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EUROPE
Membership
in the Euro area and fiscal sustainability – NBP
In the
peripheral countries where sovereign bond yields decreased sharply in the years
1996-2007, fiscal stance ceased to respond to sovereign debt accumulation.
Finnish
parliamentary polls point to a new government – Danske
Bank
GREECE
Wolfgang
Schäuble dashes hope of Greek bailout deal – FT
IMF knocks
Greek debt rescheduling hopes – FT
Greek Bonds
Tumble On News IMF Rejected Greek Request To Delay Payment – ZH
EUROPEAN CENTRAL BANK
Results of
the Q2 2015 ECB Survey of Professional Forecasters – ECB
Mohamed A. El-Erian:
Understanding Draghi – View
/ BB
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Yellen and Bernanke Go Separate Ways on Exit Strategy * Bullard: Now May
Be Good Time to Start Raising Rates * Bernanke: Fed May Want to Abandon Fed
Funds Rate * ECB’s Mario Draghi Says Stimulus Is Working * Keeping Yuan Stable
Hits China’s Currency Reserves
Daily
Macro – WSJ
Grexit is
back in the headlines. The Greek government reportedly asked how the IMF might
receive a request for a loan repayment. The response was apparently not
encouraging, sending Greek bond yields soaring. If the country runs out of
money, default, capital controls and quite probably a withdrawal from the
eurozone would follow.
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Next stop
zero on 10Y bund yield? * EUR/USD up on positive Draghi * EUR money market
rates look too low
Daily FX
Comment – Marc to
Market
Macros and
the Dollar
Daily
Shot – TF
The latest
news from oil markets seems to indicate that inventory growth is stabilising
and production is flat – hence the surge in WTI futures. Meanwhile, the Russian
recovery remains in effect with bond yields dropping to 2015 lows.
US Open – ZH
With
Futures On The Verge Of A Major Breakout, Greece Drags Them Back Down; German 10Y
Under 0.1%
From the
Floor – TF
WTI crude
rose to a new 2015 high of over $56/barrel yesterday. But the market may be
getting ahead of itself in terms of a shift in oil fundamentals, and a
deceleration in the slowdown in US shale oil production is increasing
the risks of a 'W'-shaped as opposed to a 'V'-shaped recovery.
Martin
Sandbu’s Free Lunch
– FT
Words of
wisdom: Those who learn from mistakes have the best advice for the future
OTHER
Ben
Bernanke: Monetary policy in the future – Brookings
Diversity
among Advanced Economies in Rebounding from Crisis – PIIE
IMF / WORLD BANK MEETINGS
[video] IMF
2015 Fiscal Monitor – IMF
[video] IMF
2015 Fiscal Monitor – IMF
Transcript
of the Fiscal Monitor Press Briefing – IMF
[video] Press
Briefing: Global Financial Stability Report – IMF
WSJ/IMF
Panel Discussion: The Elusive Pursuit of Inflation – WSJ
‘Super
taper tantrum’ ahead, warns IMF – FT
The Fed’s
first interest rate rise risks triggering a jolt to bond markets that could
surpass the turmoil the central bank inadvertently set off in 2013
IMF
tells regulators to brace for global 'liquidity shock' – The
Telegraph
Financial
engineering that preceded the last two financial crises is back, IMF warns
FINNISH
Aamukatsaus – Nordea
Yllätyksetön EKP |
Iran-sopimuksen epävarmuus kasvoi | Fedin avomarkkinakomitean jäsenet äänessä
täänään
Roger Wessman: Elvytys heikentänyt vientiä? – Marketnoze