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EUROPE
These Are the Red
Lines Europe Won't Cross in Brexit Talks – BB
Survey
shows host of competing demands facing May’s government * Open Europe sees U.K.
deal as compromise of national interests
Philippe Legrain: Three Paths to European
Disintegration – Project
Syndicate
The post-Brexit turmoil
appears to have boosted support for mainstream politicians and the EU. But this
sentiment is likely to fade as the Brexit fallout begins to sap eurozone
economic performance and further polarizes politics in the member states.
The Big Idea That Won’t Fix Europe's Banks – View
/ BB
So
if a banking union is a non-starter, what will happen? Individual governments
will probably have to take on the burden of propping up banks, with
repercussions for state finances.
UNITED STATES
The U.S. Economy Is
Suffering From the Same Old Problem – BB
Strong payroll growth and sluggish productivity are a tough mix
for monetary policymakers.
Ben Bernanke: The Fed’s shifting perspective on
the economy and its implications for monetary policy – Brookings
[Fed sees] current
policy as less accommodative, the labor market as less tight, and inflationary
pressures as more limited. Moreover,
there may be a greater possibility that running the economy a bit “hot” will
lead to better productivity performance over time. The implications of these
changes for policy are generally dovish, helping to explain the downward shifts
in recent years in the Fed’s anticipated trajectory of rates.
OTHER
How to Read Financial News: Tips from Portfolio
Managers – CFA
Institute
REGULARS
Eye-Opener – Nordea
Resilient UK consumer,
higher oil prices, eyes on US price pressures * More data on underlying US
price pressures out today * Intra-Euro-area bond spreads narrow on a calm day *
GBP still under pressure
Morning Markets – TF
Finally there's cause
for optimism about oil with Opec planning to meet late next month. The news
that the cartel will hold unscheduled talks has revived hopes of a deal on
crude output. Meanwhile CPI and PPI data released from China has added support
to the view that Asia's top economy is heading for sluggish growth at best.
Daily Market Comment – Marc
Chandler
Sterling Slips to a
Four-Week Low
Daily Press Summary – Open
Europe
Dutch PM says it must
not be “business as usual” in EU post-Brexit, as he talks up links with UK * Bloomberg
analysis reveals other EU members states’ “complex patchwork of priorities”
ahead of Brexit talks * UK consumer spending jumps in July in spite of Brexit
vote, but commercial property struggles * EU-Turkey migrant deal looks
increasingly at risk as Erdoğan accuses EU of being insincere * Hollande
suggests he will quit politics if he loses the 2017 presidential election * Corbyn’s
leadership prospects boosted by High Court ruling * New poll suggests not even
a third election would break political gridlock in Spain
Brussels Playbook – Politico
Bromance rekindled —
Corbyn digs in — Renzi’s deadline
US Open – ZH
Futures Flat; Global
Stocks, Bonds Rise As Sterling Slides For Fifth Day
Frontrunning – ZH
From the Floor – TF
Russia and Opec may be
congratulating themselves for talking up oil but its a well-known trick and has
what is for now a perrmanent barrier at the $50/b area.
FINNISH
Aamukatsaus
– Nordea
Norsu
paljastaa: suomalaiset ovat globalisaation voittajia * Saksan
teollisuustuotanto kasvoi odotusten mukaisesti * Punta jatkoi heikkenemistään
markkinoiden ennakoidessa BoE:lta lisäkevennyksiä * USA:sta saadaan toisen
neljänneksen tuottavuus ja yksikkötyökustannukset