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Thursday, August 13

13th Aug - China's third hit

Previously on MoreLiver’s:

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Still vulnerable: The Eurozone’s small and medium-sized banksvoxeu
These banks are in the worst affected Eurozone countries, and their continued stress significantly impedes the flow of credit and also reduces lending. Policymakers need to seriously consider how and when to restructure and resolve these banks.

Another Euro, But For LosersForeign Policy
The only thing that can save Europe’s common currency is another common currency — for the B-Team.

Greece crisis proves the need for a currency Plan BThe Guardian
Introducing an alternative currency is not particularly difficult as long as the fundamentals of currency design are understood by its architects

The grand divergence: global and European current account surplusesBruegel
This Working Paper assesses various explanations for the EU’s increased current account.

Account of the monetary policy meetingECB
ECB signals turning point in eurozone inflationFT

5 Things to Look for in Eurozone GDPWSJ

Chinese currency’s fall is impacting US monetary conditions – Pictet
Poll: U.S. Fed likely to raise interest rates twice this year – Reuters
US Watch – Fed preparing for lift-off – ABN AMRO
Q3 GDP Forecast Slashed To Just 0.7% - ZH

Retail Sales Meets Expectations, Leaves Door Open For September Rate Hike – ZH
Retail Sales increased 0.6% in July – Bill McBride
Retail Sales Show Broad Gain as U.S. Consumers Spur Growth – BB
U.S. retail sales rebound; labor market tightening – Reuters
July retail sales solid, Q2 data were revised up – Pictet

Chinese Devaluation Extends To 3rd Day – ZH
A closer look at China’s currency moves – ABN AMRO
Why China Devalued the Yuan – BB
China’s Central Bank Gives Verbal Support to Yuan – BB
Yuan Fixing Goes From Obscure to Obsession for Global Traders – BB
Yuan Bears Vindicated by Tumble See More Pain – BB
Recent History of the Chinese Yuan in One Big Chart – BB
Central bank soothes, says no reason for yuan to fall further – Reuters
China defends new currency regime – FT
Paul Krugman: China 2015 Is Not China 2010 – NYT
EM FX Weekly – Change in China’s FX regime – ABN AMRO

Morning MoneyBeat AsiaWSJ
U.S. Stocks Recover from Early Selloff

Morning MoneyBeat EuropeWSJ
Global Markets Rally After China Talks

Morning MoneyBeat USWSJ
What China’s Yuan Move Means for the Fed’s Liftoff

Danske DailyDanske Bank

Euro rates updateNordea

Third CNY devaluation: CNY worries starting to feed the classic safe haven flows in the Euro-area, big swings in US Treasuries * Eyes on Sweden: yet another too low Swedish inflation reading

Morning MarketsTF
China's devaluation of the yuan has sent world markets for a loop with many USD bulls particularly concerned about the status of the long-awaited September rate hike. So has Beijing knocked the Federal Reserve off course? Today's data may provide traders with a clue.

Daily FX CommentMarc Chandler
Markets Ease Exaggeration, Dollar and Stocks Recover

FX UpdateTF
The US equity market made a strong comeback around key technical levels and the PBOC slammed the brakes on the yuan devaluation overnight, altering the playing field for the major currencies for the second time this week. Will the USD respond with a rally?

Daily ShotTF
There is more to the situation surrounding crude oil and energy prices than the macro currents coming from China. Here we take a look at some factors driving markets.

Daily Press SummaryOpen Europe
Boris Johnson: In the event of Brexit much of UK-EU relationship would be rebuilt on an intergovernmental level * German Deputy Finance Minister: We’re open to debt relief for Greece, but write-down is out of the question * FT: Portugal faces ‘perfect demographic storm’ * Saxon branch of Merkel’s party calls for border controls to deal with immigration influx * Heaviest shelling in Eastern Ukraine since February’s ceasefire accord

Brussels PlaybookPolitico
Red face over black face — Uber's X Factor — Carter's cancer

Risk On Despite Third Chinese Devaluation In A Row As PBOC Jawbones, Intervenes In FX Market


From the FloorTF
Asian shares and currencies have gained on hopes that China is slowing the yuan's descent.

Kiina pysyi eilen rahoitusmarkkinoiden ajurina | USA:n avoimet työpaikat laskivat | Ruotsin inflaatio-odotukset laskivat hienoisesti

Varman Risto Murto: Euro vaatii onnistuakseen tulonsiirtounioninYle
Työeläkeyhtiö Varman toimitusjohtajan Risto Murron mukaan euroalueen yhdentymistä olisi syvennettävä selvästi, jotta valuuttaunioni onnistuisi. Kreikka tulee aina olemaan tuen tarpeessa, ja se on vain hyväksyttävä, Murto toteaa.

Teollisuuden liikevaihto maalis-toukok. -4% YoY – Tilastokeskus
Palvelujen liikevaihto maalis-toukok. +3,9% YoY Tilastokeskus