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EUROPE
Kevin O'Rourke: Moving on From the Euro – Project
Syndicate
It
has been obvious for some years that the “actually existing EMU” has been a
costly failure, not just economically but politically. And yet most economists,
even those who were never keen on Europe’s monetary union in the
first place, have been reluctant to make the argument that the time has come to
abandon a failed experiment.
Paul Krugman: Annoying Euro Apologetics – NYT
Radical
politicians in France hope to reproduce the Greek prime minister's success in a
2017 presidential race.
Bill Emmott: Europe’s confused attitude to German leadership – FT
Eurozone
is happy to back Berlin when it is wrong and resist it when it is right
David Marsh: Rift between France and Germany can’t be covered – MarketWatch
As
France weakens, Germany looks to new allies in the East
Awkward Alliance Running Germany Exposed by Greek Crisis – BB
Merkel
is holding fast to the view that the 19-member currency union must stay intact.
Schaeuble has pushed back, dangling the threat of expulsion to what he
considered an untrustworthy government.
How Does Euro Membership Help Germany? – WSJ
The
relative weakness of the euro versus a hypothetical Deutschmark is an advantage
for Germany…Switzerland offers a glimpse of what German life might be like on
its own.
Max McKegg: ECB’s QE commitment requires a grain of salt – TF
The
ECB's commitment to 'fully implementing' its quantitative easing program has a
number of qualifications and get-out clauses. Developments in the oil market
play a large part in determining what the ECB will do with the program. If the
oil price settles down, then interest rate differentials will return to centre
stage, keeping EURUSD under pressure.
BOE Minutes Show Rate Rise Debate Intensifying – WSJ
GREECE
David
Ignatius: Let Greece leave the eurozone – WaPo
Bailout
vote test for Tsipras – Reuters
Key
dates in Greece's funding talks with the euro zone – Reuters
Greece
Special – Real-time updated – Bloomberg Brief
Vote
preview: Tsipras Fights To Keep Bailout Alive Amid Party Rebellion – ZH
Vote
Anxiety Sparks Safety Bid In Bonds & Dollar – ZH
Greece
is more useful to Russia inside the EU than out – FT
The Syriza
"Endgame" According To Deutsche Bank – ZH
Dan
Davies: 2010, Relitigating the Greek bailout (Part 1) - Medium
REGULARS
Daily
Central Banks – WSJ
Douglas’s Take: BOE’s Debate on Liftoff
Heats Up * Senate Panel Chief Shelby in No Rush on Fed Nominees * House
Republican Proposes Fed Policy Rule * Volcker Bank-Risk Rule Set to Start With
Little Fanfare * Australia Central Bank Open to Rate Cuts, Mindful of Risks
Morning
MoneyBeat Asia – WSJ
U.S. Stocks
Slapped Back as IBM Falters
Morning
MoneyBeat Europe – WSJ
Tech Takes
a Bite Out of Sentiment
Morning
MoneyBeat US – WSJ
Thank the
Large Caps for Leading the Charge
Euro
rates update – Nordea
Eye-Opener – Nordea
EUR/USD and
Bund yields find support: Core European yields rise, EUR/USD bounces from key
support * Commodities under pressure * BoE minutes and US existing home sales
today
Morning
Markets – TF
US tech
giants Microsoft, Apple and Yahoo all disappointed overnight to send Asian
equities into a bit of a slump, but it has been a better start to the day for
gold and the euro which have both been able to exploit dollar weakness.
Daily FX
Comment – Marc Chandler
The
relatively light news stream continues to facilitate corrective action in the
capital markets.
Daily
Shot – TF
In the US
there is a lack of consumer confidence that is translating into softer retail
sales. The savings made from lower gasoline prices have not translated into
significant increases in spending elsewhere.
Daily
Press Summary – Open
Europe
Hammond: EU
reforms must be “nailed down” and not subject to “roll-back” in the future * MPs
“unconvinced” by Government’s arguments to suspend purdah for EU referendum * Tsipras
hits out at party critics ahead of crucial parliament vote * Handelsblatt: Is
Juncker’s €315bn investment fund at risk of becoming a pipe-dream? * New poll
gives Jeremy Corbyn 17-point lead in Labour leadership race * Juncker:
Europeans don’t like Europe
Brussels
Playbook – Politico
Another
Greek deadline — The French Tsipras? — Eurocrats: Give us work
US Open – ZH
Apple,
Microsoft Plunge Drags Global Markets Lower, Oil Resumes Slide
Frontrunning – ZH
FX
Update – TF
The USD
traded suddenly weaker yesterday, easily shaking out the weaker longs, a move
perhaps inspired by weak risk appetite. The move has us already trading close
to the important 1.100 level in EURUSD.
From the
Floor – TF
The USD
traded suddenly weaker yesterday, easily shaking out the weaker longs, a move
perhaps inspired by weak risk appetite. The move has us already trading close
to the important 1.100 level in EURUSD.
FINNISH
Aamukatsaus – Nordea
Kreikka-neuvottelut starttaavat ristiriitojen keskellä |
Englannin keskuspankin kokouksen pöytäkirja julkaistaan | USA:sta saadaan
tietoa vanhojen asuntojen myynnistä
Risto Pennanen: Ideologiat sotkevat Kreikka-ratkaisua
– TalSa
Ideologia on talousajattelua huonompi perusta
Kreikka-kriisin ratkaisuun, mutta silti ideologia ohjaa keskustelua taloutta
enemmän.