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
EUROPE
German elections: New momentum on EU issues – Danske
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 Crisis – Spiegel
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 Campaign – Spiegel
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.
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 fates – Free
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
union – ECB
An Italian bullet dodged, but more in the
chamber – MacroScope
/ Reuters
Italy must still meet targets after scrapping
property tax, says Rehn – Reuters
EU's Rehn says lenders to step up assessment of
Greece next month – Reuters
Swedish retail sales –
a temporary set-back – Nordea
German unemployment in
surprise jump – TradingFloor
German Unemployment
Unexpectedly Gains in Summer Lull – BB
UNITED STATES
Summers Schooled by Rates at Harvard Now Wants
Job Setting Them – BB
Highlights from the
Second-Quarter GDP Revisions – WSJ
Q2 GDP Revised up to
2.5%, Weekly Unemployment Claims decline to 331k – Calculated
Risk
U.S. GDP accelerates
sharply in second quarter – Reuters
Weekly Jobless Claims
Down Slightly, But Four-Week Average Nudges Up – dshort
Jobless claims data
points to pickup in job gains in August – Reuters
ASIA
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 Economies – Spiegel
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.
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 Asia – Japan is recording its strongest growth since the
1980’s.
OTHER
Why Emerging Market FX Has Further To Fall – ZH
BOJ policymaker warns
emerging markets may see more outflows – Reuters
Emerging market rout
is too big for the Fed to ignore – The
Telegraph
The US Federal Reserve has told Asia, Latin America, Africa and Eastern
Europe to drop dead.
What happens next in
oil markets – TradingFloor
Where Syria Fits in
the World’s Oil Supply System – WSJ
EMEA Weekly: Week 36 – Danske
Bank (pdf)
FINNISH
Suomesta tulossa rikkaan Ruotsin köyhä
naapuri – YLE
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 työttömyydestä – Valtteri
Aaltonen / US Puheenvuoro
Miksi euro - puolustuksen puheenvuoro – Juhani
Huopainen / US Puheenvuoro
Valtio on huolissaan vääristä asioista – Henri
Myllyniemi / US Puheenvuoro
Hallitus aikoo määrätä Helsingin seudulle
metropolihallinnon –
HS
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 kilpailukykyisiksi – Verkkouutiset
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 vuodessa – TE
Ansiosidonnaiseen työttömyysturvaan tulossa
muutoksia – Verkkouutiset