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Tuesday, June 28

28th Jun - On top of Brexit, Italian banks

Previously on MoreLiver’s:

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5 takeaways on a possible Italian bank bailoutPolitico
Exploiting Brexit chaos, Renzi makes a big move to rescue domestic lenders without running afoul of Brussels.

How Exceptional are Conditions?Marc Chandler
Italian banking sector needs “exceptional conditions” to avoid bail-ins
El-Erian: Imagining the U.K. and the EU Three Years After Brexit – View / BB
Brexit or Fixit – John Cochrane
Brexit Without Tears, Norway-Style – View / BB
The EU Never Made Hearts Beat Fast in Europe – View / BB
How EU Overreach Pushed Britain Out – Project Syndicate
Nevermind the Brexit, UK will emerge with a good trade deal – CNBC
Chance of "No Brexit" scenario up to 30% - TF

Danske DailyDanske Bank

Euro rates updateNordea

Brexit fallout, more flight to safety, high uncertainty remains * Brexit-vote cost the UK its top credit ratings * Euro-area inflation expectations hit new lows * GBP remains under pressure

Morning MarketsTF
A no-nonsense England football team exited the European football championships with grace, style and the minimum of fuss overnight, demonstrating in an actions-speak-louder-than words kind of way to the UK political leadership just how to execute a exit.

Euro wrap-up Daiwa

Daily Market Comment Marc Chandler
Markets Stabilize on Turn Around Tuesday

Daily Market CommentMacro Man
Sixteen observations, many of which are serious

Daily Market CommentPolemic’s Pains
Don't Panic, it's just like EU 2012.

Daily ShotTF
Britain has now voted to leave the European Union and the media as well as financial markets are fuming. Here are some of the charts graphs and (over?) reactions.

Daily Press SummaryOpen Europe
Merkel, Hollande and Renzi say no talks with UK until Article 50 is triggered, as US warns against “revengeful” exit negotiations * Remain and Leave supporters say free movement in current form will be a red line in EU negotiations * Chair of Bundestag’s Foreign Affairs Committee strongly criticises Juncker while FAZ calls for the Commission President to resign * May and Boris face off with new Conservative leader to be in place by early September * Corbyn faces no confidence vote * Markets show signs of recovery from Brexit falls * French centre-right presidential hopefuls set out EU reform plans * French PM rejects EU-US free trade deal

Brussels Playbook Politico
Brexit heat in Brussels — Parliament coup in the works

Global Stocks Rebound, US Futures Jump On Expectation Of "Coordinated Intervention By Central Banks"


FX UpdateTF
The Tuesday Asian session saw a relief rally after brutal selling yesterday as markets seized on fiscal stimulus announcements as a ray of hope. As well we may risk a long period of uncertainty before formal Brexit procedures are taken.

From the FloorTF
Britain's two largest political parties remain in turmoil five days after voters elected to quit the EU but financial markets have regained some equilibrium with stock prices rising and the pound coming off its 31-low against the dollar.

Aamukatsaus Nordea
Epävarmuus on tilapäisesti vallannut markkinat * Britannian luottoluokitusta laskettiin * Helsingin pörssi tippui eilen seitsemällä prosentilla * EKP:n pääjohtaja Draghi pitää puheen

Brexit...ja EU ei uudistu – Arto Luukkanen
Brexit ei ole finanssikriisi – Roger Wessman
Brexit aloitti Euroopan etsikkoajan – Antti Ronkainen