As reported last night, now that the PBOC has devalued the Yuan to a level China's central bank is comfortable with, if only for the time being,and having done so by unleashing a "murderous" short squeeze "to deter bearish bets and helping to stabilize equity markets", manifesting itself in the offshore Yuan 1 week deposit rate exploding to a record 82%...
Submitted by Pater Tenebrarum via Acting-Man.com,
Portugal’s Rickety Banking System
After the unseemly bankruptcy of the Espirito Santo Group and the associated bank, then Portugal’s second biggest (likely a result of not praying enough, see: “Big Portuguese Bank Gets Into Trouble” and “Fears Over Banco Espirito Santo Escalate” for the gory details), Portugal’s state-run deposit insurance fund basically ran out of money.
In an interview in Germany’s Bild am Sonntag, the country’s Development Minister, Gerd Müller, says:
The people fleeing hunger, misery, violence, and because they see no future for themselves and their families. But we live in a globalized world. We can not build fences around Germany and Europe. When people suffer, they will come. … The biggest refugee movements are ahead: Africa’s population will double in the coming decades.
Und:
Over the last several days, more information has come to light with regard to the wave of sexual assaults that occurred across Europe on New Year’s Eve.
What some observers initially assumed was an set of isolated attacks in Cologne’s city center now appears to have been a bloc-wide phenomenon as women from Austria, to Switzerland, to Finland come forward to report being accosted by what some police say were gangs of drunken Mid-East asylum seekers.
When we previewed yesterday's Chinese trading session, which far more important to the US market than today's Nonfarm payrolls report (Exp. +200K, 4.9% Unemployment rate), we said to "keep an eye on the Yuan fixing around 8 pm: if the USDCNY sees another substantial jump (i.e., Yuan decline) from last night's 5 year low rate of 6.5646, this could suggest further turbulence and as all self-fulfilling prophecies go, unleash another pukefest which not even the circuit breaker adjustment will fix.