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Thursday, August 29

29th Aug - US Open

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Roundups & Commentary
Frontrunning – ZH
Overnight: Futures Broadly Unchanged On Ongoing Macro Uncertainty – ZH
The Lunch Wrap – alphaville / FT
EU daily news – Europa
Daily press summary – Open Europe
Morning MoneyBeat: Rebound Feels Like a ‘Dead-Cat Bounce’ – WSJ
Morning Bond Update: Focus on stronger Turkish lira and TRY bonds– TradingFloor
The Dollar Rides High against Majors, while Emerging Markets Recover – Marc to Market

German elections: New momentum on EU issuesDanske Bank (pdf)
Both the current coalitions and a possible broad CDU-SPD coalition are pro euro. Euro-sceptic Alternative für Deutschland has only a round 3% of the votes in the polls. Nevertheless, the elections are important, because sensitive European issues have de facto been paused in order not to upset the German voters. Thus, we expect progress on issues from the Banking Union to Greek debt forgiveness to gain renewed momentum after the elections, no matter who wins.

Schäuble's Honesty: Transparency Poses Risks in Euro CrisisSpiegel
German Finance Minister Wolfgang Schäuble has raised the possibility of a third bailout for Greece. Now many are calling for leaders to lay out all they know about the euro crisis. But total transparency carries serious risks.

Bitter Euro Truths: Crisis Could Damage Merkel's CampaignSpiegel
Chancellor Angela Merkel has been forced to concede that Greece will require additional aid -- an admission that has dented her reputation as a crisis manager ahead of the election. But she still hasn't revealed the true scope of the costs facing Germany.

Germany at Risk as Emerging Markets Suffer WSJ
The crisis hitting these countries will almost certainly see a collapse in their current account deficits and quite possibly drive them to substantial surpluses of their own, much as the Asian crisis of 1997 did. That is unlikely to be good news for Germany’s exporters.

The sustainability of the single currency: Different rates and different fatesFree exchange / The Economist
The authors point out that America took a long time to develop its economic structure. The euro zone has only been around for a few years. But time is not on the euro’s side, and there seems little political will to take the American way.

Yves Mersch: The single market and banking unionECB

An Italian bullet dodged, but more in the chamberMacroScope / Reuters
Italy must still meet targets after scrapping property tax, says RehnReuters

EU's Rehn says lenders to step up assessment of Greece next monthReuters

Swedish retail sales – a temporary set-back – Nordea
German unemployment in surprise jump – TradingFloor
German Unemployment Unexpectedly Gains in Summer Lull – BB
Spain Recession Eases as Exports Pave Way for Recovery – BB

Summers Schooled by Rates at Harvard Now Wants Job Setting ThemBB

Highlights from the Second-Quarter GDP Revisions – WSJ
Economy in U.S. Expanded More Than Forecast in Second Quarter – BB
Q2 GDP Revised up to 2.5%, Weekly Unemployment Claims decline to 331k – Calculated Risk
U.S. GDP accelerates sharply in second quarter – Reuters
Initial Claims Drop Following Last Week's California Surge – ZH
Weekly Jobless Claims Down Slightly, But Four-Week Average Nudges Up – dshort
Jobless Claims in U.S. Fell More Than Forecast Last Week – BB
Jobless claims data points to pickup in job gains in August – Reuters

Economist Jayati Ghosh India's Woes Foretell 'Chaos and Violence'Spiegel

Will Raghuram Rajan Do a Volcker?WSJ
It may fall upon the new central bank chief, who takes over as RBI governor on Sept 5, to hike rates to defend the rupee and curb inflation, a move reminiscent of the U.S. Federal Reserve’s rescue efforts in the 1980s.

Capital Flight: Currencies Plunge Rapidly in Asian EconomiesSpiegel
As the credit glut in the US nears an end, the currencies of developing countries like India, Thailand and Indonesia are plummeting. Now there are fears that a redux of the 1997 market crash is on the horizon.

Abenomics for AsiaProject Syndicate
For two decades, as one Asian economy after another boomed, Japan’s economy remained virtually stagnant. Now, with Asia’s two giants, China and India, slowing down – and perhaps impeding economic performance in much of the rest of AsiaJapan is recording its strongest growth since the 1980’s.

Why Emerging Market FX Has Further To FallZH

BOJ policymaker warns emerging markets may see more outflowsReuters

Emerging market rout is too big for the Fed to ignoreThe Telegraph
The US Federal Reserve has told Asia, Latin America, Africa and Eastern Europe to drop dead.

What happens next in oil marketsTradingFloor

Where Syria Fits in the World’s Oil Supply SystemWSJ

EMEA Weekly: Week 36Danske Bank (pdf)

Suomesta tulossa rikkaan Ruotsin köyhä naapuriYLE
Ruotsi menee taloudellisesti aivan eri latuja kuin Suomi. Suomalaisten ja ruotsalaisten elintasoero on repeämässä yhtä suureksi kuin se oli 1970-luvulla. Pellervon taloustutkimus teki hämmästyttävän laskeman Euroopan komission keräämien tietojen perusteella.

Eläkeiästä ja työttömyydestäValtteri Aaltonen / US Puheenvuoro

Miksi euro - puolustuksen puheenvuoroJuhani Huopainen / US Puheenvuoro

Valtio on huolissaan vääristä asioistaHenri Myllyniemi / US Puheenvuoro

Hallitus aikoo määrätä Helsingin seudulle metropolihallinnonHS
Helsingin seudulle on tulossa kuntien yli valtaa käyttävä metropolihallinto. Päätös metropolihallinnosta on HS:n tietojen mukaan osa hallituksen uudistuspakettia, jonka on määrä valmistua torstaina.

KKK-lääkettä talouteen: Turha sääntely ja byrokratia pois, verot kilpailukykyisiksiVerkkouutiset
Keskuskauppakamarin toimitusjohtaja Risto E. J. Penttilän mielestä Suomesta on tehtävä yritysvastuullinen yhteiskunta.

(23.8.2013) Tässä oikea kauhuskenaario: 135 miljardin eläkevaroista hukataan 100 miljardia 20 vuodessaTE

Ansiosidonnaiseen työttömyysturvaan tulossa muutoksiaVerkkouutiset