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| Weak Chinese PMI, German consumer sentiment, French PMI, US PMI. Strong German and EZ PMI. Net effect - weaker data than expected. |
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| EURUSD-rally continued. Stocks tried to gain, but fell again near the end of the session |
EUROPE
Meet Mr. Stability – Politico
Meet
Klaus Regling, the studiously modest head of what is arguably the most
important institution on the continent right now - the European Stability
Mechanism
Greek elections:
five questions
– ABN
AMRO
UNITED STATES
As Fed Weighs Liftoff,
‘Transitory’ Factors Stick Around – WSJ
Stephen Pope: Fed's
trigger finger requires clearer target – TF
US inflation is well below the established target * Soft commodities and
a strong USD are keeping it at bay * FOMC is a divided house, however, a rate
rise is still likely in September
U.S. factories still
haven’t recovered from the recession – WaPo
OTHER
AUGUST FLASH PMI
Substantial
weakness in Q3 and pressure on PBoC to ease further – Danske
Bank
PMI
drops again – Nordea
Sharp
slowdown raises global growth fears – Reuters
Slightly
better than expected, growth to strengthen in H2 – Danske
Bank
German
manufacturing is increasing speed, French manufacturing is not – Nordea
German
Manufacturing Strengthens as Economy Shifts Up a Gear – BB
Resilient
despite worries about China’s economy – Pictet
Best
growth days may already be in the rear-view mirror – Reuters
Growth
unexpectedly accelerates in August – Reuters
German
Factory Growth Puts Recovery Back on Track – BB
US Manuf. PMI To 22 Month Low: Lack Of Growth, Deflation Blamed – ZH
Factory activity slows in August: Markit – Reuters
REGULARS
Morning MoneyBeat Asia – WSJ
U.S. Stocks Tumble,
Negative on the Year
Morning MoneyBeat Europe – WSJ
Stocks Fall on More
China Worries
Morning MoneyBeat US – WSJ
Investors Expect Flat
Returns Over Next Six Months
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Equities plunge, Greek
PM resigns, mostly bad news from the Nordics * China-related worries only
growing * German 10-year yield tumbles below 60 bp * EUR/USD storms higher
Morning Markets – TF
A nervous – and possibly
dramatic – session beckons for the last day of the week after yesterday's
emerging markets weakness extended overnight, sending the Indonesian rupiah
sharply lower and forcing Shanghai, Hong Kong and Sydney indices deeply into
negative territory.
Daily FX Comment – Marc
Chandler
FX Market Quiets While
Equity Markets Head South
Daily Shot – TF
Risk aversion is finally
returning to US equity markets. Here are some indicators of the declining risk
appetite.
Daily Press Summary – Open
Europe
Greece set for fresh
elections after Tsipras announces resignation * YouGov finds more voters back
staying in EU, but undecided voters could still swing the vote * European
Commission to make renewed push for binding refugee quotas * Danish government
considering moving referendum on scrapping EU justice opt-out in order to avoid
influence from UK’s EU reform push * Eurozone private sector activity slightly
exceeds expectations in August * Jean-Marie Le Pen expelled from Front National
Brussels Playbook – Politico
Greece redux — Meet Mr. Stability —
The accidental candidate
US Open – ZH
Chinese Stocks Crash To
"Red Line" Support, US Futures Rebound Then Sink Again
Frontrunning – ZH
From the Floor – TF
This morning's trade
sees a wave of risk-off sentiment sweeping the globe and driving equities
broadly lower. The tsunami appears to be headed west as well, with shortfalls in
the Nikkei and the SHCOMP reverberating to the Frankfurt exchange and its
benchmark index, the DAX.
FINNISH
Aamukatsaus – Nordea
Kreikan poliittinen eripura pitää euroeron pinnalla
* Kiinan teollisuuden luottamus heikkeni elokuussa * Kreikka sai eilen Euroopan
vakausmekanismista ensimmäisen erän * Kazakstanin keskuspankki devalvoi
valuuttaansa yli 20 prosenttia