Snipers killed 5 Dallas Police officers and 6 others were wounded as they were providing security at a protest against police shootings.
Bank of Italy Governor Visco said, "given the risk that, in a context of high uncertainty, limited problems could undermine the trust in the banking system, a public intervention cannot be excluded."
In the last two weeks, New York Life Real Estate Investors, with more than $45b of assets under management, has announced oritinating six commercial mortgage loans totaling more that $535mm.
Financial markets are pricing in a 78% chance of an interest rate hike.
Sovereign wealth funds are looking for investment opportunities in the UK.
Big oil is still moving ahead with projects that are deemed strategically important.
Thursday, July 7, 2016:
Few would argue that Italy doesn't desperately need a solution to its debt woes.
European banks have fallen to levels not seen since the worst days of the region's debt crisis.
The British Foreign Secretary Hammond said it was up to the government, not Parliament, to trigger the formal article (Article 50) to leave the EU.
UK output at factories, utilities and mines fell 0.5% following an upwardly revised 2.1% surge in April.
German industrial production dropped 1.3%, the most in 21 months.
Despite the recent drawdown in gasoline stocks, inventories remain much higher than last year...17% higher.
The Chinese government's call to build an innovation-driven economy has innovation centers popping up. The only problem is, entrepreneurs are not moving in.
Wednesday, July 6, 2016:
MBA Mortgage Applications rose 14.2% v. last weeks -2.6%.
20yr yields in Japan falls to 0%.
The ECB is quietly tweaking their bond purchases toward the periphery countries.
"Downside risk from UK commercial property prices is likely to pressure domestick UK bank valuations," said Raul Sinha of Soc. Gen.
"The whole banking market (in Italy) is under pressure," said former ECB Executive Board Member.
German Factory orders unexpectedly failed to rise in May.
All the big five car markets were up y/y except in the UK.
Tuesday, July 5, 2016:
Standard Life Investments in the UK suspended trading in its $3.9B UK real estate fund as redemptions surge.
The counter cyclical capital buffer rate for UK banks was cut to 0% from 0.5%.
Italy's continuing banking crisis shows the euro zone still faces major challanges.
The ECB has asked Italy's third-largest lender, Banca Monte dei Paschi di Siena, to cut bad debts by 40% over the next 3 years.
French PM Valls will use a special clause in the constitution to bypass parlimentary opponents and impose by decree a labor law reform bill.
The China Caixin services PMI rose to 52.7 from 51.2.
For the first time, the US holds more oil reserves than Saudi Arabia and Russia.
Why does Venezuela keep honoring it foreign debts?
Aviva Investors has stopped investors from pulling money out of a UK focused property trust.
Friday, July 1, 2016:
Speculation grows that the ECB will adjust its QE program.
Markit Economics' purchasing managers index for the EU rose to 52.8 from 51.5.
Chinese official purchasing managers' index fell to 50.0 from 50.1
Caixins' PMI for China, which tracks smaller-scale private firms, fell to 48.6 from 49.2 in June. It is the fastest rate of deterioration in four months.
Spending on oil and gas fields is forcast to be its lowest since 2009.
China is close to filling its strategic petroleum reserve.
With militant attacks in Nigeria stopped (for now) and Canada's il sand output picking up again, the market is bracing for a supply increase.
Atlanta Fed GDPNow 2nd Qtr. GDP came in at 2.6%
NY Fed GDP Nowcast 2nd Qtr. came in at 2.1%
Thursday, June 30, 2016:
US REITS own more than 420 properties in the UK.
Former London Mayor Boris Johnson has bulled out of the race to be named PM in the UK.
German Unemployment fell by a seasonally adjusted 6k.
Eurostat said on Thursday that inflation in the 19 countries sharing the Euro rose 0.1% y/y.
Wednesday, June 29, 2016:
I don't know whether to be comforted or afraid...
Fed Governor Powell said it's too early to judge effects of the Brexit vote but, financial conditions have tightened since.
He also said we are a long way from having another financial crisis.and the Fed stands ready to provide liquidity via swap lines.
"The UK is in a mess," said Alan McQuaid, chief economist at Merrion Capital in Dublin.
The BOE said approvals for home loans increased to 67,042 in may from 66,205 in April, defying economists' expectations for a decline.
Thirteen foreigners are thought to be among the 40 dead in the most recent bombing in Turkey.
Tuesday, June 28, 2016:
Merkel warns the British not to delude themselves about the necessary decisions that need to be taken.
Spanish retail sales rose 2.3% in May and GDP looks like it will grow 0.7% in the 2nd quarter.
Crude inventories in Amersterdam, Rotterdam and Antwerp rose 3.5m barrels. 84 of the hub's 153 crude storage tanks are now more than 75% full.
S&P reduced the grade by two steps to AA from AAA.
Monday, June 27, 2016:
China lowered its yuan reference rate 0.9% to 6.6375 a dollar in an attempt to counter the strengthening dollar's impact.
European leaders meet today and Carney meets with Draghi on Wednesday. Yellen was going to attend but has pulled out.
10 Ways to leave the EU
China releases PMI numbers on Friday. It is expected to have slipped to 50.0 from 50.1.
Thursday, June 23, 2016:
England's day of destiny has arrived.
Banks are losing hope that a recent pickup in crude will be enough for them to dodge losses.
London based Markit PMI composite Index France fell to 49.4 from 50.9.
London Based Markit PMI composite Index for German manufacturing and services fell to 54.1 from 54.5.
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