Previously:
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EUROPE
How to fix the Euro – Steve
Waldman
What doesn’t kill the EU makes it stronger: 2015 edition – Zurich
Capital
It’s deep
in debt but has manufacturing and prudent banks
Beppe
Grillo calls for nationalisation of Italian banks and exit from euro – The
Guardian
The
German Trade Surplus Is Not A Problem For The Eurozone – Forbes
Peggers
and floaters – the story of five Nordic countries – Lars
Christensen
Paul
Krugman: The Essential Obstfeld – NYT
Milton Friedman expresses his sympathy for Syriza supporters and his
dislike of the “gnomes in Brussels” – Lars
Christensen
GREECE
Dan Davies:
2010 and all that — Relitigating the Greek bailout 2 – Medium
UNITED STATES
Goldman
FOMC Preview – Bill
McBride
New Home
Sales Plunge Most Since 2014 – ZH
New home
sales at seven-month low; manufacturing stabilizes – Reuters
US new home
sales drop in June: reaction – FT
Fed "Accidentally"
Released Dovish Confidential Market-Moving Forecasts – ZH
Fed
Economic Forecasts Released Early – WSJ
OTHER
Given risk,
raising interest rates might simply be too dangerous.
FX
forecast update: tumbling down commodity currencies – Nordea
Unexpected
weakness in China and another leg down in commodity
prices has hurt the commodity FX. We adjust lower our forecasts, expecting
headwinds short term, but hoping for a better end of the yea
Metals
hit multi-year lows on global growth concerns, dollar rises – Reuters
Research
Bulletin 22 – ECB
Financial
instability in macroeconomics: a set of new structural models * The financial
and macroeconomic effects of OMT announcements * The impact of financial
transaction taxes: new evidence * ECB Workshop on non-standard monetary policy
measures * Conference on the optimal size of the financial sector * Recent
journal publications by ECB staff
International
banking statistics at end-March 2015 – BIS
Global
cross-border claims of BIS reporting banks continued to expand in Q1 by $755 billion…Euro-denominated
cross-border claims and lending to the euro area surged, Greece was a notable exception.
JULY PURCHASING MANAGER INDICES
Japan PMI
rises as domestic orders increase – Reuters
China: lower PMI starts Q3 with uncertainty
– Nordea
Weak China
PMI throws cold water on signs of recovery – Danske
Bank
China activity falls to 15-mth low – Reuters
German
Manufacturing Growth Slowed in July as Exports Decline – BB
EZ PMI
slightly down but still close to four-year high – Nordea
Europe’s Economy Holds Up as Greek Crisis
Dents Confidence – BB
EZ business
growth wanes at start of second half: PMI – Reuters
EZ PMI Suggest
Modest Recovery Continued – WSJ
REGULARS
Daily
Central Banks – WSJ
Hannon’s
Take: Economists No Longer So Negative on Negative Rates * Bundesbank’s
Weidmann Voices Concern Over Bailout Fund * BOE’s McCafferty: Don’t Wait Too
Long * Mexico Meets its Elusive Inflation Target * South
Africa Raises Interest Rates
Morning
MoneyBeat Asia – WSJ
U.S. Stocks Hit the Roof, Again
Morning
MoneyBeat Europe – WSJ
Weaker Data
Keeps Markets Subdued
Don’t
Expect Much From Revenues This Season
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
AUD tumbles
on China manufacturing miss * Euro-area PMIs seen
slightly higher * Rates retreat on “risk off”
Morning
Markets – TF
WTI's held
steady for the last three months but Wednesday's inventory surprise seems to
have tipped it towards the abyss. With the foothills of $50/barrel now
disappearing over the horizon, how low can it go?
Daily FX
Comment – Marc
Chandler
Contrasting
Data Lifts Greenback
Daily
Shot – TF
China's manufacturing PMI has come in
well short of expectations, adding to widespread fear of a slowdown and hitting
industrial metals and the AUD hard.
Daily
Press Summary – Open
Europe
Obama: UK’s
EU membership important to maintaining strength of transatlantic union * Cameron:
UK exporters need to look to new markets outside Europe * Third bailout
negotiations set to begin in Athens amid rumours of SYRIZA split * Senior CDU
MP steps down as Bundestag’s Home Affairs committee chair in protest over third
Greek bailout * Beppe Grillo: Italy needs Plan B to leave the euro
US Open – ZH
Commodity
Clobbering Continues As Amazon Lifts Futures
Frontrunning – ZH
FX
Update – TF
The AUDUSD
pushed to new six-year lows overnight on a weak China manufacturing PMI, while
USD remains firm, though the euro was firm as well, and EURGBP is risking a
major reversal of the downtrend if it closes higher today.
From the
Floor – TF
Early
European trading this morning is all about handling the aftermath of a bunch of
new records across several asset classes that were logged during the Asian
session. Unfortunately, the records are mostly downside.
FINNISH
Aamukatsaus – Nordea
Jälleen uusi Kiina-pettymys | Ruotsin työttömyysaste odotettua
alhaisempi | Euroalueen ostopäällikköindeksit julkaistaan tänään
Tehdäänkö Suomessa todellakin liian vähän töitä? – Nordea
Sami Metelinen: Tämä olisi Kreikan euroeron hyvä
skenaario – "huonoa emme uskaltaneet kuvitella" – Verkkouutiset
Vähittäiskaupan pikaennakko: kesäk +0,3% YoY– Tilastokeskus
Teollisuuden tuottajahinnat kesäk. -1,2% YoY – Tilastokeskus
Palvelujen tuottajahinnat Q2 ennallaan YoY – Tilastokeskus