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EUROPE
Euro area: Inflation implications of the lower oil price – Danske
Bank
GREECE
Pieter
Cleppe: Why Grexit is the most likely outcome – ELN
Jacob
Kirkegaard: Who is Alexis Tsipras? – PIIE
Nick
Rowe: It's the (absence of) trust, Simon – Worthwhile
Greek
banks face closures, bailout or not – sources – Reuters
Greece Shuts Markets Through
July 13 – BB
Greeks
need geeks for a brave new eDrachma – TF
Greece's Balkan future? – TF
Why
leaving the euro could be a nightmare for the Greeks – WaPo
Feasible
Primary Fiscal Surpluses: Lessons from History – PIIE
Why
Galbraith believes Greeks ‘deserve better’ in their crisis – WaPo
Greece submits plan to bailout
authorities – FT
Greek
"Compromise" Proposal Leaked, And There May Be A Problem – ZH
Athens accepts harsh austerity
as bailout deal nears – The
Guardian
Tsipras
seeks to rush austerity package through Greek parliament – FT
Athens parliament set to vote
on reforms – FT
Greece sets parliament vote on
reform commitments to EU – Reuters
Tsipras
submits new plan to bailout monitors – FT
GREECE ECB
ECB
Weidmann: Freeze on ELA Should Continue Until Deal Reached – WSJ
Draghi
said to doubt Greek solution as Tsipras reforms awaited – Reuters
Draghi
Says This Time It’s Really Hard to Find Greece Solution – BB
ECB
ready to implement non-standard measures in case of Grexit: Hansson – Reuters
UNITED STATES
Mediocre Tranquility – Tim
Duy
The
US economy is plain
vanilla. Clearly not accelerating enough to justify a faster pace of monetary
policy normalization, but not slow enough for the Fed to abandon their hope of
at least initiating the first rate hike this year… In Yellen’s speech
Friday, we will hopefully learn more on the importance of Greece and China for US monetary policy.
June Retail Sales Outlook Is Weak As Port Slowdown Still An Issue – Alpha
Now
ASIA
CHINA’S STOCK MARKET CRASH
China’s stock market crash
and what happens next – WaPo
17
days later – FT
Chinese
percentages that will melt your mind, from JPM – FT
PBoC
tests quantitative easing with Chinese characteristics – FT
OTHER
How crises have changed the tasks and practice of central banks – Deutsche
Bundesbank
A
conference looking how economic crises have transformed the role played by
central banks from a historical perspective
World
Economic Outlook Update – IMF
Growth
Slows in Emerging Markets, Picks Up in Advanced Economies – IMF
IMF Cuts
World Growth Outlook –
BB
How Are
Commodities Doing?
– BB
Satellite
Images Show Economies Growing and Shrinking in Real Time – BB
Monetary
policy spillovers and the trilemma in the new normal – VoxEU
Periphery
country sensitivity to core country conditions
Inflation
targeting and financial stability – BIS
Providing
policymakers with relevant information
Macroprudential
Policy: Silver Bullet or Refighting the Last War? – Milken Institute
The
Bloomberg terminal: clunky, costly, addictive, ubiquitous – FT
REGULARS
Daily
Central Banks – WSJ
Douglas’ Take: Bank of England’s Fiscal Worries Ease * Global
Tumult Could Cause Fed Rate Pause * Lew: Wall Street Reform is Working * ECB
Policy Makers Forced to Deal With Possibility of ‘Grexit’ * China Stocks Make
Biggest Daily Gain in Six Years
Daily
Macro – WSJ
Chinese authorities
finally managed to spur an equity market rally that spread into more general
gains across global markets. How long the rebound lasts is another matter given
that the stimulus is mostly regulatory rather than monetary. The Greek crisis
also has been notched down to a temporary simmer as investors await Sunday’s
European Union summit when the country’s creditors will decide whether Greece’s latest offering might be
acceptable. More broadly, there was some moderately good global economic news.
German exports continue to rise, Japanese export orders are picking up and Australia’s economy seems to be holding up
despite the hit from China’s slowdown.
Morning
MoneyBeat Asia – WSJ
U.S. Stocks Slide as Dow Hits Five-Month
Low
Morning
MoneyBeat Europe – WSJ
Cautious
Gains Ahead of Sunday’s Summit
Why Tumult
Abroad Might Help U.S. Stocks
Danske
Daily – Danske
Bank
Global
Daily – ABN
AMRO
Greece submitted a letter on Wednesday,
but today’s reform proposal will be the litmus test * FOMC needs more signs of
stronger economy, but points to risks associated with a delay of rate hike * Sharp
stock market correction, despite large-scale support, adds downside risks to
Chinese economy
Euro
rates update – Nordea
Eye-Opener – Nordea
Fed gives
no clue to timing * Bank of England to keep status quo * EUR core yields
stabilize * EUR/USD up with European stocks
Morning
Markets – TF
The
collapse in Chinese equities, most notably the Shanghai Composite, has been
stemmed for the moment by a suite of emergency measures introduced by Beijing.
Daily FX
Comment – Marc
Chandler
Markets
Stabilize, Await New Developments
Daily
Shot – TF
Chinese
shares continued to stumble - until the authorities imposed sales restrictions.
Now the market is "stabilised".
Daily
Press Summary – Open
Europe
Eurozone
awaits final proposals to see if Grexit can be avoided * German businesses
appeal for UK to stay in the EU * EU interior ministers set to finalise refugee
redistribution scheme * AfD co-founder Lucke announces he is leaving the party
in wake of leadership defeat * EU institutions “bounced” Ireland into bailout
via leaks to media, former Taoiseach says * European Parliament approves
resolution on TTIP but proposes changes to ISDS * Berlusconi found guilty of
bribing a senator
US Open – ZH
China Soars Most Since 2009 After
Government Threatens Short Sellers With Arrest, Global Stocks Surge
Frontrunning – ZH
From the
Floor – TF
Stocks in China were stopped from falling further,
but only by government intervention. However, the impact on most markets should
be positive.
FINNISH
Aamukatsaus – Nordea
Markkinataloutta
kiinalaisin erityispiirtein | Kreikan hallitus on anonut uutta tukipakettia |
Englannin keskuspankki pitää rahapolitiikkansa ennallaan
Paavo Väyrynen: Virhe
on korjattava – US
Valtioiden velasta – Hannu
Visti
Verokertymä kasvoi
1,5 prosenttia vuonna 2014 – Tilastokeskus
Bruttokansantuote
supistui 0,4 prosenttia viime vuonna – Tilastokeskus