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Wednesday, August 12

12th Aug - Another bear day, bottom?

Previously on MoreLiver’s:

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UK: Labour market report as expected - focus now on inflation – Danske Bank
Jobs figures raise UK productivity hopes as pay climbs solidly – FT
UK jobs and wage data: economists react – FT

PBoC increases risk but September rate hike still onDanske Bank

Dollar Tumbles As Fed Rate Hike Looking Uncertain To GS, BoAZH

Chinese Yuan Finally Allowed To Compete With Weak YenAlpha Now
Global FX Heatmap Bloodbath, PBOC Intervention – ZH
China Learns What Happens When You Listen to the Market – WSJ
Gavyn Davies: Has China just pressed the escape button? – FT
China seeks to allay fears as renminbi fall continues – FT

Steen Jakobsen: Macro Digest: Is a paradigm shift sparking risk-off?TF
Gold rebounds despite China woes and Greek deal * Equities sink to lows unseen since October 2014 * Europe will soon catch up with the US

New financial forecastsNordea
The themes have shifted during the summer. The risk of an imminent Grexit has disappeared, worries about China’s economic performance have increased and the prospect of oil prices returning to USD 90-100 has been pushed further into the future.

Monthly Oil Market Report – IEA
Oil Demand Growing at Fastest Pace in Five Years, Says IEA – WSJ
At A Glance: The Oil Slump is Here to Stay – WSJ
The New Oil Order: in charts – FT
Global oil supply grows at ‘breakneck speed’, says IEA – FT
One oil chart that says it all, plus some others – FT
Is Oil Below $25 a Barrel? – Marc Chandler

Morning MoneyBeat AsiaWSJ
U.S. Stocks Hit Hard by Yuan Devaluation

Morning MoneyBeat EuropeWSJ
It’s Getting Ugly Out There

Morning MoneyBeat USWSJ
What the 200-Day Moving Average Says About a Correction

Danske DailyDanske Bank

Euro rates updateNordea

China devaluation sparks fears in equity markets, US yields dive * New financial forecasts
Euro-area yield curves in harmonised flattening *Currencies adjusted after CNY devaluation

Morning MarketsTF
China's yuan has slid 4% overnight and that is causing carnage across all asset classes with commodities in particular taking the full brunt of it.

Daily FX CommentMarc Chandler
China, UK Wages, and Greece: Today's Focus

Daily ShotTF
After the second renminbi devaluation, the impact on other markets is becoming more pronounced. The Indonesian rupiah is in free fall. The Australian dollar hit fresh post-2009 lows. And the South African rand has touched record lows.

Daily Press SummaryOpen Europe
Greece searches for political agreement on bailout in face of German and Finnish skepticism *
Ruparel: UK could limit EU migrants’ access to benefits via domestic changes but the point is that it shouldn’t have to * New poll shows divergences among EU countries over need for ‘ever closer union’ * Violence erupts between police and migrants on the Greek islands as new poll shows half of Europeans in favour of refugee quota system

FX UpdateTF
The Peoples' Bank of China has set the CNY significantly lower again, causing widespread disquiet and extending the risk-off move that is punishing the USD, especially on the perceived implications for US Fed policy on China’s move to devalue.

Brussels PlaybookPolitico
Greek progress — Airport scam — EU leaders panned — Alphabet's appropriate address

Equity Futures Tumble Again, S&P To Open Under 200DMA, 10Y Yield Approaches 1-Handle


From the FloorTF
China's central bank has roiled global financial markets for a second day running as it again slashed its daily yuan fix, sending the currency to a fresh 4-year low against the dollar. The fallout is immense. Risk appetite is down, Asian currencies are in turmoil, bond yields are sinking and commodities are taking a pounding. Worse, the move has also punctured hopes of an imminent US rate hike.

Kiina toisti eilisen temppunsa * NOK ja SEK – heikkoja molemmat * Korot painuivat eilen * EURUSD kohosi jo viidettä päivää putkeen

Jan Hurri: Viis hinnasta, Kreikka-draama jatkuuTalSa
Kreikan kolmas "pelastuspaketti" on kuin kaksi edellistä: se paisuttaa Kreikan velkataakkaa ja pahentaa maan talousahdinkoa eikä ratkaise kriisiä. Samoin Suomen Kreikka-riski kasvaa eikä kutistu. Sata miljardia sinne tai tänne, kunhan Kreikka-draama jatkuu.

”Suomen käy varmuudella huonosti”Helsingin Uutiset
Paavo Väyrynen perustelee euro-aloitettaan

Suomen ja Ruotsin kasvueroRoger Wessman