageway for hundreds of thousands of migrants and refugees eager to reach northern European countries. The government, led by outspoken anti-establishment President Viktor Orban, responded by erecting fences along Hungary’s borders and introducing strict border controls. Budapest has consistently refused EU-backed mandatory resettlement quotas, calling them a blow to member states’ sovereignty. Szijjarto cited intelligence reports alleging that “there were organizations which helped illegal migrants find ways to Hungary, to find where they could violate our border, to find out how to apply for asylum status, and these reports have said that George Soros was in the background of these organizations.”

Countries to Hungary’s east and south are concerned about Soros’ operations, too. In Macedonia, an organization called Stop Operation Soros (SOS) has been launched. Its founder, Nikola Srbov, accused Soros of hijacking civil society, calling upon followers to “fight against one-mindedness in the civil sector, which is devised and led by Soros,” according to Vecer newspaper. 

In 2015, Russian prosecutors branded the Soros Open Society Foundation (OSF) and Open Society Institute’s Assistance Foundation threats to the country’s constitutional order and national security, and banned them from providing grants to Russian partners. Groups run by Soros have also been accused of interfering in Ukrainian affairs and supporting the 2013 Euromaidan protests that led to the ouster of President Viktor Yanukovich with the assistance of the US state department.

The post Hungarian Foreign Minister Accuses Soros Of Seeking To Bring Down His Government appeared first on crude-oil.top.

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In Major Intel Overhaul, Trump Adds CIA Director Back To National Security Council

On Monday afternoon President Donald Trump amended the Saturday memo which established a National Security Council which originally did not list the CIA director as a “regular attendee” of NSC meetings (it did, however, elevate Steve Bannon to that position), and announced that the administration has decided to add the director of the CIA back to the National Security Council.

“The president has such respect for [CIA] Director [Mike] Pompeo and the men and women of the CIA that today the president is announcing that he will amend the memo to add the CIA back into the NSC,” White House press secretary Sean Spicer told reporters on Monday.


CIA Director Mike Pompeo

According to Politico, “the elevation could create friction between the CIA and the Office of the Director of National Intelligence”, which is the likely reason why Trump is proceeding with the power shift. The power grab among the US spy agencies started in 2005, when the DNI replaced the CIA director on the NSC after Congress created the Department of National Intelligence to oversee the entire intelligence apparatus.

The move is likely predicated by the ongoing fallout between Trump and the various US intel agencies, which some have suggested have been quietly engaged in a “soft coup” against the new president.

The CIA is considered the most powerful member of the intelligence community, and prior to the creation of the DNI, the CIA director coordinated the other agencies’ activities.

Obama’s CIA director and his DNI clashed early in his first term over participation in the meetings. It is unclear if Trump also plans on changing the overall org chart of US intel agencies as a result, and pushing the CIA back into its former leadership role.

The post In Major Intel Overhaul, Trump Adds CIA Director Back To National Security Council appeared first on crude-oil.top.

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Google Fires Podesta Lobbying Group Shortly After Hiring Eric Braverman; Coincidence?

In the wake of her staggering defeat last November, several historically large contributors to the Clinton Foundation slashed their donations (see here and here), presumably because they either realized their pay-for-play scam was ruined or they suddenly lost interest in the Foundation’s various charitable efforts…we’ll let you decide which is more likely. 

But, the Clinton Foundation isn’t the only “influence peddler” taking a hit as a result of Hillary’s loss.  According to Bloomberg, The Podesta Group, the lobbying firm run by the brother of Hillary’s former campaign manager, John Podesta, has just lost a lucrative contract with Google, a key Hillary ally throughout the 2016 campaign. 

After at least 12 years together, Alphabet Inc., the parent of Google, won’t be represented by one of Washington’s most prominent lobbying groups, a firm with long-standing ties to the Democratic party and Hillary Clinton.

 

The Podesta Group — whose chairman, Tony Podesta, is a major Democratic fundraiser and the brother of Clinton’s former campaign manager — is no longer lobbying on behalf of Google, public disclosures show. The change coincided with Google’s bid to hire someone for “conservative outreach,” according to a December job advertisement.

Per Bloomberg, The Podesta Group collected $80,000 in fees from Google in the last 3 months of 2016 alone.

But, the story doesn’t end there. Ironically, the firing of The Podesta Group seems to coincide with an exclusive report from the Silicon Valley Business Journal that Eric Braverman, the former Clinton Foundation CEO, had been hired to “oversee the non-investment side of the family office of Alphabet Inc. Executive Chairman Eric Schmidt and his wife, Wendy.”

Braverman

 

Of course, as many of our readers will remember, Braverman is the Clinton Foundation CEO who abruptly resigned after a short period in office and was speculated, at least by John Podesta and Neera Tanden, to be the insider who told NBC to “follow the money and find the real HRC scandal” (see “Meet The Man Who Can Expose ‘The Real Hillary Clinton Scandal’“).  Here is an excerpt of what we previously wrote:

Now, new WikiLeaks emails reveal additional details behind the the man, Eric Braverman, who was brought in as CEO by Chelsea to change the controversial practices of the Foundation but abruptly resigned a short time later after being pushed out by long-time Clinton loyalists who had apparently grown very comfortable with the status quo.

 

Below is the new email exchange which begins when Neera Tanden warns John Podesta to “keep tabs on Doug Band” who she assumed was the insider who told NBC to “follow the money and find the real HRC scandal.”  Interestingly, John Podesta writes back quickly to identify the real source as former Clinton Foundation CEO Eric Braverman which seems to be shocking to Tanden who replies simply, “Holy Moses.”

 

Eric Braverman

 

That said, the announcement also follows a recent Google job listing looking for a new “Conservative Outreach Manager” that would act as a “liaison to conservative, libertarian and free market groups” (see “Google Searches For “Conservative Outreach Manager” After Failing To Elect Hillary“).

As a member of Google’s Public Policy team, you help shape various product and issue agendas with policy makers inside and outside government. In addition, you will help advise our internal teams on the public policy implications of their products, working with a closely coordinated and cross-functional global team. The role requires significant experience either working with or in government, politics or a regulatory agency as well as an ability to grasp complex technical and policy issues.

 

As a member of Google’s Public Policy outreach team, you will act as Google’s liaison to conservative, libertarian and free market groups. You are part organizer, part advocate and part policy wonk as you understand the world of third-party non-governmental advocacy organizations. You are eager to represent Google among those organizations. You can work a room, tell Google’s story in an elevator or from a podium and work with partner organizations on shared projects to advance Google’s public policy goals.

So, what say you…innocent shift in Google’s lobbying effort to target a new Republican administration or sweet retribution for Eric Braverman?  Bit of both?

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Trump Slump Begins? Dow Loses 20k As Stocks Suffer Biggest Drop Of 2017

Probably nothing…

 

Gold leads 2017…

 

US equities had their worst day of the year…

 

Pushing Small Caps back into the red for 2017…

 

Energy still 2017’s worst performer (down 2.3% today!) but banks and tech were hard-hit today…

 

Energy stocks were today’s worst…

 

Did stocks just wake up to the lack of Trumpflation trade…?

 

And financial conditions remain considerably tighter than stocks believe…

 

The last 3 days have been the biggest plunge in “Most Shorted” stocks since the election…

 

FITBITE…

 

Alphabattered…

 

VIX spiked above its 50DMA intraday…

 

Dow dived back below 20k…

 

VIX Vol spiked

 

Interestingly while the cost of protecting against downside risk on the S&P 500 (lower panel) has been declining (lowest since Sept 2014), the cost of protecting against a spike in risk (upper panel) has soared to one-year highs…

 

And bear in mind VIX specs just broke to a new record short…

 

SMART money – as defined by Bloomberg’s market flow index – has been fading the rally since The Fed hiked rates…

 

A lot was made about why bonds did not rally more today amid the plunge in stocks…

The answer is simple – A MASSIVE MSFT BOND ISSUANCE meant rate-locks and rotations.

 

The USD Index slipped lower on the day (Yen strength trumping cable weakness)…

 

 

Copper and crude slipped today despite USD weakness… (gold briefly tested above $1200)

 

Will the Trump gap of hope be filled…

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Washington State Attorney General Sues Trump To Block Immigration Executive Order Nationwide

One day after 16 democratic attorneys general across the United States condemned President Trump’s order to restrict people from seven Muslim-majority countries from entering the country, on Monday one of them – the Attorney General of Washington state – said he is filing a lawsuit against President Donald Trump over his immigration executive order. 

Bob Ferguson announced Monday that he is filing a federal lawsuit against President Donald Trump, some high-ranking administration officials and the Department of Homeland Security. The attorney general’s office says the complaint asks U.S. District Court to declare unconstitutional key provisions of Trump’s executive order on immigration.

“No one is above the law — not even the President,” Ferguson said. “And in the courtroom, it is not the loudest voice that prevails. It’s the Constitution.”

No one is above the law, including @POTUS.

— WA Attorney General (@AGOWA) January 30, 2017

The lawsuit seeks to overturn and invalidate Trump’s new immigration policy nationwide, extending on similar partial rulings announced over the weekend by various Federal courts.

Ferguson’s office says the complaint claims that the president’s actions are “separating Washington families, harming thousands of Washington residents, damaging Washington’s economy, hurting Washington-based companies, and undermining Washington’s sovereign interest in remaining a welcoming place for immigrants and refugees.”

Ferguson argues that the Executive Order violates the U.S. Constitution’s guarantee of Equal Protection and the First Amendment’s Establishment Clause, infringes individuals’ constitutional right to Due Process and contravenes the federal Immigration and Nationality Act.

 

“Major Washington state institutions supported the Attorney General’s lawsuit through declarations filed alongside the complaint. In their declarations, Amazon and Expedia set forth the detrimental ways the Executive Order impacts their operations and their employees.

As we reported on Saturday night, Brooklyn federal judge Ann Donnelly (who is a Trump appointee and Clinton donor) was was the first to issue an order preventing the Trump Administration from enforcing the executive order from restricting certain people from traveling to the United States. Ferguson was one of 16 state attorneys general who released a statement Sunday calling Trump’s immigration action “un-American and unlawful.”

Ferguson is likely just the first of many AG lawsuits to come forth: Ferguson was one of 16 state attorneys general who released a statement Sunday calling Trump’s immigration action “un-American and unlawful.”

“Never has our system of checks and balances been more important. Washington is filing the first suit of its kind in the nation, thanks to the good work of Attorney General Ferguson and his team,” said Gov. Jay Inslee at a Monday news conference. “I would not be surprised to see more. Until Congress takes this Administration to task for the obvious moral and legal injuries suffered by innocent, law-abiding people entering our country, it is up to states to protect and promote the rights of the people who reside in our borders.”

.@GovInslee on immigration ban:
“This is un-American. It is wrong. And it will not stand.” #Q13FOX pic.twitter.com/aL7CelA8TO

— Matt Lorch (@MattLorchQ13Fox) January 30, 2017

Ferguson said Washington is the first state to sue Trump’s administration over the immigration executive order. He is asking the court to schedule a hearing within 14 days. Officials said a copy of the complaint would be available on the attorney general’s website later in the day. Expect a flood of more lawsuits to hit court dockets in the coming days, bogging down the Trump administration with legal fights for months to come.

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