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Tuesday, August 25

25th Aug - Turnaround Tuesday (?)

Previously on MoreLiver’s:

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Is This the Europe We Wanted?euinside

Why Eurozone Under-performance ContinuesSocial Europe

Germany is stuck with a crisis it did not foresee and can no longer controlEuropp

Why the next Portuguese election will not see the surge of a left-wing challenger like Podemos or SyrizaEuropp

How exposed is Europe to an economic slowdown in China?Open Europe

August Ifo Business Climate index increases – CESifo
German Ifo defies market and China woes – Carsten Brzeski
German Business Confidence Rises With China Fears Subdued – BB
Ifo better than expected but China is a risk – Nordea

El-Erian: What to Expect From the Fed's Jackson Hole MeetingView / BB

Case-Shiller Home Prices Dip In June, Miss For 3rd Month In A Row – ZH
Case-Shiller House Price Index increased 4.5% YoY in June – Bill McBride
Comments on July New Home Sales – Bill McBride
Services Momentum Shifts Down, Slides Towards 2015 Lows – ZH

Martin Enlund: EURUSD: squeezing both the ECB and the FedNordea
China and EM fears is currently triggering massive de-risking in global markets, leading to a substantial squeeze higher in EUR/USD.  Inflation markets are currently screaming for both ECB and Fed to ease further. To us it makes sense for the ECB to “outdove” the Fed, but that depends on how much the central bank has changed under Draghi.

The case for strength in the common currency – TF
Morgan Stanley, BofA: Ghost Of 1997 in Asia? – ZH
China Lowers Interest Rates for Fifth Time Since November – BB
China Cuts Benchmark Interest Rate By 25bps, Cuts RRR By 50bps – ZH
China: Rate cuts and more liquidity – Nordea
Global bond yields, European stocks surge after China cuts rates – Reuters
5 Things About China That Drive Investors Crazy – WSJ
Goldman's Three Reasons Why China Cut Rates, Again – ZH
Where Does The Market Go From Here: Two Opposing Views – ZH
‘Chinese Black Monday’ Versus ‘The Taper Tantrum’ – WSJ
European Fund Managers React to ‘Dramatic’ Markets – WSJ

Bond Vigilantes and InflationFED
Inflationtargeting countries with bond markets experience inflation approximately three to four percentage points lower than those without.

Leveraged BubblesFED
When fueled by credit booms, asset price bubbles increase financial crisis risks; upon collapse they tend to be followed by deeper recessions and slower recoveries

Central Bank ConfidentialProject Syndicate
Over the past two decades, countries around the world have recognized the importance of central banks' independence. In truth, however, there are many degrees of independence, and not all nominally independent central banks operate in the same way – as a new initiative by the Bank of England demonstrates.

Monetary Policies to Counter the ZLB: an Overview of ResearchBoF

Morning MoneyBeat AsiaWSJ
U.S. Stocks Pummeled as Rout Hits New York

Morning MoneyBeat EuropeWSJ
Stocks Rebound, Some Calm Returns

Morning MoneyBeat USWSJ
What Heightened Volatility Looks Like

Danske DailyDanske Bank

Euro rates updateNordea

Equity crash, panicky markets, some signs of stabilization * US 10-year yield falls below 2% *
EUR/USD feels little gravity

Morning MarketsTF
Asian stocks staged a timid comeback from yesterday's Wall Street bloodbath with the ASX, Hang Seng, Kospi and STI indices all posting mild gains on the back of a wave of bargain hunting and verbal intervention by a brace of Japanese central bank and government officials.

Daily FX CommentMarc Chandler
China cuts Rates and RRR, Helps Markets Recover from Yesterday's Hemorrhage

Daily ShotTF
Market volatility gets back to 2011 levels after mayhem among global equities.

Daily Press SummaryOpen Europe
Merkel and Hollande call for “unified asylum system” and “fair sharing” of refugees * Swedish and Finnish finance ministers back greater protections for non-Eurozone states * European markets slump to worst day since 2008 * Greece still on course for elections on 20 September as parties ready for campaign * Poroschenko warns of “imminent” Russian invasion as Merkel and Hollande call for ceasefire to be implemented

Brussels PlaybookPolitico
Borderless terror in Europe — Questions for Euronews — Stock market drama

US Equity Futures Soar 4% After PBOC Rate Cut; Chinese Futures Jump After Overnight Market Crash


From the FloorTF
With some sectors of the market (read: Shanghai) still aflame and others licking their wounds, investors the world over are trying to findthe root of yesterday's rout. After all, a correction is just a correction... but what about bonds? Or gold? It's these things are making that whole "Black Monday" thing just that little bit darker and more opaque.

Kiinan arvaamattomuus riivaa markkinoita * Osakeindeksit jatkoivat jyrkässä laskussa * EURUSD kohosi korkeimmalle tasolleen sitten tammikuun alun * Brent-öljyn hinta laski alle 43 dollarin

Antti Suvanto: Markan perään haikailu on turhaaSuomen pankki
Niku Määttänen: Elvytys vs. kilpailukykyloikkaAkateeminen talousblogi
Joku muuttuu - mutta mikä?Hannu Visti