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EUROPE
Great Graphic: Shifting EMU Trade – Marc
Chandler
Non-performing loans: Periphery finally on the road to recovery – DB
Research
Economic Bulletin 5/2015 – ECB
Why
has growth in emerging market economies slowed? – ECB
Does
consumer confidence predict private consumption? – ECB
Recent
developments in extra-euro area trade: the role of emerging market economies – ECB
DATA
Spanish
Risk Takers Win as Economy Grows Fastest in Eight Years – BB
Spanish
economy keeps growing – FT
German
unemployment rises but economy seen powering ahead – Reuters
German
unemployment rate remains stable at 6.4% - FT
UNITED STATES
Q2 GDP
+2.3%,
Below Expectations, "Winter" Revised Higher – ZH
+2.3%
Annualized Rate – Bill
McBride
30Y Yield
Plunges Under 3.00%, Stocks & USD Slide After GDP Miss – ZH
+2.3%;
First Quarter Revised Upward – BB
Consumer
spending bolsters Q2 growth – Reuters
+2.3
percent, picking up speed – WaPo
Economists
React: ‘By No Means Satisfying’ – WSJ
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Labor Data is at the Top of The Fed’s Rate Hike Dashboard * Fed Stays on
Track to Raise Rates This Year * House Panel Passes Fed Bill * Lagarde:
Creditors Increasingly See Greek Debt Restructuring as Inevitable * Brazil
Central Bank Raises Benchmark Rate, Indicates Tightening to End
Morning
MoneyBeat Asia – WSJ
U.S. Stocks
Rise as Traders Discount September Hike
Morning
MoneyBeat Europe – WSJ
Doubt Over
Fed Timing Supports Stocks
Morning
MoneyBeat US – WSJ
Second-Quarter
GDP Could Support September Liftoff
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Fed
reiterated its data-dependence, gave no strong commitment * Rising yields and
stronger USD after FOMC decision * First Fed hike priced-in around year-end
Morning
Markets – TF
Yesterday's
FOMC meeting saw the USD strengthen after the Fed was perceived as leaving the
door open for a September rate hike. Whether the economy has all its ducks in a
row, however, has yet to be seen... but today's Q2 GDP report should contain
some clues.
Daily FX
Comment – Marc
Chandler
FOMC Helps
Dollar, but It's not Running Away
Daily
Shot – TF
As the US
Federal Reserve adds "some" to its vocabulary the prospect of a rate
hike sooner rather than later cheers the hawks. Meanwhile, emerging market
currencies are still labouring under the weight of USD strength and the Chinese
equities tangle looks more dismal than ever.
Daily
Press Summary – Open
Europe
FAZ:
Schäuble hopes for British support in plans to hive off Commission’s
supervisory role * British Social Attitudes survey suggests that Brits want to
stay in EU but also reduce the EU’s powers * Tsipras hits out at party critics
ahead of meeting which could split Syriza
Brussels
Playbook – Politico
Brussels
lobbying, crowdsourced — Calais chaos — Climate countdown
US Open – ZH
Chinese
Stocks Tumble In Close Of Trading "Causing Panic", US GDP To Be Revised Higher On
Seasonal Adjustments
Frontrunning – ZH
FX
Update – TF
One little
word can mean a lot, and the insertion of the word “some” to describe how much
the employment market must improve to see the Fed pull the rate hike lever saw
a solid return of USD strength – now it will be up to US economic data to
provide the follow-through.
From the
Floor – TF
The USD
managed a moderate rally on the back of yester
day's FOMC
statement. But we really now need to see strong incoming data for more dollar
strength.
FINNISH
Aamukatsaus – Nordea
Fed: Syyskuun koronnosto kaipaa vielä taustatukea | USA:n
korot nousivat eilen Fedin kokouksen jälkeen | Ruotsin kuluttajaluottamus
painui heinäkuussa