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EUROPE
Q&A: The fight over Jean-Claude Juncker and
why it matters – FT
David Cameron’s increasingly strong opposition
to Jean-Claude Juncker runs the risk of alienating Angela Merkel – Europp
/ LSE
Italy will use its presidency of the European Union to push for a
"United States of Europe," the prime minister has said
ECB publishes final results of Macro-prudential
Research Network – ECB
The ECB and Macro-prudential policy: from
research to implementation – ECB
Speech by Vítor
Constâncio, Vice-President of the ECB, at the Third Conference of the Macroprudential
Research Network, Frankfurt-am-Main, 23 June 2014
UNITED STATES
Inflation Hysteria – Tim
Duy’s Fed Watch
Betting against the FOMC could end badly – Sober
Look
Existing Home Sales
Dropping 7th Month In A Row – ZH
Existing Home Sales in
May: 4.89 mio, Inventory up 6.0% Y-oY – Calculated
Risk
U.S. housing regaining footing as supply improves – Reuters
Chicago Fed: "Economic growth picked up in
May" – Calculated
Risk
ASIA
BOJ Kuroda Pre-Emptively Plays Down Inflation
Speed Bump – WSJ
BOJ Kuroda calls for bolder reforms to meet G20
commitment – Reuters
The governor of the
Bank of Japan called for bolder efforts to raise the economy's potential as
part of a G20 drive to boost long-term global growth, keeping up pressure on
the prime minister to lay out a credible growth strategy.
JUNE MARKIT PMI
China
Beige Book, HSBC Manufacturing PMI Paint Diametrically Opposing Pictures Of China's
Economy – ZH
Over the last two
years, the Chinese economy has been marked by government-led swings with
underperformance in the beginning of the year and temporary upturn in the
middle of the year. This year is no different. Thanks to the mini stimulus, the
economy is currently in a temporary upturn, which will last six months at most.
Euro PMIs weaker than expected, but details in
the service sector improving –
Danske
Bank
German PMI manufacturing
in line with expectations, service PMI weaker than expected. French PMIs weaker
than expected
Euro-Area Survey Shows Weakening as French Woes
Worsen – BB
Euro area: PMIs end Q2 on a weak note – Nordea
Weak numbers from France, signs of slowdown in Germany. Welcome to the summer lull.
Great Graphic: Euro Area PMI, GDP and Prices – Marc
to Market
The June purchasing
manager indices show a subtle, but important change of heart. Japan's and China's numbers turned positive, which is critical
for the rest of the world economy. While France disappointed again, that is not news. Germany's service sector giving away the May gains is
of little importance. The fact that Europe is
dependent on Asia's growth makes Europe's outlook further down the road more positive
than today's numbers would suggest.
US Manufacturing PMI Surges To Highest Since
May 2010 – ZH
Global manufacturing
activity appeared to accelerate in June, buoyed by a return to growth in China and Japan and the fastest expansion in the U.S. factory sector in more than four years.
OTHER
Daily Macro – WSJ
The world will be
heartened by news that a key gauge of Chinese growth returned to the black. But
investors should be careful what they wish for.
Daily Central Banks – WSJ
Hilsenrath’s Take: Fed
Could Face Tougher Inflation Questions In Days Ahead * Citigroup Fights to
Recover From ‘Stress Test’ Failure * IMF Girds for Market Storms Ahead * ECB
Says Fixing the Fix Won’t Fix FX * Mexican Central Bank Divided Over Rate Cut
US Dollar Heavy, Euro Heavier – Marc
to Market
European Euro Bulls vs Bear – Short Side
of Long
FX Update: USD trying to form new base this
week – TradingFloor
New Financial Forecasts – Nordea
Summary here.
Rates: Up, up and away? – Nordea
Many core rates are
now at all-time lows and with the recent ECB measures in mind, the course looks
set for low for longer. However, there are triggers that can address this: Here
we look into those, and cement the point that given the depressed state of e.g.
inflation, no revolution is needed in terms of upside surprises for nominal rates
to correct higher.
FINNISH
Demokratia
ja markkinatalous eivät ole sama asia – Tyhmyri
Länsimaisen demokratian uusi haste
Tase ja
tulos – Osmo
Soininvaara