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EUROPE
Bundesbank Floats Higher Retirement Age in
German Pension Debate – BB
Central bank discusses
raising retirement age to 69 by 2060 * Alternative would be higher
contributions as population ages
German govt: Turkey supports terror groups in
Middle East – Politico
Scenarios for Italian banks’ bad loans – Pictet
U.K. Inflation
Accelerates as Pound Drop Boosts Import Costs – BB
UNITED STATES
Dudley Says September
Hike Possible, Markets Too Complacent – BB
US Dollar Jumps As Dudley
Says “Sep Possible..Market Underpricing Hikes” – ZH
U.S. Stocks Decline With
Treasuries After Dudley’s Rate Comments – BB
Fed: Industrial
Production increased 0.7% in July – Bill
McBride
Factory Production in
U.S. Increases More Than Forecast – BB
U.S. industrial output
rises 0.7 percent in July – Reuters
U.S. Consumer Prices
Unchanged in July as Fuel Costs Ease – BB
Core CPI Remains Above
Fed Mandated 2% For 9th Straight Month – ZH
U.S. consumer prices
unchanged; underlying inflation slowing – Reuters
Housing Starts Jump On
Spike In Rental Units As Permits Decline – ZH
Housing Starts in U.S.
Climbed to a Five-Month High in July – BB
U.S. housing starts rise
to five-month high in July – Reuters
OTHER
Martin Enlund: USD: Donald Won’t Dent The Dollar – Nordea
The Fed has had to
reconsider a lot of things over the past two years. Having come a far way, the
need for further “great reassessments” should be limited. Abating risks for the
central bank should instead pave the way for some mildly USD-supportive
repricing of the Fed, but watch out for an October surprise…
US Dollar Dives To 3-Month Lows As Rate-Hike
Odds Slide – ZH
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener –
Nordea
S&P500 at new high, JPY jump
dents sentiment, Williams calls for rethink * Today’s calendar: US and UK July
CPI prints; German ZEW * JPY jumped to a one-month high during Tokyo lunchtime
* London banks won’t ”wait around”
Morning Markets
– TF
Today's Asian session showed both
equities and the safe-haven Japanese yen moving upwards with the action in
USDJPY putting the 100.00 handle in sight.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Dollar Slumps, but Driver may Not be
so Obvious
Daily Market Comment
– Macro
Man
Pump up the volume?
Daily Shot –
TF
The recent spike in emerging market
assets has driven equities and currencies higher largely on fund inflows.
Daily Press Summary
– Open
Europe
No 10 says “full weight of the
machinery of government” has been put behind Brexit * UK consumer prices tick
up slightly but producer prices show bigger jump post Brexit * Bloomberg:
Investment banks will not wait for Brexit deal * Inquiry launched into how best
to protect rights of EU citizens in UK following vote to leave EU * Resolution
Foundation: Any wage increase due to reduced migration outweighed by reduction
in real incomes from Brexit * Bundesbank expects Brexit vote to have only
“limited” impact on German economy
Brussels Playbook
– Politico
French cabinet’s battle Royal —
Ukraine simmers — Germany’s black-green coalition
US Open – ZH
Tumbling Dollar Sends USDJPY Under
100, Oil Over $46 As Gold Spikes; Futures Flat
Frontrunning
– ZH
FX Update –
TF
The San Francisco Fed’s Williams
published a piece yesterday arguing in favour of a rethink of Fed policy with a
possible fiscal or nominal GDP targeting approach. The USD is weaker with
USDJPY pushing down toward the key 100.00 level and EURUSD at post-Brexit vote
highs.
From the Floor –
TF
Dollar weakness has USDJPY poised
over 100.0 and gold edging higher.
FINNISH
Aamukatsaus – Nordea
Uusi jääkausi
uhkaa euroaluetta * New Yorkin teollisuuden luottamus laski vastoin odotuksia *
Saksan rahoitusmarkkinoiden luottamus (ZEW) palautuu Brexit-äänestyksen
jäljiltä * Korkomarkkinoilla seurataan Fedin Lockhartin puhetta
Virallista mollia – Sakari
Heikkinen