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Friday, August 21

21st Aug - A very pessimistic close of the week

Previously on MoreLiver’s:

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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.

EURUSD-rally continued. Stocks tried to gain, but fell again near the end of the session

Meet Mr. StabilityPolitico
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 questionsABN AMRO

As Fed Weighs Liftoff, ‘Transitory’ Factors Stick AroundWSJ

Stephen Pope: Fed's trigger finger requires clearer targetTF
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 recessionWaPo

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

Morning MoneyBeat AsiaWSJ
U.S. Stocks Tumble, Negative on the Year

Morning MoneyBeat EuropeWSJ
Stocks Fall on More China Worries

Morning MoneyBeat USWSJ
Investors Expect Flat Returns Over Next Six Months

Danske DailyDanske Bank

Euro rates updateNordea

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 MarketsTF
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 CommentMarc Chandler
FX Market Quiets While Equity Markets Head South

Daily ShotTF
Risk aversion is finally returning to US equity markets. Here are some indicators of the declining risk appetite.

Daily Press SummaryOpen 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 PlaybookPolitico
Greece redux — Meet Mr. Stability — The accidental candidate

Chinese Stocks Crash To "Red Line" Support, US Futures Rebound Then Sink Again


From the FloorTF
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.

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