Follow ‘MoreLiver’ on Twitter
EUROPE
Spain's Political Deadlock Likely Leads to Third
Election – Marc
Chandler
Angela Merkel: Germany ignored refugee crisis
for too long – Politico
U.K. Cabinet Sees No Need for Parliament Vote on
Brexit Trigger – BB
May and her ministers
agree to ‘push ahead to Article 50’ * Cabinet meeting emphasizes immigration
controls over trade
ECB at risk of being overburdened: Villeroy – Reuters
The European Central
Bank must not be overburdened and others, particularly governments, need to
start playing their part to make growth sustainable, French central bank chief
Francois Villeroy de Galhau said on Wednesday.
Euro area inflation
frustratingly slow to rise – Pictet
Euro-area inflation – a
small downside surprise, also in the core rate – Nordea
OTHER
IMF, FSB and BIS publish
Elements of Effective Macroprudential Policies – IMF
IMF, FSB and BIS release a new publication on Elements of Effective
Macroprudential Policies. The document, which responds to a G20 request, takes
stock of the international experience since the financial crisis in developing
and implementing macroprudential policies and will be presented to the G20
Leaders’ Summit in Hangzhou.
Central banks scrambling
to contain global slowdown – TF
September is one of the busiest central bank months in recent history
with no less than 30 major meetings scheduled. In nearly all of them the main
thrust will be an attempt to deal with low growth low inflation and a
near-exhausted policy toolbox.
U.S. to urge G20 to
boost economies, heed citizen anger – Reuters
U.S. President Barack Obama will urge leaders of the world's major
economies to use fiscal policy and other tools to boost growth while paying
more attention to angry citizens who feel left behind, Treasury Secretary Jack
Lew said on Wednesday.
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
UK consumers shrug off Brexit vote;
USD consolidates rally; oil prices down * All eyes on Chinese PMIs tomorrow
morning * Slowing German inflation sends German yield lower * USD keeps
strengthening despite weaker US equities and falling oil
Morning Markets
– TF
Employment is today's focus with
data releases out from Germany and the US. The latter is of particular
importance as today's ADP data are viewed as a precursor to Friday's
all-important nonfarm payrolls release which could have a major impact on the
current USD rally.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Dollar Bides Times, Month-End at
Hand, Jobs Data Ahead
Daily Market Comment –
Macro
Man
Bringing back the Alternative
Universe Newswire
Daily Press Summary
– Open
Europe
Downing Street reiterates view that
no early election is needed as Cabinet meets to discuss Brexit * UK consumer
confidence rebounds as house price growth edges up * Irish government and Apple
expected to appeal EU Commission ruling on €13bn in unfair state aid * Rajoy
set to fail in bid to be voted in for second term as Spanish PM * France and UK
renew commitment to Calais border deal * US trade chief rejects claims EU-US
deal is dead * Number of EU nationals working in UK could be undercounted by up
to 900,000 * Macron resigns but holds fire on French presidency bid * New
YouGov poll: Corbyn on course to win stronger mandate in Labour leadership
contest * EU-Turkey deal to blame for increase in migrants, says Egypt
Brussels Playbook
– Politico
Tax pear-shaped for Apple —
Germany’s far-right tipping point
US Open – ZH
Futures Flat, Global Stocks Rise As
Treasury Yields See Biggest Monthly Jump In Over A Year
Frontrunning
– ZH
FX Update –
TF
The USD continues to grind higher
with the most pronounced upside seen in USDJPY and USDCHF despite sideways
developments in asset and bond markets. This might point to positioning
unwinding as further energy for these moves likely requires a catalyst – like
stronger-than-expected US data later this week.
From the Floor
– TF
Dollar strength may be on the back
of short covering but if the data really moves in its direction then the
tailwind could be big.
FINNISH
Aamukatsaus – Nordea
Viimeinenkin
puolustuslinja rakoilee * USA:n kuluttajien luottamus nousi vastoin odotuksia *
Britannian kuluttajien luottamus teki korjausliikkeen * Tänään julkaistaan
euroalueen elokuun inflaatio
Jan von Gerich: Blogi: Viimeinenkin
puolustuslinja rakoilee – Nordea
Keskuspankit
ovat olleet lähes ainoa tukipilari talouksille ja rahoitusmarkkinoille, kun
korkeat velkatasot ja poliittisen päätöksentekokyvyn puute rajoittavat
talouskasvua edistävää finanssi- ja rakennepolitiikkaa. Riippuvuus
keskuspankkien tukitoimille on kasvanut jo huolestuttaviin mittaluokkiin.
Edessä olevat vieroitusoireet tulevat väistämättä olemaan huomattavat.
Jan Hurri: Nobelisti listasi 7
välttämätöntä korjausta euron pelastamiseksi – TalSa
Eurokriisi
jatkuu niin kauan kuin kriisin syitä ei korjata. Talousnobelisti Joseph
Stiglitz väittää, että kriisi on euron syytä. Hän patistaa euromaita valintaan:
euro on joko korjattava tai purettava tai se hajoaa.