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EUROPE
The timing couldn’t be
better for Joseph Stiglitz’s new book, “The Euro.” In it, Stiglitz recounts the
tragic irony of how the euro, which was supposed to bring Europe together, is
in fact driving it apart
With or without Britain,
where was the EU headed? Nowhere good, says Mervyn King, former governor of the
Bank of England.
Juncker says 'borders are the worst invention
ever' – BI
ITALY
& SUMMIT
Mission Impossible Looms for Renzi’s Italian
Growth Target – BB
Premier Renzi, euro area
face setback on slower pace * Make-or-break autumn referendum adds to
government challenge
Matteo Renzi: no early election after referendum – Politico
Europe Seeks Life After Brexit as Merkel Meets
Allies at Sea – BB
Merkel, Hollande, Renzi meet to discuss gameplan
– Reuters
Merkel Tells Renzi He Can’t Bend Euro Rules to
Boost Growth – BB
UNITED
KINGDOM
First official data
indicate little impact from EU vote * Investors pricing in less chance of a
November rate cut
A Cure for Brexit Paralysis – View
/ BB
Talks between Britain
and the EU should start quickly, then take as long as they need.
UNITED STATES
Fischer Signals 2016 Rate Hike With Economy
Nearing Fed Goals – BB
Fed vice chair talks
days before Yellen’s Jackson Hole address * Fischer sees economic growth
picking up in coming quarters
Dollar Weakness and Fed Expectations – Marc
Chandler
OTHER
Recent research finds
that traders looking at prices use parts of the brain associated with reading
other people.
The USD bounced from key
support last week. Bullish correction, but zooming out - replay of 2001? JPY
further to gain? What to expect from Jackson hole? If history is to guide...
Macro Monday: Boring Jackson's Hole so wait for
September – TF
There's not likely to be
anything positive from Janet Yellen's speech at Jackson Hole later this week -
but nothign negative either. She's keeping her cards close to her chest - or
just playing it safe. We'll see a lot more hawkish posturing from Fed post
September 2
Jan von Gerich: Bonds: Post-summer swing – Nordea
While it would be
clearly premature to conclude bond yields have bottomed for good, there is room
for yields to head higher in the coming month. Issuance will pick-up after the
summer and the Fed is set to become more vocal in trying to shift market
pricing. Further, the seemingly expensive valuations will make some profit taking
look tempting for investors returning from holidays at a time when inflation
data is showing at least some pick up in momentum.
Martin Enlund: Global: could Fed halt the dash
for trash? – Nordea
The Fed’s stance has
been instrumental in reflating global asset markets this year, but with the
cyclical outlook improving, tail risks receding and most "structural
lessons" learnt, the scope for further dovish shocks should be limited.
The difference between a grab for yield and a “dash for trash” is merely one of
degree, and the Fed should definitely not be seeking the latter...
‘Well-Timed’ OPEC Talk Forces Oil Bears Into
Record Reversal – BB
Speculators cut wagers
on falling WTI crude price by 26%: CFTC * OPEC could freeze output as big
members pump flat-out: Khelil
Deutsche Bank’s $10-Billion Scandal – The
New Yorker
How a scheme to help
Russians secretly funnel money offshore unravelled.
Matt Levine: Mirror Trades and Tax Tricks – View
/ BB
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Focus on Fed Chair Yellen at Jackson
Hole * Yields rise on oil prices and less dovish Fed speak * EURUSD key test
around 1.1350,
Morning Markets
– TF
Stanley Fischer's upbeat diagnosis
on the state of the US economy has caused investors to reassess their forecasts
for Fed rate action.
Daily Market Comment
– Marc
Chandler
Fischer Joins Dudley; Waiting for
Yellen
Daily Market Comment
– Macro Man
Down the hole?
Daily Press Summary
– Open
Europe
‘Big three’ EU leaders meet today to discuss
post-Brexit strategy * FT: Infrastructure spending down following vote to leave
the EU * YouGov: majority of people believe EU referendum result should be
respected and oppose a second referendum * Article 50 will not be triggered
before end of the year as IDS urges PM to start Brexit talks “as soon as
possible” * Juncker: Turkey must fulfil all requirements for visa-free travel *
Germany and Turkey attempt to soften tense diplomatic relations * Swedish PM
warns UK cutting corporate taxes could make Brexit negotiations “more difficult”
* UK house prices forecast to decline by 1% next year
Brussels Playbook
– Politico
EU3 summit — POLITICO 28 nominations
open — Brussels power couples
US Open – ZH
US Futures Fall, European Stocks
Rise As Stronger Dollar Sends Oil Lower
Frontrunning
– ZH
FX Update
– TF
A speech by US Federal Reserve vice
chairman Stanley Fischer strongly points to another Fed rate hike this year but
no specifics on timing. The US dollar was bid to start the week on this news
but wait for Yellen's speech this Friday at Jackson Hole Wyoming – the key
trigger for the next move in the greenback.
From the Floor –
TF
Fed vice chairman Stanley Fischer
has reignited rate-hike talk strengthening dollar and helping to take some of
the fire out of the ferocious yen rally.
FINNISH
Aamukatsaus – Nordea
Poliittiset
riskit latistavat euroalueen näkymiä * Tällä viikolla saadaan USA:n
teollisuuden ja palvelusektorin elokuun luottamusluvut (PMI) * Norjan
öljyinvestointisuunnitelmat julkaistaan keskiviikkona * Markkinat seuraavat
Fedin pääjohtaja Yellenin puhetta perjantaina
Soini: EU voi selviytyä, jos sovituista
asioista aletaan pitämään kiinni – Suomen
Uutiset
Yritysverotuksen
vaikutus rahoitus- ja investointikannusteisiin – VATT
VATT: Suomen
yritysverotus suosii velkaa – Viron mallissa hyvää ja huonoa – TalSa
Nyt meni kuppi
nurin –"mitta on täysi" – Helsingin uutiset
Kenen mitta on
täysi? – E2