Emailed to Recaps:
From Martha: China stopped and leveled and actually added value to the yuan will be curious on IKO'S take on this.
This may have been just a warning shot and more to come.
Stock Market - from Martha
It's 4 am and I'm surfing around and am concerned at what I see. All is quiet again. China closed without further fanfare and at present European markets are all up.
The US markets will probably follow suit, so was this just a minor correction or is there more to come Sunday night?
Is this enough to shock the world markets or are we in for more?
Yes China removed the breakers but didn't drop down but leveled. They also increased the value of the yuan.
Has the US cried "foul" or are we just in the beginnings of a controlled free fall.
I'm not sure if we will see the RV just yet.
Next step will be Iraq's announcement but when? Will they be held back again?
I'm not trying to be negative but realistic. I know there is an ultimatum for Monday completion. Is it going to take another round of "drops" and even a total collapse of the system.
My take is we may not be where we need to be just yet.
Remember we need announcements, emails and codes so that we can go to the bank.
Sunday, when China re-open it's markets will be more telling of where we are and where we are headed.
Briona: I feel like Charlie Brown and the RV is the football. It keeps getting pulled away right before we are about to contact it.
Peaches1: The nosedive in the Chinese stock market and the slowdown in the world's second-largest economy will certainly be front and center for global investors in the near term, but there's a more important shift underway, economist Mohamed El-Erian said Friday.
The bigger issue for financial markets is that central banks are running out of ammo, the Allianz chief economic adviser told CNBC. "Markets are realizing that central banks can no longer repress financial volatility. And they are repricing to new volatility paradigm," he said in a "Squawk Box" interview.
Running out of ammo? How about all of the IQD sitting in the central banks around the world? Useless pre-RV. A life saver afterwards.
DanBlessed: CL (Christine LaGarde) posted this blog today "The second transition is unfolding in China—sub-Saharan Africa’s largest trading partner. China is embarking on a historic rebalancing
CONITINUED: of its growth model, and activity is moderating to more sustainable levels. Nonetheless, this rebalancing is a bumpy process whose effects are being felt worldwide – which reinforces the need for more clarity on policies, especially exchange rate policy.
As I underlined several times in the past weeks, this transition will certainly be far from easy, and is also feeding into lower demand for commodities"
DutchieFlat: danblessed I love that CL mentioned exchange rate policy. Now whether that refers to our situation or not, remains to be seen but I still love it!
DanBlessed: yeah i thought the same dutcheflat! I just wanted to see if IMF was reacting at all to what happened yesterday with china...and was the best most recent thing I found.
BadScott54: Peaches1 and danblessed thank you for sharing this info this morning. It is awesome watching this event unfold. We may not like the bumps but it better this time because we have an understanding of what is happening because we have a vested interest this time
Peaches1: The PTB, do not ALL wear black hats. Be certain of that.
BadScott54: You guys something is happening it is too quite! Too quite!
MnDin: dan....so big boys had a meeting and threw China a life preserver????
BadScott54: : mndin I think just the opposite China is the one that will come out Superman in this one
June1: Elmer comments late evening -1/7/2016
briona : China's market is up over 2% as of this time. Was kind of expecting it to be way down. That is why I don't play in the markets.
elmerf123456 : Be Ready!!!!!
sabickford : Me too. I went to the shabghi Chart and it is still updating now +72.93 as of 10:29
mailboxmoney : Thanks Elmer for coming in….elmer, ok! I'm assuming they are just propping up their market, but that is just a guess on my part.
elmerf123456 : You know what you been taught. You see the change in the air. The more the people tell you all is normal and back as it should be...the more you should be ready to pop the cork!
elmerf123456 : There is a lot of stuff floating around. No pun intended
elmerf123456 : What you will witness soon enough won't be misinformation but jubilation and you can mark that one down.
elmerf123456 : My eyes are focused on late morning China and Europe.
isa52bc : Elmer, your words are music to my ears! (((Big Hugs)))
elmerf123456 : Isa not yet! But the symphony is definitely tuning up in the ready to play a Beethoven masterpiece!
elmerf123456 Closed? Or setting up the play?
elmerf123456 :IKO and I are watching closely.
elmerf123456 : Well as they say. No time for talk. Getting ready for action.
d : Is China open tomorrow night/
elmerf123456 : No Holiday
briona : isa...the Shanghai Exchange says they are on Lunch Break
briona :Seems kind of weird that they break for lunch, but who knows how China plays the game.
briona : Seems kind of weird that they break for lunch, but who knows how China plays the game. Elmer, have you ever heard of them stopping the trading for a lunch break?
Tweet: Haider Al-AbadiVerified account @HaiderAlAbadi 8h8 hours ago
PM Al-Abadi received Chairman of US Joint Chiefs of Staff Gen. Dunford who offered continued support for Iraq and its armed forces
wmawhite "The bank said it "received the first category of these coins that are weighing 15 grams..." So I read a comparison of 250 dinar with 22 grams for a gold coin. 22grams = 0.77 oz. so...250 = approximately $800. $3.22 per IQD.
Based upon the spot price of gold at $1,100 per oz. Something going on...not sure what it is.
Dnari131: Sistani: the reform has not been achieved in Iraq
Friday 08-01-2016 | 1:07:35
Twilight News / cross religious authority, Ali al-Sistani expressed regret for not achieving any reform steps on the ground since last year.
Parliament voted unanimously late last year in favor of preventing the government from passing the reforms without his consent in a bid to curb the efforts of al-Abadi, who announced these reforms unilaterally to change the system of government which he said encouraged a form of corruption.
After mass protests and a call for reform launched by al-Sistani Abadi announced measures in August 2015 in order to eliminate nepotism and inefficiency that undermined the battle for Baghdad with Daash.
Sistani said in a speech delivered on his behalf representative Ahmed Safi Friday "has not achieved anything in the follow-up of corruption and senior corrupt files during 2015".
"This is extremely regrettable."
The parliament reforms Abadi violation of the Constitution, including the dismissal of the Vice-President and reduce the salaries of government employees.
Sistani had been in the late 2015's parliament from the exploitation of his concerns about legal reforms announced by Prime Minister Haider al-Abadi as a pretext to block it.
Sistani demanded last year in all the speeches about the prime minister Haider al-Abadi beaten "iron fist" Everyone involved in corruption.
Dnari131: Gallup Poll
Iraqis' Approval of Prime Minister Drops Sharply
by Jihad Fakhreddine JANUARY 6, 2016
Approval rating drops from 72% to 47% in a year
Ratings down in all parts of Iraq
WASHINGTON, D.C. -- The high hopes that Iraqis had for Prime Minister Haider al-Abadi when he first took office in 2014 have faded over the past year, according to a recent Gallup survey. Abadi's approval ratings dropped from 72% in late 2014 to 47% in late 2015. In fact, the prime minister's current approval rating is about the same as the 50% rating that his predecessor Nouri al-Maliki received before he was forced to resign in August 2014.
Abadi took office in late 2014 amid high expectations that his leadership would help bridge the ethnic and sectarian divides in Iraq -- which was particularly important as the Islamic State group was starting to gain control over more territory.
Enthusiasm for Abadi at the time was evident across Iraq, specifically among Iraqis in predominantly Sunni governorates and in the Kurdish governorates -- all of whom had historically expressed low support for Maliki and the central government.
The wholesale drop in job approval ratings for Abadi across most, if not all, governorates in Iraq illustrates how Abadi has not lived up to Iraqis' lofty expectations. Approval ratings in Iraqi Kurdistan have dropped to low levels, followed by the Sunni-dominated governorates in mid-north Iraq.
Although Iraq's government can now boast regaining 40% of the territory lost to the Islamic State group a year ago -- the latest being the recapture of Ramadi -- the public continues to be discontent with what it sees as worsening corruption and poor government services. The perception that corruption is widespread in Iraq's government has swollen to 75% from 67% a year ago, with increases evident in nearly all regions.
Although Gallup did not measure approval ratings of Iraq's prime minister in the context of the recent government reforms that Iraq's cabinet and parliament approved in principle in August, it is evident that the Iraqis are yet to be impressed. As Abadi attempts to navigate the country through the roughest terrains of liberating governorates one at a time, many of Iraqis' hopes remain unfulfilled.
Results are based on telephone interviews with 1,009 Iraqi adults, aged 15 and older, conducted in October 2015. For results based on the total sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. All reported margins of sampling error include computed design effects for weighting.
Regional findings are derived by grouping Iraq's provinces into the following regions:
Sunni Heartland: Anbar, Kirkuk, Diyala, Ninawa, Salah ad-Din
Mid-Euphrates: Najaf, Babil, Wasit, Qadisiyyah, Karbala
South: Basra, Dhi Qar, Maysan, Muthanna
Kurdistan: Sulaymaniyah, Arbil, Duhok, Halabja
For more complete methodology and specific survey dates, please review Gallup's Country Data Set Details.
Learn more about how the Gallup World Poll works.
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