Follow ‘MoreLiver’
on Twitter
EUROPE
Europe faces
political war on two fronts as backlash builds – The
Telegraph
The
EU's Eastern states shocked to lose their sovereignty over borders, just as
southern Europe lost economic sovereignty by joining the euro
What the BOE Said
on Interest Rates, Wage Growth and China – BB
MPC
votes 8-1 to keep rates on hold
OTHER
G10 FX Weekly – Fed
trigger for USD? – ABN AMRO
Safe haven currencies have moved lower…while commodity currencies have
recovered * EUR/USD is stuck in a range for now, but US data and the FOMC
meeting will likely change that * We expect EUR/USD to reach parity reflecting
monetary policy divergence in constructive markets
REGULARS
Morning MoneyBeat Asia – WSJ
Rally in U.S. Stocks
Abruptly and Sharply Reverses
Morning MoneyBeat Europe – WSJ
Equities Weaken as
Volatility Returns
Morning MoneyBeat US – WSJ
Stock Rally Runs Into
Uncertainty
Danske Daily – Danske
Bank
Global Daily – ABN
AMRO
There has been a striking divergence
between developed (DM) and emerging (EM) markets * DM demand has not helped EM
exports, while EMs have seen tighter financial conditions * Eurozone exports
have been resilient to EM weakness, helped by US and other EU demand
Morning Markets – TF
Worries about producer
price deflation in China spread gloom across the Asia-Pacific region Thursday
and ended the previous session's party. US stocks closed lower on Wednesday,
also pointing to more losses for European bourses in today's session.
Daily FX Comment – Marc
Chandler
Ten Bullets on What is
Shaping Today's Markets
Daily Shot – TF
In the US job openings
surged to a new record of 5.75 million in July and a rate hike is around the
corner. In the meanwhile New Zealand's central bank cut interest rates again as
the second "liftoff" attempt has been thwarted by the commodities
correction. It's an interesting lesson on premature tightening for the Fed.
US Open – ZH
Futures Surge Overnight
As Deteriorating Economic Data Unleashes Blur Of Central Bank Interventions And
QE Rumors
Frontrunning – ZH
FX Update – TF
Markets are continuing
to oscillate between upbeat and downbeat, risk on and risk off, as we hover in
a limbo-like trance ahead of the Federal Open Market Committee's interest rate
decision on September 17. Though the market is now only pricing in a 28%
likelihood of a rate hike on the day (see chart below) this is sufficient to
keep uncertainty levels raised and keep liquidity low as few are prepared to
take any big risks ahead of such a pivotal event.