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Wednesday, September 2

2nd Sep - Waiting for ECB

Previously on MoreLiver’s:

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A New Push For A Federal EMU?Social Europe

Finland: Fleeing As, climbing bond spreads, missing reformsNordea

5 Points to Watch in the ECB’s September MeetingWSJ

ABN Amro Warns There Is A 40% Chance Mario Draghi Expands ECB QE "As Soon As This Week"ZH

ECB Watch – The next stage of QE?ABN AMRO
The ECB will likely lower its inflation forecasts in September…and we see a 40% chance that it will step up its QE programmes…this would likely take the form of an increase in the monthly purchase volumes * We look at two scenarios: a EUR 20bn monthly increase and a EUR 40bn one *More QE would likely encompass Länder bonds, as well as additional utilities credits and sovereigns

Citi: Failure Of ECB QE Looks ClearZH

Tale of two ISMs: another reason for the Fed to pause? – Reuters
US Recession Looms As Factory Orders Plunge 9th Month In A Row – ZH
Payrolls preview: surprise on the downside? – Nordea

The real reason to worry about China isn’t what you might thinkWaPo
For a long time, the Party seemed like a policymaking wizard. Not anymore, though.

Steen's Chronicle: The old and the new economic orderTF
The current fiat economy whereby manufactured money is pumped into a world blighted by higher costs and lower output is totally unsustainable. Saxo Bank's Steen Jakobsen has devised a new economic model and says the way forward is to adjust to slower growth and get back to the basics of producing goods and services that add value.

Morning MoneyBeat AsiaWSJ
U.S. Stocks Hammered as Selloff Resumes

Morning MoneyBeat EuropeWSJ
Stocks Rebound But Caution Remains

Morning MoneyBeat USWSJ
Are Stocks Getting Close to a Bottom?

Danske DailyDanske Bank

Global DailyABN AMRO
Markets weighed down by worries about global growth…following a set of soft manufacturing PMIs, led by emerging markets * Meanwhile, decline in eurozone unemployment gains pace

Euro rates updateNordea

Another plunge in equities, better mood in Asia, eyes still on China * Nordea’s Economic Outlook out * Yesterday’s German bond performance disappointing * NOK not out of the woods yet

Morning MarketsTF
Worries about China's slowdown spreading to other economies dealt another blow to world markets in equities and commodities, and oil prices slid on oversupply worries. US stocks were pummeled again overnight, and Asian stock markets fell for a third day in a row on Wednesday, with the exception of Japanese shares which shone amid the China-spread gloom.

Daily FX CommentMarc Chandler
Calmer Markets but Sense of Foreboding still Strong

Daily ShotTF
The strong US dollar is hitting American manufacturing and exports, and the slowdown in manufacturing is turning into a global trend, economic data show.

Daily Press SummaryOpen Europe
Government to propose new campaigning rules for EU referendum * Refugees protest in Budapest after Hungary bars them from passing through to Austria and Germany * Germany cautious on French plans for fiscal and political union in the Eurozone * Creditors begin to show concern over delays from uncertain election in Greece * Markets see rising chance of further ECB action this year * Dutch polls show decline for governing VVD after Greek bailout approval * EU to extend individual sanctions on Russians until March 2016

Brussels PlaybookPolitico
States of the unions — Migration crackdown

China Stocks Fail To Close Green Ahead Of National Holiday Despite Constant Intervention, US Futures Rebound


FX UpdateTF
An ugly session on Wall Street yesterday saw USDJPY on the defensive once again, but wily animal spirits improved overnight, sending the pair back above 120.00 as we await the key US data for August through the end of this week.

From the FloorTF
Yesterday's downbeat US session has given way to a fresh outbreak of risk-on optimism in Asia, and European markets have taken the sudden shift as a sign to go green. 

Unohtakaa Kreikka – Espanja on seuraava uhka euroalueelle * USA:n teollisuuden luottamus (ISM) tuotti pettymyksen * Brent-öljyn hinnassa roima pudotus | USA:ssa korot painuivat selvästi

Talousnäkymät: Rankka retkiNordea
Olemme alentaneet Suomen talouden kasvuennusteita lähivuosille. Arvioimme kokonaistuotannon supistuvan 0,3 prosenttia vuonna 2015 ja yltävän vain vaatimattomaan 0,5 prosentin nousuun vuosina 2016 ja 2017 (aikaisemmat ennusteet kuluvalle ja ensi vuodelle olivat -0,2 ja 1,0 prosenttia). Suomen talouden supistuminen venyy näin neljän vuoden mittaiseksi. Myös sen jälkeen kasvu on huomattavasti hitaampaa kuin kilpailijamaissa.

Nordean Aki Kangasharju: Sipilän hallituksen etsikkoaika alkaa olla ohiVerkkouutiset