Follow ‘MoreLiver’ on Twitter
EUROPE
Philippe Legrain: The Eurozone’s German Problem – Project
Syndicate
It
cannot be Greece’s fault that the
eurozone economy as a whole – in which it plays a miniscule role – is faring
worse seven years after the start of the crisis than Europe did during the Great
Depression of the 1930s. In fact, the real problem in the eurozone is not Greece’s debt, but Germany’s beggar-thy-neighbor
policies.
Eurozone borrowing rises to record as recovery remains weak – FT
Draghi: No Mandate To Ensure Checks Clear, Credit Cards Work – nakedcapitalism
GREECE
Leonid
Bershidsky: Did Putin Sell Out Greece? – View
/ BB
Greek MPs
back crucial Tsipras reforms – FT
Tsipras
keeps lid on rebellion, passes vote – Reuters
Greece Approves EU Demands in Order to
Keep the Euro – BB
Grexit
Remains Most Likely Outcome For JPMorgan – ZH
George
Magnus: Grexit is still the most likely outcome – Prospect
OTHER
Monetary
Policies in Advanced Economies: Good for Them, Good for Others – IMF
Actions to
close output gaps in advanced economies will help other economies too * Emerging
markets more resilient than in the past to effects of dollar appreciation * Corporate
debt buildup in emerging markets bears watching
U.S. dollar
rise, interest rate gap pose spillover risks: IMF – Reuters
Oil
Warning: Crash Could Be Worst in More Than 45 Years – BB
There's
only one thing holding back a price rebound. It's a big thing.
Is The
Global Equity Bull Market Alive? – Short
Side of Long
Caterpillar
has some depressing news about the global economy – BI
REGULARS
Daily
Central Banks – WSJ
Leubsdorf’s
Take: Absence of Fed Dissents Doesn’t Mean Dissent is Absent * Shelby Aims to
Attach Fed Overhaul Bill to Spending Measure * ECB Raises Emergency Lending to
Greek Banks * New Zealand Cuts Key Interest Rate to 3%
Morning
MoneyBeat Asia – WSJ
Rotten
Apple Briefly Puts DJIA in Red for 2015
Morning
MoneyBeat Europe – WSJ
Greece Says
Yes in Fresh Austerity Vote
Price/Sales
Ratios Are Flashing Red
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Greece
takes another important step towards a 3rd bailout; bonds are in demand * USD
testing important levels * Bank of England edging closer to rate hikes, rates
ignoring BoE signals, more gains for GBP ahead
Morning
Markets – TF
Yesterday's
US oil storage report confirmed an inventory gain, sending WTI crude below the
$50/barrel mark for the first time since April. The fall in oil prices remains
a key component of the worldwide commodities rout that has sent resource
equities and currencies reeling.
Daily FX
Comment – Marc
Chandler
The US
dollar is under pressure today. There
are many small triggers but the news stream itself is relatively mild.
Daily
Shot – TF
Emerging
market currencies are taking a hammering at the hands of US rate expectations, dollar strength
and the very nasty commodities selloff.
Daily
Press Summary – Open
Europe
Greek
parliament passes reform package paving way for start of third bailout talks * German
legal experts conclude proposed road toll has little hope of getting EU
approval * Spanish unemployment falls to 2011 levels * Commission orders EDF to
pay €1.4bn due to illegal state aid * Portugal to hold general elections on 4
October
Brussels
Playbook – Politico
Sarkozy
climbs — Greece rocks the vote — Eurocrat in the Dragons’ Den
US Open – ZH
Futures
Drift Higher, Dollar Slides In Quiet Session
Frontrunning – ZH
FX
Update – TF
The NZD is
trading stronger, even after the RBNZ cut rates and delivered relatively dovish
guidance. Sterling remains a focus today on UK Retail Sales in an increasingly
quiet market.
From the
Floor – TF
The New
Zealand dollar has rallied despite the central bank cutting interest rates to
3% and flagging further easing.
FINNISH
Aamukatsaus – Nordea
Englannin keskuspankki seilaa ristiaallokossa | Kiinan
ostopäällikköindeksi nousee todennäköisesti yli 50 | Kreikka vei vaaditut
uudistukset läpi parlamentissaan