W/E: Weekly Support (updated)
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EUROPE
Geopolitical Risks Cloud Future of Russian
Economy – IMF
Russia Article IV Consultation-Staff Report; Informational Annex; Press
Release – IMF
Russian Federation: Selected Issues – IMF
Uncertainties set to
hamper growth in the short to medium term * Capacity constraints continue to
weigh on economic growth * Lingering geopolitical uncertainties likely to
impact investment
A French Cure – Project
Syndicate
Jean Pisani-Ferry: France is widely regarded as a country that has
failed to embrace globalization or to modernize its economic and social model.
Can it map out a way forward and rebuild prosperity?
EUROPEAN
CENTRAL BANK
The ECB is not like the mythical "one
handed economist" – Money
Matters
ECB Preview: Message from June meeting on
repeat – Danske
Bank
Deflating euro zone inflation expectations – Reuters
With signs the fragile
euro zone recovery may already be faltering, the threat of deflation remains
real. The danger of course, as the Bank of Japan knows well, is that when
deflation sets in, it does so very gently. But once it does, it can take a
generation to escape.
Strong Spanish
manufacturing PMI in June – Danske
Bank
UNITED STATES
How bad policy is making the Great Recession’s
damage permanent – WaPo
The World’s Central Banker – Project
Syndicate
The Slow Down in
the House Price Indexes – Calculated
Risk
ISM Manufacturing
Drops, Misses By Most Since January – ZH
ISM Manufacturing
index declined slightly in June to 55.3 – Calculated
Risk
ISM Manufacturing
Weaker Than Expected – Bespoke
Construction Spending
increased slightly in May – Calculated
Risk
ASIA
5 Takeaways From the BOJ Tankan – WSJ
China: Manufacturing PMI in June improves for fourth month in a row – Danske
Bank
OTHER
Daily Macro – WSJ
The manufacturing
purchasing managers’ indexes for June were released Tuesday morning without any
clear message other than that the global economy is expanding, albeit at a
moderate pace. Within the individual reports, China is back to modest expansion while the U.K. is booming. Elsewhere, manufacturing is
contracting in Turkey, South Korea, Norway and France. The latest Bank of Japan tankan survey of
Japanese business came in weaker than expected as the negative impact of the
consumption tax increase in April continues to be felt. Perhaps that should be
unsurprising given the significant compression of real wages following the jump
in inflation caused by the tax increase.
Daily Central Banks – WSJ
Hilsenrath’s Take:
Economy at Midpoint Unnerving for Investors and Unsatisfying for Workers * Fed’s
Williams Upbeat on Growth, But Sees No Rush on Rates * Supreme Court Rejects
Appeal Over AIG Bailout * Australia’s Central Bank Keeps Interest Rates at Record
Low * Global Inflation Picked Up in May
Global Central Banking in 2014, A Second
Quarter Update for 24 Economies
– WSJ
Learned Macroeconomic Helplessness – Krugman
/ NYT
Is Euro-Yen Telling Us Something about
Dollar-Yen? – Marc
to Market
FINNISH
Irlanti
ei selviä veloistaan ilman yhteisvastuullistamista – pettävätkö euromaat
lupauksensa? – Tyhmyri
Luottokanta 92 miljardia euroa maaliskuun 2014
lopussa – Tilastokeskus