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  • Islamic State Blamed For Istanbul Terror Attack That Killed 41

    The death toll from Tuesday’s attack on this city’s main airport has risen to 41, including 13 foreign nationals, with 239 injured, the Istanbul governor’s office said Wednesday. Despite the attack, Istanbul Atatürk Airport resumed business Wednesday morning the WSJ reported. Television footage from inside the airport showed check-in lines functioning normally. Turkish Airlines, the country’s flag carrier, said its flight operations had resumed, though the airport’s arrivals and departures board showed heavy cancellations and delays.

    AbduRahman Hussein, a filmmaker from Sana’a, Yemen, was about to eat at one of the terminal’s second-floor restaurants when he heard shots and explosions. “I saw the smoke,” he said in a direct message on Facebook. “Then I started running away.” He posted pictures of shattered glass and people running. The dramatic explosion was caught on tape:

    And with the damage now largely accounted for, it's time to cast blame which Turkey was eager to do when Prime Minister Binali Yildirim said in televised remarks that the Islamic State is likely responsible for the killings. “Once again, it has been understood that terrorism is a global threat to all countries and nations and must be fought through mutual cooperation,” Yildirim said. “Our country has the necessary power and determination to overcome over these heinous attacks.”

    Erdogan said in an e-mailed statement that the Istanbul airport attack was an effort to hurt Turkey’s image. “For the terrorist organizations, there’s no difference between Istanbul and London, Ankara and Berlin,” he said, urging all countries to join forces against terrorism.

    What is odd is that the Islamic State, traditionally eager to immediately take responsibility for foreign terror operations, has kept silent: there was no immediate claim of responsibility. Both Islamist, leftist and Kurdish militants have carried out bomb attacks in Turkey in recent months, hammering the nation’s vital tourism. Tourist arrivals to Turkey fell almost 35 percent in May from a year earlier, the fastest drop in at least a decade and following a 28 percent decline in April.

    Here is what is known: three suicide bombers opened fire and then blew themselves up in rapid succession at the airport around 9:20 p.m., Yildirim said from the Istanbul airport, where he assessed the  damage and met with emergency personnel. The attacks left more than 200 people wounded, the governor’s office in Istanbul said by phone on Wednesday. Many of Turkey’s children ended school terms this month, which coincides with the Islamic holy month of Ramadan.

    The assaults took place near security checkpoints at the entrance to the airport’s arrivals hall. Justice Minister Bekir Bozdag told lawmakers in parliament earlier that at least one attacker had sprayed gunfire from a Kalashnikov automatic assault rifle. None of the assailants got past security controls, according to a Turkish official who asked not to be identified because he’s not authorized to talk to the press. He said two of them detonated their vests at the arrival hall, and a third in a nearby parking lot.

    ISIS lack of confirmation aside, Turkey's insistence that the Islamic State was behind the latest terrorist act means Turkey has yet another pretext to forcibly cross the Syria border and do with the local "ISIS" forces as it sees fit. How that will affect the already tense geopolitical situation in the area, where both US and alliance forces are active as well as Russian troops and fighter jets, is unknown

    Turkey is likely to step up its border security and counter-terrorism cooperation with the U.S., according to Gonul Tol, a Turkey analyst at the Middle East Institute, a Washington research center. With Turkish-backed rebels in Syria on the defensive against Syrian government forces aided by Russia, the attacks “put a spotlight on the government’s unpopular Syria policy,” he added.

    The government will do its best to control the way the media frames the attack and divert attention from the government’s Syria policy to external factors contributing to the growth of ISIS threat,” he said, using another acronym for Islamic State.

    As Bloomberg adds, the attack is also the latest to target airports and the aviation industry in the Middle East and Europe, coming three months after suicide bombers struck Brussels airport. It serves as reminder of the vulnerability of airport lobbies and other public places where large numbers of people congregate, said Hans Weber, an aviation consultant in San Diego.

    “The probability of copycat attacks goes way up high after one of those attacks,” said Weber, who advised the U.S. federal government on airport security issues following the Sept. 11 attacks. “From a terrorist perspective, Brussels was a success. You can see how they would be motivated to copy that.”

    This means that even more terrorist attacks are now likely not only in Turkey, but also in Europe, which has been in a heightened state of terror alerts ever since last November tragic suicide bombings in Paris and this year's attacks in Brussels.

  • Germany Just Blew Up Italy's Bank Bailout Plan

    "You never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before."

    Rahm Emanuel prophetic words were quickly put to use by Italy on Monday morning, which barely waited one full day before using Brexit as the scapegoat excuse to warn that a €40 billion bailout of Italian banks is coming. 

    As a reminder, on Monday morning the local media reported that Renzi's
    government was pursuing a six-month waiver of EU state-aid rules,
    allowing it to shore up banks without forcing investors to share losses. Two days ago, when we first reported of Italy's proposed bank rescue plan, we said that the chairman of Lower House’s Finance Commission, Maurizio Bernardo, confirmed that the government is studying options to support the banking sector, including a capital injection, and said a law decree “with measures going in that direction” could be approved by the end of this week. 

    We pointed out that how such an intervention would be implemented was unclear; it was is also unclear how such a direct state recapitalization of Italian banks using public funds would be permitted by current EU and ECB regulations, which prohibit state bailouts of insolvent banks, although Europe has a long and illustrious history of finding massive loopholes to that particular prohibition. "Last but not least it is unclear how existing stakeholders, shareholders, bondholders and uninsured depositors, would be impaired under such a bailout."

    Well, they wouldn't, despite Europe's recent implementation of bail-in rules. That was the whole point.

    However, while Italy was hoping it would get a "pass" on using public funding, mostly Eurozone generated and thus courtesy of Germany, this appears to have hit a dead end moments ago, when Bloomberg reported that Germany opposes any attempt to shield private bank investors from losses if Italy pushes ahead with plans to recapitalize lenders. Chancellor Angela Merkel’s government says that European Union rules on handling struggling banks should apply in any rescue effort, including forcing losses on shareholders and some creditors before public money can be injected, the person said, declining to be identified because the deliberations are private.

    And just like that Renzi's entire recapitalization plan has gone up in smoke, because if there is one person in Europe who can veto an Italian bailout, it's Merkel, which is precisely what she has done.

    As Bloomberg adds, any waiver of the rules would be complicated, as Germany insists that the EU’s Bank Recovery and Resolution Directive be applied. That will mean Italy must first avoid triggering a wind-down procedure. The assumption in BRRD is that the need for “extraordinary public financial support” for a bank indicates that a bank is “failing or is likely to fail, and therefore triggers the need for resolution,” according to the European Banking Authority.

    Also according to the source, Germany isn’t pushing for banks to be wound down, according to the person. The government does, however, want to ensure that private investors are tapped before any public money is put into the banks. EU state-aid rules normally require shareholders and junior creditors to share losses.

    That, as we noted on Monday, is a dead end: currently, it is practically impossible for Italian banks to raise capital. "They are caught in a pincer as the ECB simultaneously demands compliance with tougher capital adequacy buffers, in some case demanding fresh infusions of capital three or four times.  The banking squeeze has become politically explosive in Italy after thousands of small depositors were wiped out at four regional banks late last year. They were classified as junior bondholders, even though most of them were just ordinary savers who did not realize what was being done with their money."

    But worst of all for Renzi, Merkel's government in Berlin rejects the argument that the U.K. vote to leave the EU constitutes an “exceptional circumstance” which, under EU basic law, can allow a national government to grant aid to a company outside of the state-aid rules. 

    Which simply means that Europe will need a bigger crisis, something which can be easily arranged, because recall as we concluded last time that the biggest winner from an Italian bank bailout would be none other than the ECB's Mario Draghi under whose tenure as governor at the Bank of Italy from 2005 until 2011 is when Italy's banks loaded up on all those €360 billion in bad and non-performing loans which Italy is now desperate to eliminate or at least offset. The last thing Draghi would want is for his legacy to one remember for the collapse of the Eurozone's most insolvent banking system.

  • Frontrunning: June 29

    • Global stocks gain as Brexit nerves settle (Reuters)
    • Draghi Wishes for a World Order Populists Will Love to Hate (BBG)
    • Merkel Says No Way Back From Brexit as Cameron Regrets Loss (BBG)
    • EU leaders meet without UK to plot Brexit response (FT)
    • Division, confusion as EU rethinks future without Britain (AP)
    • Goldman denies plans for Frankfurt office switch after Brexit (Reuters)
    • Brexit Vote Roils Real-Estate Markets (WSJ)
    • Will Brexit Actually Happen? (BBG)
    • Donald Trump Lays Out Protectionist Views in Trade Speech (WSJ)
    • Islamic State prime suspect after suicide bombers kill 41 at Istanbul airport (Reuters)
    • Istanbul Airport Reopens Even as Attack Death Toll Rises (WSJ)
    • European Banks Spend Billions to Get U.S. Units Fit for the Fed (BBG)
    • Syria rebels battle IS at Iraqi border, aim to cut 'caliphate' in two (Reuters)
    • 5 Things to Watch in the Fed’s Stress Test Results (WSJ)
    • Brexit Economic Fallout Worries Americans in Bloomberg Poll (BBG)
    • Teachers Union and Hedge Funds War Over Pension Billions (WSJ)
    • UK consumer borrowing growth hit 10-year high before Brexit storm (Reuters)
    • Every Banker in the World Is Chasing the Saudi Aramco Deal (BBG)
    • Energy Transfer Equity Calls Off Williams Merger (WSJ)


    Overnight Media Digest


    - British Prime Minister David Cameron began the tortuous process of extricating his country from the European Union at his last summit with leaders of the other 27 EU states, who told him there would be no special deals for ex-members of the bloc.

    - A federal judge has ordered Texas entrepreneur Sam Wyly to pay $1.1 billion in taxes and penalties for committing tax fraud using offshore accounts, even though the former billionaire's net worth has fallen to a fraction of that amount.

    - Federal officials made clear Tuesday that Volkswagen AG's deal to pay up to $14.7 billion to settle emissions-cheating claims with U.S. consumers and regulators won't end the auto giant's woes-nor stop scrutiny of other car makers.

    - IKEA has agreed to recall 29 million chests and dressers in the U.S. following a raft of injuries and the deaths of six toddlers caused by the furniture tipping over.

    - Turkey's busiest airport, Istanbul Atatürk Airport, was struck by suicide bombers late Tuesday, who killed at least 36 people and injured scores, on the eve of a major holiday, the deadliest in a string of attacks in Istanbul this year.



    Jeremy Corbyn refused to step down as leader of the labour party despite a vote of no confidence and resignations from his front bench.

    U.S. prosecutors said Volkswagen AG and its suppliers still face a criminal investigation for their role in the diesel emissions scandal, even as the company agreed to pay up to $15.3 billion in fines.

    U.S. online lender LendingClub Corp will cut about 12 percent of its workforce as it attempts to deal with a scandal that led to the departure of its founder.

    Apartment-sharing startup Airbnb is in talks for a new round of funding that would give it a valuation of $30 billion.



    - Airbnb has charmed and strong-armed lawmakers around the world to allow it to operate in their communities. But two cities, Airbnb's hometown, San Francisco, and New York, the service's largest United States market, have not been so compliant.

    - Donald Trump vowed on Tuesday to rip up international trade deals and start an unrelenting offensive against Chinese economic practices, framing his contest with Hillary Clinton as a choice between hard-edge nationalism and the policies of "a leadership class that worships globalism."

    - Volkswagen AG solved one big problem stemming from its diesel emissions deception, agreeing on Tuesday to pay up to $14.7 billion to settle claims in the United States. But the final financial toll, once the company deals with a long list of fines, lawsuits and criminal investigations around the world, may well be far higher.

    - In a deal with federal regulators, Ikea announced Tuesday that it would recall 29 million chests and dressers in the United States after at least six toddlers were crushed to death in tip-over accidents.

    - The federal government has proposed adding a line to forms filled out by visitors to the United States that would ask them to voluntarily disclose their social media accounts, a step that it said would help in screening for ties to terrorism.




    ** Canada ranks second in the world when it comes to turning economic prosperity into social progress, according to a report by Social Progress Imperative. (

    ** Empire Co Ltd, the parent of grocer Sobeys Inc, posted a loss of $942.6 million as its problems deepened in its Western Canadian business in its fourth quarter and Chief Executive Marc Poulin warned of signs that Sobeys' sluggish sales are spreading to other regions of the country. (

    ** BuzzFeed Canada is cutting its political reporting staff more than a year after its official launch, suggesting there are cracks in the social news company's plan to expand its reporting capabilities outside the United States. (


    ** Canada has lodged a formal complaint with the Palestinian Authority over what it says were "baseless" accusations against Israel by President Mahmoud Abbas. The move came after Abbas alleged in a speech to the European Parliament in Brussels last week that Israeli rabbis had plotted to murder Palestinians by poisoning their wells - a claim that was quickly proven false. (

    ** Last minute negotiations are underway to extend the closing date for Superior Plus Corp's acquisition of Canexus Corp after U.S. antitrust authorities launched a legal challenge that could quash the deal. Calgary-based Canexus announced Tuesday that it is still in talks to extend the closing date of the deal, which is set to expire Wednesday. (



    The Times

    The co-chief executive of Goldman Sachs International Richard Gnodde has warned that some of the bank's 6,500 staff in the UK may be moved to Europe following the referendum result.(

    Aston Martin is to stick to its plan to build a carmaking plant in south Wales, even arguing that the vote for Brexit has made the project more viable. (

    The Guardian

    Vodafone, one of Britain's biggest companies, has warned that it could relocate its head office outside the UK if the negotiations for a post-Brexit Britain do not give it freedom of movement across the EU for people, capital and goods.(

    Virgin billionaire, Richard Branson, says Chinese business partners are already pulling investment from the UK in the light of the EU referendum vote, and warned that "thousands of jobs will be lost". (

    The Telegraph

    The British Government is "committed" to expanding airport capacity in the south east, despite the political turmoil caused by Brexit, the transport secretary Patrick McLoughlin has said, signalling a decision on a controversial £17.6 billion ($23.49 billion) third runway at Heathrow could still be on the cards. (

    Lloyds Banking Group's boss has bought another 100,000 shares in the bank in a show of confidence that the lender's share price tumble is a short-term hit rather than a sign of long-term problems. (

    Sky News

    Hundreds of British-based jobs at the credit card giant Visa could be forced to relocate to the Continent in the wake of last week's EU referendum. (

    Tax rises and spending cuts will be needed within months to deal with economic challenges following the British vote to leave the EU, Chancellor of the Exchequer George Osborne has warned. (

    The Independent

    Fitch has downgraded the UK's credit rating to AA negative, after similar moves by Moody's and S&P, following Britain's vote to leave the EU. (

    The Bank of England has injected £3.1 billion ($4.14 billion) into the UK banking system. The amount released on Tuesday was the last of the extra auctions announced by the Bank of England in March this year. (

  • Don't Worry, You Are Not Alone: "No One Knows How To Price Brexit" Citi Admits

    No idea how to trade Brexit, and simply following the momentum-driven crowd which in turn is trading on hopes of central bank intervention? Don't worry, you are not alone. As Citi admits "No one knows how to price the Brexit scenario going forward."

    Here is Citi's William Lee "clarifying" the prevailing market cluelessness:

    The UK vote to leave the EU surprised almost everyone, especially market participants. It left unprecedented uncertainty about future economic and political relations between the UK and the EU.

    From the US perspective, the market selloff has been large but orderly. Indeed, global markets began to stabilize today, after two days of probing for equilibrium prices and their implied trajectories going forward.

    Whereas spot prices have stabilized, there appears to be little conviction among traders and other financial market participants about the course of exchange rates and asset prices going forward.

    • Market sentiment remains tentative; small catalysts can be very disruptive.
    • A common trading floor comment is: "No one knows how to price the Brexit scenario going forward."

    Our past research has shown that uncertainty is pernicious: it can induce a significant drag on economic growth. The Brexit vote amplifies uncertainty with unprecedented economic and political considerations whose impact on global economic activity is difficult to discern. Fed policy remains sensitive to market sentiment, and the FOMC likely would not do anything that could be disruptive.

  • Global Stock Surge Continues As "Investors Look To Central Banks For Support"

    Now that a second UK referendum appears to be out of the question and as a result there is no need to further punish UK risk assets in hopes of "changing people's minds", the risk on rally (especially with quarter end looming) can return, and so it has, with global stocks and US equity futures staging another surge overnight led by Japan (+1.6%) and China (+0.7%), and certainly Europe where moments ago the Stoxx 600 and Dax hit session highs, rising 2.6% and 1.9% respectively. The move has sent US futures higher by another 14 points, or +0.7%, to 2043, now up 44 points from Monday's lows.

    Best, however, is that the FTSE is now back to its post-Brexit highs, rising 2.5% so far today to just shy of 6,300. A few more hours of this ramp and UK stocks will recover all Brexit losses. At that point the scaremongering campaign can officially be called off.

    This despite a warning from Credit Suisse that “the U.K. domestic sectors do not look cheap enough yet, with the exception of retailing. The trade and legal picture is very murky. The real hit to European growth if it there is another referendum (unlikely). The key is to watch PMI new orders to gauge the impact on corporate confidence”

    Why the ongoing rally? A squeeze, sure, and also month-end fund flows. But the fundamental driver remains one and the same, and we quote Bloomberg: "the relief rally endures as Asian and European stocks rally with crude oil amid speculation policy makers will use stimulus to blunt the impact of the U.K.’s decision to leave the European Union, including a pause in the Federal Reserve’s tightening cycle. Investors are looking to policy makers for support."

    And confirming that it is all a bet on more easing, even gold was up today, while Japanese bond yields hit fresh record lows on expectations of more BOJ intervention. So once again, back to the old same old: hope that central banks will step in and once again expand multiples now that global earnings are set to decline once more courtesy of Brexit.

    Not everyone is buying it of course: "While central banks assuring investors they’re ready to support the markets helps sentiment, it may be too early to turn optimistic,” said James Woods, a strategist at Rivkin Securities in Sydney. “We’ll probably continue to see heavy volatility. We’ll have to see what unfolds in the U.K. with the political situation after Brexit,” but for now the path of least resistance, not to mention short covering, is up and may well continue until the monthly window dressing process is concluded.

    What else: the MSCI All-Country World Index headed for its highest level since before the Brexit vote and U.S. equity-index futures advanced as odds indicated the Fed is more likely to cut rates than raise them over the rest of the year. Sterling erased earlier losses, having rebounded in the last session from near a 31-year low. Oil climbed above $48 a barrel and gold approached a two-year high, while the dollar retreated against most of its major peers. Emerging-market stocks and currencies climbed for a second day. Bond yields in Portugal and Italy slipped, while those on Japanese debt fell to a record low.

    The Stoxx Europe 600 Index climbed 1.9 percent, with banks and miners among the best performers. The equity gauge has recovered 4.6 percent after tumbling 11 percent over two days following the shock result of the U.K. referendum. It is still heading for a second quarterly decline. The FTSE 100 Index added 2.1 percent on Wednesday and is within 1.1 percent of its pre-Brexit close. Futures on the S&P 500 Index rose 0.7 percent after the U.S. benchmark jumped 1.8 percent in the last session, its best performance in almost four months. Nike Inc. slid 3.6 percent in early New York trading after its future orders missed estimates, renewing concerns that the world’s largest sports brand has entered a period of slowing growth.

    EU leaders gather in Brussels on Wednesday for the second day of a two-day European Council summit to discuss Britain’s withdrawal from the bloc. They have already said that there can be no turning back for the U.K. and warned Cameron that delaying the period before formally activating the EU exit mechanism will prevent the start of negotiations over any future relationship

    Also on today's docket, we get the May personal income and spending reports, as well as the PCE core and deflator readings (the latter two are both expected to have risen +0.2% mom). Also due out today in the US is the May pending home sales report. Elsewhere, a number of ECB speakers are due to speak at the ECB forum in Portugal again today, while the Fed is also due to release results from the second part of its bank stress tests this evening.

    Market Snapshot

    • S&P 500 futures up 0.7% to 2043
    • Stoxx 600 up 2.6% to 324
    • FTSE 100 up 2.5% to 6296
    • DAX up 2.0% to 9635
    • S&P GSCI Index up 0.8% to 375
    • MSCI Asia Pacific up 1.7% to 128
    • Nikkei 225 up 1.6% to 15567
    • Hang Seng up 1.3% to 20436
    • Shanghai Composite up 0.7% to 2932
    • S&P/ASX 200 up 0.8% to 5142
    • US 10-yr yield down less than 1bp to 1.46%
    • German 10Yr yield down less than 1bp to -0.11%
    • Italian 10Yr yield down 2bps to 1.38%
    • Spanish 10Yr yield down less than 1bp to 1.31%
    • Dollar Index down 0.22% to 96.04
    • WTI Crude futures up 1.3% to $48.49
    • Brent Futures up 1.2% to $49.16
    • Gold spot up 0.6% to $1,320
    • Silver spot up 2.4% to $18.25

    Top Global News

    • Islamic State Blamed for Turkey Airport Attacks, 40 Killed: suicide bombers blew themselves up after police spotted them
    • Cameron Makes Emotional Adieu as Sun Sets on U.K. EU Membership: British premier ‘genuinely sorry’ to bear Brexit news to EU
    • Merkel Says No Way Back From Brexit as Cameron Regrets Loss: France says U.K. will have to ‘face consequences’ of exit
    • Hollande Says Brexit to Hurt City of London in Clearing Warning: French Premier says City won’t be able to run euro clearing
    • Fed’s Powell Says Brexit Shifts Global Risks Further to Downside: Powell says it’s far too early to judge effects of U.K. vote
    • Victims of Brexit’s Real-Time Recession Already Feeling the Pain: hiring, expansion, investments all on hold after vote
    • Who’ll Inherit Brexit? Tory Leader Candidates Break Cover: nominations to replace Cameron as premier open Wednesday
    • Pound Records First Post-Brexit Gain as Historic Selloff Abates: sterling gets ‘brief reprieve,’ TD Bank’s McCormick says
    • Editorial: British Parties Need to Move Faster to Choose Leaders
    • Allergan Seeks Smaller M&A for Growth After Pfizer Breakup: CEO Brent Saunders spoke in Bloomberg TV interview

    Looking at regional markets, Asia equity markets traded positive, following the US rebound in which the S&P 500 saw its largest intraday gain since March as energy was also bolstered. Nikkei 225 (+1.4%) shrugged off JPY strength and weak retail trade figures to outperform, while ASX 200 (+0.6%) was supported by gains in financials and after WTI climbed above USD 48/bbl. Elsewhere, Chinese markets complete the positive picture in Asia with the Hang Seng (+0.7%) conforming to the upbeat tone, while the Shanghai Comp (+0.3%) benefitted from another significant PBoC liquidity injection. Finally, 10yr JGBs traded relatively flat despite the heightened appetite for riskier assets in Japan, as the BoJ were in the market to acquire JPY 1.15trl in government debt.

    Top Asian News

    • Nomura Joins Yen Capitulators as Forecast Raised 17% Post- Brexit: Japan’s biggest brokerage now sees 104 per dollar at year-end
    • Offshore Yuan Surges on Bets Central Bank Supporting Currency: Nation will take steps to ensure market stability, Premier Li says
    • Ex-Lehman Quant Wins Big on Bad China Loans That Scare Soros: Distressed debt investors buy as NPLs climb to 11- year high
    • Hong Kong’s ‘Superman’ Li: My Empire Will Be Fine Without Me: Billionaire Li Ka-shing talks about not slowing down
    • Wanda Property Deal Faces Hurdles as APG Balks Over Price: $460b Dutch fund manager says Wang’s offer is too low

    European equities trade higher for a second day, with notable upside in material and financial names, allied with this, equities are likely to benefit from month-end rebalancing, according to Goldman Sachs . Additionally, peripheral banks continue to outperform in a similar fashion to yesterday relative to the heavy losses seen on Friday and Monday post the Brexit vote. Elsewhere, credit markets have been somewhat tame this morning as the German 10-yr benchmark trades in tight range with yields across the curve relatively unchanged, while peripheral yields continue to tighten amid the risk on sentiment.

    Top European News:

    • Vodafone Weighs Post-Brexit Move as CEOs Seek Europe Access: ‘not yet possible to draw any firm conclusions’ on HQ location
    • Ikea Recalls 29 Million Dressers After Six Children’s Deaths: 82 incidents are also linked to tip-over risk with furniture
    • Homeserve Confirms it Continues to Trade in Line With Guidance: maintains long term expectation of achieving a 20% margin in U.S. business
    • McCarthy & Stone Says Brexit Vote Has Introduced Uncertainty: may hit timing, cost of conversion of orders into completions
    • Swiss Re Sees Life Premium Growth in ’16, Slowdown in Em. Mkts: sees continuing pressure on non-life

    In FX, the Bloomberg Dollar Spot Index slid 0.1% following a 0.5 percent loss in the last session, amid speculation about the path of Fed interest rates. Sterling advanced for a second day against the dollar as investors await Britain’s plan for its extrication from the 28-nations bloc. “Markets have calmed down somewhat,” said Thu Lan Nguyen, a foreign-exchange strategist at Commerzbank AG in Frankfurt. “We may see some short term continuation of the recovery in the pound if there is an increased chance of a new prime minister who can secure the access of the U.K. to the single market. But uncertainty is still high and market participants are jittery.” The yen rose 0.1 percent following a 0.7 percent decline on Tuesday. Nomura Holdings Inc. became the latest brokerage to raise its year-end forecast for the currency and now expects a 17 percent increase after the U.K.’s decision to leave the EU spurred a rush for it as a haven. The MSCI Emerging Markets Currency Index added 0.5 percent. South Africa’s rand led the advance, rising 1.1 percent, followed by a 1 percent gain in South Korea’s won. Indonesia’s rupiah added 0.1 percent, extending this week’s increase to 1.6 percent and heading for the highest close in two months. The central bank said it will intervene in the foreign-exchange market to prevent the rupiah from gaining too much from a possible increase in inflows following a recently passed tax amnesty law. The offshore yuan strengthened for the first time in five days, gaining 0.3 percent in just over an hour. Chinese authorities intervened via banks to support the offshore yuan in morning trading, according to people with knowledge of the matter. The People’s Bank of China didn’t immediately respond to questions sent by fax from Bloomberg.

    In commodities, the Bloomberg Commodity Index extended Tuesday’s 1.9 percent rally with a 0.3 percent advance. Gold recovered most of the previous session’s losses, adding 0.5 percent to $1,318.62 an ounce on speculation that the Fed’s interest rate policy will boost the precious metal’s allure. West Texas Intermediate crude climbed 1 percent to $48.35 a barrel, building on last session’s 3.3 percent jump. U.S. oil inventories fell by 3.86 million barrels last week, the American Petroleum Institute was said to have reported, ahead of government data due on Wednesday. Cotton futures for December delivery rose 0.4 percent to 66.1 cents a pound on ICE Futures U.S. in New York. Prices extended Tuesday’s 2.3 percent rally and are trading near the highest since August 2015. U.S. farmers probably planted fewer acres than previously expected, after rain disrupted fieldwork in some areas, according to a Bloomberg survey before the U.S. Department of Agriculture updates its estimate on Thursday.

    Bulletin Headline Summary from RanSquawk and Bloomberg

    • European equities enter the North American crossover in positive territory with energy names leading the way higher following last night's API draw
    • Following on from the calm seen on Tuesday, FX markets have again displayed a propensity towards steady risk sentiment, with the commodity currencies faring well in particular
    • Looking ahead, highlights include US Pending home sales, PCE's and DOE's, ECB's Draghi (Dove)
    • Treasuries mixed in overnight trading with long-end outperforming as global equities and gold rally on potential for monetary stimulus.
    • European Union leaders said there could be no turning back for the U.K. after Prime Minister David Cameron used his last EU summit to express disappointment at his failure to win the referendum he called on Britain’s membership
    • Brexit has thrust Scotland’s independence back into play just two years after the nationalists suffered defeat in a referendum to leave the U.K.
    • The City of London is facing the first direct threat to its role as Europe’s dominant financial center as French President Francois Hollande takes aim at a key pillar of the U.K. industry
    • France’s 2017 presidential election may hinge on a debate about the European Union membership in the aftermath of the U.K. vote to leave the bloc, President Francois Hollande said
    • By voting to leave the European Union, Britons have delivered a potential windfall to tourists eager to snatch up Burberry trenchcoats, Harrods Stilton and Liberty scarves on the cheap
    • Gold’s investment case has been strengthened by the U.K.’s vote to quit the European Union as the fallout may spur the world’s central banks to step up easing, hurting currencies and favoring bullion, according to Marc Faber
    • Circle Jan. 31, 2018, on the calendar. That’s the soonest the Federal Reserve hikes next. At least if money market derivatives are to be believed.
    • The number of Chinese bond defaults so far this year already is triple the figure for all of 2015. The number of downgrades has also tripled
    • The PBOC intervened via banks to support the offshore yuan in morning trading as authorities wants to maintain stability in the currency, according to people with knowledge of the matter
    • Puerto Rico and its agencies are facing $2 billion of bond payments due Friday, and Governor Alejandro Garcia Padilla has said the U.S. territory simply doesn’t have the money

    US Event Calendar

    • 7am: MBA Mortgage Applications, June 24 (prior 2.9%)
    • 8:30am: Personal Income, May, est. 0.3% (prior 0.4%)
    • 8:30am: Personal Spending, May, est. 0.4% (prior 1%)
    • 9:30am: Fed’s Yellen, ECB’s Draghi speak in Sintra, Portugal
    • 10am: Pending Home Sales m/m, May, est. -1.1% (prior 5.1%)
    • 10:30am: DOE Energy Inventories

    DB's Jim Reid concludes the overnight wrap

    Markets yesterday were certainly in a much improved mood as a tentative rally swept through risk assets following two days of heavy losses. Look no further than the Pound which closed up +0.90% versus the US Dollar at 1.3344, although it did actually tip above 1.340 in the early afternoon before paring gains again into the evening. Equity markets emerged from the abyss meanwhile. The FTSE 100 (+2.64%), Stoxx 600 (+2.57%), DAX (+1.93%), IBEX (+2.48%) and FTSE MIB (+3.30%) all closed up as beaten down banks staged a recovery. Indeed UK financials had a much better day although that was before Moody’s made the move to revise lower its outlook on 12 British banks and lenders, as well as cutting the outlook for the UK banking system to negative from stable.

    Across the pond the S&P 500 closed up +1.78% which was actually the most since March 1st. Credit markets were in a similar vein of form with CDX IG rallying 6.5bps. Interestingly primary markets appeared to get the green light for the door to open again. Molson Coors was out with a four-tranche $5.3bn deal which is said to be the first US IG deal since the referendum last week. Notably the deal was said to be 6x oversubscribed so a good sign that appetite is still clearly strong for those with cash ready to be put to work.

    The other news to report this morning is the tragic event which unfolded in Turkey last night where a suicide attack at Istanbul’s main international airport has resulted in the death of at least 32 people, with a further 60 people said to be injured according to the BBC. Details are still sketchy but we’d expect further information to be released in due course.
    That news emerged towards the US close last night and markets wise we’ve not seen too much of a reaction in Asia this morning. The bulk of bourses are instead following the lead from the European and US sessions yesterday. Leading the way is the Nikkei which is currently up +1.44%, while the Kospi (+1.39%) is closely following. The Hang Seng (+0.69%), Shanghai Comp (+0.45%) and ASX (+0.92%) are also up while credit markets are generally 2-3bps tighter. FTSE 100 futures are currently up over 1% too while Sterling is -0.20% weaker as we type.

    Yesterday’s economic dataflow didn’t add too much to the debate. In the US the third reading for Q1 GDP was revised up to +1.1 qoq from +0.8% which is a touch better than expected helped by stronger net exports, although consumption did disappoint a little. The upward revision to corporate profits caught our eye however, with profits revised up to +1.8% qoq from the previously reported +0.3% qoq gain. Meanwhile, also better than expected was the June consumer confidence index reading which printed at 98.0, a rise of 5.6pts from May after expectations had been for just a 1pt rise. That reading is actually the highest level since October last year although clearly it’s worth taking with a pinch of salt given the cut-off data for the survey was June 16th and a week prior to the UK referendum. Elsewhere, the Richmond Fed manufacturing PMI was disappointing at -7 (vs. +3 expected), a fall of 6pts. Lastly the S&P/Case-Shiller house price index in April rose slightly less than expected during the month at +0.45% mom (vs. +0.58% expected).

    Looking at the day ahead, we’d imagine that much of the focus will again be at the EU Leaders summit in Brussels which continues for a second day. Datawise we’ve actually got a fair bit to get through. This morning in Europe we’ll get the latest consumer confidence report for Germany, as well as house price data in the UK. Later on we then get the money and credit aggregates numbers in the UK before the June confidence indicators for the Euro area are released. This afternoon we’ll firstly get the June CPI report in Germany, before attention turns across the pond where we will get the May personal income and spending reports, as well as the PCE core and deflator readings (the latter two are both expected to have risen +0.2% mom). Also due out today in the US is the May pending home sales report. Elsewhere, a number of ECB speakers are due to speak at the ECB forum in Portugal again today, while the Fed is also due to release results from the second part of its bank stress tests this evening.

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