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Wednesday, June 29

29th Jun - Second rally day after Brexit crash

Previously on MoreLiver’s:

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How Brexit will affect the balance of power in the European Parliament – Europp
Clive Crook: Will Brexit Actually Happen? – View / BB
The Brexit shock and its aftershocks – Scott Sumner
What’s next for Eurozone after Brexit – BlackRock
EU members on Brexit and implication for UK-EU negotiations – Open Europe
Brexit Monitor: Day 6 after UK's decision to leave the EU – Danske Bank
Brexit’s Blow To Globalization – Project Syndicate
Brexit is not a major global shock – Lars Christensen
Will the Real European Union Please Stand Up? – PIIE

Jan von Gerich: Bonds: Zero visibilityNordea
The Brexit debacle ended all discussion on whether German 10-year yields can venture deeper into negative territory. While it might seem hard to see much downside potential for long yields from the current very low levels, several factors still suggest yields could fall further. The outlook is characterized by huge uncertainty. In this uncertain market environment, one should be prepared for big swings in both directions.

Danske DailyDanske Bank

Some relief on Bremain hopes, USD weakens, but Bund yields stuck at lows * Chance of "No Brexit" scenario up to 30% * Market prices BoE cut with over 70% probability by end 2016 *
GBP bounces for the first time since Brexit vote

Morning MarketsTF
Today's session comes in the wake of both last week's surprise Brexit vote as well as a devastating attack on Istanbul's Ataturk airport that has left dozens dead and scores injured. Asian bourses are generally up as is oil and we have a few data points out today concerning US and EU fundamentals. But uncertainty it seems will remain the rule.

Euro wrap-up Daiwa

Daily Market Comment Marc Chandler
Fragile Calm Ahead of Quarter-End

Daily Market CommentMarc Chandler
The Worst is Yet to Come - Don't be Seduced by the Price Action

Daily Market CommentMacro Man
Project Fear...or a fearful projection?

Daily Press SummaryOpen Europe
Cameron blames lack of emergency brake on migration for referendum loss while Merkel warns there is no going back now * Hollande warns the City of London will not be able to continue clearing euros * Central and Eastern European states raise concerns about EU response to Brexit and the role of the Commission * Sturgeon embarks on negotiations to “protect Scotland’s relationship with the EU” * Corbyn says he will defy MPs’ no confidence vote * May and Boris neck and neck in Conservative members’ poll * Javid says UK set to open trade talks with Australia and South Korea * Osborne: UK may have to continue paying into EU budget and accepting free movement to protect trade with EU * New polls: French want their own EU referendum, but would vote to stay in while Germans fear surge in support for populists across EU * Merkel says there is a clear mandate to continue EU-US free trade negotiations despite Brexit

Brussels PlaybookPolitico
Summit wrap — UK Labour bloodbath continues

Global Stock Surge Continues As "Investors Look To Central Banks For Support"


FX UpdateTF
A heady rally in equities yesterday failed to see notable pass-through into currency and fixed income markets as we continue to mull the next steps after the Brexit-induced shock.

From the FloorTF
Risk-on has established a tentative foothold but the failure yet to follow through indicates the level of apprehension.

Aamukatsaus Nordea
Kunnioittaako Britannian seuraava pääministeri kansanäänestyksen tulosta? * USA:n ensimmäisen neljänneksen BKT-kasvua korjattiin ylöspäin * Markkinat ovat rauhoittuneet Brexit-äänestyksen jäljiltä *​ USA:sta saadaan tänään lukuja yksityisestä kulutuksesta sekä inflaatiosta

Soini: Brittien vaalitulosta kunnioitettava –Suomeen ei äänestystä – Suomen uutiset
Taistelu Euroopasta – Risto EJ Penttilä
Brexit merkitsee Euroopan unionin epäonnistumista– Vesa Kanniainen