Previously on
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| Stocks fell during the early part of the day. After Fed minutes, USD weakened, stocks gained a bit. |
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| Yields were first up, but after minutes, broke through yesterday's lows. |
EUROPE
Banking Union
Before Euro Adoption: Flak Jacket or Straitjacket? – IMF
GREECE
What
can EZ offer to get the IMF on board GreeceIII? – Open Europe
What
Next For Greece? – Marc Chandler
Germany
backs Greek bailout as Tsipras mulls early polls – Reuters
UNITED STATES
S&P 500 Earnings
Today – Alpha
Now
Update of the Thomson Reuters Q2 Earnings report.
FED MINUTES
5 Things to Watch in the Fed’s July Meeting Minutes – WSJ
Stocks Rip, USD & Bond Yields Dip, Sep Hike Odds Drop To 40% - ZH
Fed Turns Wary Eye to China as Liftoff Looms – WSJ
Fed Officials in July Saw Rate Rise Conditions Approaching – BB
Fed Discussed Reinvestment Policy at July Meeting, Minutes Show – BB
Job growth edged Fed toward rate hike, inflation a drag: minutes – Reuters
Dollar dips, stocks cut losses after Fed minutes – Reuters
REGULARS
U.S. Stocks Ease Off the
Gas
Chinese Volatility
Weighs on Stocks
Morning MoneyBeat US – WSJ
Parsing the Fed Minutes
for Liftoff Clues
Higher inflation in the
US and UK * Another Chinese equity sell-off * German 10-year higher after
hitting the “floor” of 60 bp intra-day * EUR/USD cross lower on US data; will
CPI today drive it lower?
China's rumbles got a
bit more rumbustious overnight as volatility on the Shanghai Composite Index
saw the market eventually claw back a 5% drop in the early part of the Asia
session. Markets are nervous and the spillover is spreading throughout the
globe with commodities still in the firing line.
Dollar Consolidating with Downside
Bias
The UK's latest
inflation report was significantly stronger than expected. Is this a fluke or
are we looking at some easing of disinflationary pressures in the UK?
Bundestag likely to follow other
parliaments in approving Greek bailout * UK and France to sign new agreement on
security in Calais * Bild: Third Greek bailout is damaging the European concept
* New Spanish poll shows newcomer parties losing vote share * Ukrainian
President to head to Brussels to discuss renewed fighting in Eastern Ukraine
Duda exclusive — Angela’s Bundestag
clashes — What’s best city to live in?
US Open – ZH
Chinese Intervention
Rescues Market From 2-Day Plunge, Futures Red Ahead Of Inflation Data, FOMC
Minutes
Frontrunning – ZH
Tonight’s FOMC minutes
would normally be the highlight of the week, and the recent yuan devaluation
could either weaken or strengthen their impact, depending on the focus.
Meanwhile, weak risk sentiment is perhaps a more important force at the moment.
China is setting the
tone for a second day running as a broader risk-off mood sweeps markets on
fears that Beijing might weaken the artificial props keeping its equities from
sinking. With nerves skittish, participants also await the transcript of the
Federal Reserve's latest policy-setting meeting but CPI data, which will be
released first, could be more important.
FINNISH
BOE:
Punta ja öljy viivyttävät koronnostoa * USA:n vuotuinen inflaatio on todennäköisesti
kiihtynyt heinäkuussa * Tänään saadaan Fedin kokouspöytäkirja * Turkin
keskuspankki säilytti korkonsa ennallaan