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Bank of Japan did nothing. Bad euro area ZEW, US retail sales, industrial production:
EUROPE
UK Economic
Outlook: in good economic shape – Nordea
Finland: Debt
grows while Finland struggles to reform – Danske
Bank
Finland - Concluding
Statement Article IV Consultation – IMF
A
survey-based measure of slack for the euro area – ECB
The
state of the house price cycle in the euro area – ECB
MIGRATION
Migration
into the EU - a first look at the impact – DB
Research
EU
court deals blow to ‘benefits’ migration – Politico
UNITED STATES
FEDERAL RESERVE
RBS: Fed Shouldn't Worry About Losing Credibility: It Already Did – ZH
The Consensus is No Rate Hike this Week – Bill
McBride
Here’s How the Street Views the Fed’s Delicate Balancing Act – WSJ
Data Dependent? Fed Policy Is Volatility Dependent! – Econmatters
Larry Summers: Here’s yet another reason the Fed shouldn’t raise rates – WaPo
Why the Fed Is Likely to Stand Pat This Week – BB
The economy never seems to be as good as the Fed thinks it will be – WaPo
Will The Fed Jeopardize
Any Of The Three Key Bottoms? – Alpha
Now
August saw the S&P 500 (.SPX), oil (CLc1), and the dollar index
(.DXY) form significant lows. However, Fed action, or lack thereof, could
jeopardize two out of these three key bottoms.
DATA
August Retail Sales Post Small Improvement, But Consumers Still Spooked –
Alpha
Now
US core retail sales have grown quite solidly so far in the third quarter
– Pictet
Retail Sales Disappoints – ZH
Retail Sales increased 0.2% in August – Bill
McBride
Fed: Industrial Production decreased 0.4% in August – Bill
McBride
OTHER
Yield Forecast Update:
Fed hike vs possible further ECB easing – Danske
Bank
BoJ stands pat on policy
for now – more QE possible in October – Nordea
This time, BOJ could
wait and watch before coming to yen’s rescue – Reuters
REGULARS
U.S. Stocks Down,
Traders Sitting Out
Caution Continues to
Dominate
Morning MoneyBeat US – WSJ
The U.S. Appears Headed
for an Earnings Recession
Global Daily – ABN
AMRO
US retail sales show signs of
sustained economic growth…despite turmoil in financial markets * ZEW sentiment
drops, while eurozone labour market continues to improve
BoJ stays put, JPY
strengthening * Yields dragged lower by growing Chinese worries, still waiting
for Thursday * UK inflation in negative territory * EUR falls as stock market weakens
Oil should have got a
fillip from Opec's belief that it is winning its production war with the North
American shale sector, but remains stuck. And yes, the FOMC meeting continues
to dominate the agenda elsewhere.
The situation in
emerging markets continues to be dire as the BRICS countries struggle with
falling equities, declining inflation and staggering debt obligations.
EU member states fail to
agree on binding refugee quotas as German Interior Minister suggests cutting EU
funding to those countries not doing enough * ECJ rules member states entitled
to withhold benefits from unemployed EU migrants * French President eyes shake
up in labour market rules * EU extends sanctions on individuals in Ukraine
crisis * EU ministers meet to discuss aid programme for farmers
Schengen split complicates migration
debate — The Corbyn crew — New Brexit balance
US Open – ZH
China Stocks Drop Most
Since Late August, BOJ Disappoints Bailout Addicts; US Futures Flat
Frontrunning – ZH
The FOMC waiting game continues as
AUD saw an active session overnight on political developments while the Bank of
Japan monetary policy statement entirely failed to make an impression. Risk
sentiment remains a bit wobbly, keeping USDJPY near the 120.00 level.
As the wait for
Thursday's Federal reserve policy decision grinds inexorably onwards (and as
journalists the world over run out of synonyms for 'waiting patiently') one
could be forgiven for assuming that the price of everything in every market,
everywhere, hinges on the immediate outcome of this single event. For equities,
however, it's different.
FINNISH
Kehittyvät taloudet hidastuvat uhkaavasti *
Euroalueen teollisuustuotannon kasvu vahvaa * Kiinan teollisuustuotanto
aiheutti pettymyksen * Tänään julkaistaan Britannian inflaatio ja Saksan
ZEW-indeksi
Pentti
Haaparanta: Hypyt on jo hypätty – Akateeminen talousblogi