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EUROPE
A
Euro Visionary at the IMF – View/BB
Maurice
Obstfeld, who's just been appointed chief economist for the IMF, has followed
the common European currency project for decades -- since it was a relatively
loose association -- and warned early on about the problems the euro faces
today. Perhaps if European politicians listen to him now, they will argue less
about how to make the currency union work.
This is what economists don’t understand about the euro crisis – or the
U.S. dollar – WaPo
Criticizing
the euro because it doesn’t meet the ideal economic conditions for a single
currency is missing the point. The same is true of every project to create a
common political system.
Influential
figures including Ben Bernanke have called on Germany to start pulling its
weight to end the eurozone's dysfunction. The only alternative is a German exit
from the euro
Tim Worstall: European Elites Don't Understand The Damage That Is The
Euro – Forbes
Tim Worstall: Euro Delenda Est – Forbes
GREECE
Greece's Euro Exit Back on the
Agenda Next Year, Economists Say – BB
Slovak
PM Fico: we will ask for Greek exit if conditions not met – Reuters
Greece Needs A €130 Billion
Debt Haircut: Citi – ZH
Tsipras
Asked Putin For $10 Billion To "Print Drachmas", Media Reports – ZH
OTHER
The
Dollar Is Getting Hammered – ZH
REGULARS
Daily
Central Banks – WSJ
Blackstone’s
Take: ECB Gets Cash, and Lessons, from Defunct Bond Plan * Obama to Nominate
Dominguez to Fed Board * Fed Lifts Capital Requirements for Banks * Investors
Flee Commodities * As Markets Swing, Beijing Steadies Yuan
Morning
MoneyBeat Asia – WSJ
U.S. Stocks Little Moved; Gold Much
Moved
Morning
MoneyBeat Europe – WSJ
Markets
Drift as Investors Take Gains
Groundhog
Day for U.S. Stocks
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
The next
Greek deadlines and stumbling blocks * Fed hints at lift-off in September * FX
volatility drops off
Morning
Markets – TF
After
yesterday's 'flash crash' took gold down 4.2%, or about $50, in a matter of
seconds late Sunday night to its lowest level since March, it's a quieter day
for analysts.
Daily FX
Comment – Marc
Chandler
The light
news stream has spurred some position squaring by short-term momentum traders.
Daily
Shot – TF
The selloff
in commodities just keeps on gathering pace with sugar and oil both barely
treading water after gold's spectacular lunge towards the abyss on Monday.
Daily
Press Summary – Open
Europe
EU member
states fall short of refugee relocation target * New report finds Central and
Eastern European EU migrants more likely to be employed but also more likely to
be claiming benefits than UK natives * Greece gains breathing space as banks
reopen * Johnson: Single Market is key aspect of Britain’s engagement with the
EU * EU considers imposing sanctions on opponents of peace process in Libya * ECJ
asked to rule on nature of Uber
Missed
migration target — Lessons from Greece crisis — Troika trick
US Open – ZH
Commodity
Rout Halted On Dollar Weakness, Equities Unchanged
Frontrunning – ZH
FX
Update – TF
The USD
remains near the top of the heap of major currencies at the moment, though
trading is quiet and US event risks are entirely absent today. After
uninspiring Reserve Bank of Australia minutes, AUD is in the crosshairs
tonight with the latest CPI release and a speech by the central bank's
governor, Glenn Stevens.
From the
Floor – TF
With July
well underway and August just over the horizon, markets worldwide are
meandering through their traditional summertime lull, characterised by low
liquidity, scant activity and a marked absence of triggers which could be used
as directional cues. The sleepy mood today is intensified by an almost bare
economic indicator calendar with only tonight's API weekly estimate of US crude
oil stocks at 20:30 GMT worth keeping an eye out for.
FINNISH
Aamukatsaus – Nordea
Fed pitää kehittyvien talouksien valuutat matalapaineessa |
Suomen työttömyysaste julkaistaan tänään | Kreikka maksoi odotetusti takaisin
velkansa EKP:lle ja IMF:lle