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Saturday, September 26

25th Sep - EZ M3 disappoints

Previously on MoreLiver’s:

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EU leaders discuss easing budget rigor over migrant crisis, no deal Reuters
European Union leaders discussed whether to allow euro zone states to run higher deficits to cope with the costs of the migration crisis, EU officials said early on Thursday, but failed to find a common position.

Euro area: credit flows improve further in August, albeit at a slower pacePictet
Euro zone lending inches up in Aug, M3 money supply drops Reuters


Yellen: surveys of inflation expectations either useful, or not FT
The hidden messages in Janet Yellen’s big speech WaPo

Soft landing for China feels like hard landing for the worldDanske Bank

Morning MoneyBeat AsiaWSJ
U.S. Stocks Extend Losses for Third Day

Morning MoneyBeat EuropeWSJ
Europe Rebounds as Hawkish Yellen Cheers Bulls

Morning MoneyBeat USWSJ
Buybacks Can’t Completely Remedy Sluggish Demand

Morning MarketsTF
The dollar has strong-armed the euro back towards the 1.1150 mark and after a brief respite, the Volkswagen fake test scandal is now threatening to engulf BMW, Daimler and other parts of the VW Group.

Daily FX CommentMarc Chandler
Yellen Lifts Dollar

Daily Press SummaryOpen Europe
Polling reveals that large proportion of business vote is “up for grabs” in EU referendum *
Merkel announces reform of asylum law as domestic unease grips Germany * Greece continues to seek European Parliament role in bailout * ‘Out’ camps join forces to push for Brexit * European regulators to step up real world emission tests in response to VW scandal * Putin’s move to prop up Assad reveals splits among Germany, France and Britain * Market expectations of expanded stimulus grow despite ECB playing down prospect * IMF warns Eurozone banks to come clean over bad loans * EU spends millions to lobby against death penalty in US

Brussels PlaybookPolitico
Auto world — Refugee questions — Uber woes

Futures Surge On Renewed "Hopes" Of Fed Rate Hike, Sliding Yen


FX UpdateTF
Federal Reserve chair Janet Yellen was not amused by the market’s reaction to last week’s FOMC meeting, apparently wanting to keep a 2015 hike firmly on the table. The response was a stronger USD in places and a weaker one elsewhere as riskier currencies took heart.

Poliittiset riskit esillä Espanjassa * Yellenin mukaan ohjauskorkoa nostetaan tänä vuonna * Norjan keskuspankki laski korkoaan ennakoitua aikaisemmin * Ruotsin teollisuuden luottamus yllätti positiivisesti