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Monday, July 11

11th Jul - JPY offered

Previously on MoreLiver’s:

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New Wrinkle in European Bail-In Efforts – Marc Chandler
The problem at euro banks – Edward Harrison
Fixing European Banks With a U.S.-Style Solution? Not So Fast – BB
Italian banks: Essential repairs – FT
Italy warned to abide by ‘strict’ EU bank rescue rules – FT

Bank of England preview: Some policy easing now, some later – Nordea
Brexit Briefing: Real Estate Funds A Fresh Warning for the Eurozone – WSJ
May to Succeed Cameron as Britain’s Prime Minister on Wednesday – BB
May to replace Cameron as pro-Brexit rival quits UK PM race – Reuters
Münchau: An EEA-minus deal for the UK is wishful thinking – FT

July Macro UpdateFat Pitch
New Highs In Wage Growth and Retail Sales

Sources of MovementMarc Chandler

Dollar soars to one-week high vs yen on Japanese stimulus expectations – Reuters

Danske DailyDanske Bank

PM Abe won super majority, strong headline NFP * Nordic inflation day * US yields lower despite stronger headline NFP * FX market lacked direction on Friday

Morning MarketsTF
A stunning victory for Shinzo Abe's coalition in elections this weekend has raised the prospect of helicopter money as the next stage in Japan's quest for inflation and sparked the Nikkei to its best day in four months.

Daily Market Comment Marc Chandler
Dollar Extends Gains

Daily Market CommentPolemic’s Pains
Brexit bounce and Financial STD's

Daily Press SummaryOpen Europe
Theresa May reiterates that “Brexit means Brexit” * Merkel: There will be no “cherry-picking” in upcoming UK-EU talks * German Deputy Finance Minister: We should not aim for more European integration at this stage * Over 1,000 barristers call for parliament vote to trigger EU exit procedure * UK Government turns down second referendum petition * Brexit paves way for federal union to save UK, Constitutional Reform Group will say * Rise in reported hate crime since EU referendum vote continues * Angela Eagle to challenge Corbyn for Labour leadership * Pension funds concerned about the impact of Brexit * EU and US negotiators open new round of talks on free trade deal * EU to propose new refugee plan, as NATO is set to help bloc monitor migrant flows across the Mediterranean

Brussels PlaybookPolitico
Schulz on the line — Is free trade dead?

Sterling Surges, UK Stocks Enter Bull Market After Andrea Leadsom Quits UK Leadership Race


FX UpdateTF
The strength of Shinzo Abe’s LDP party in Japan’s upper house elections over the weekend has the market anticipating imminent BoJ/Abe helicopter money. Elsewhere the market is not sure what to do with the US dollar after mixed jobs report.

From the FloorTF
Asian shares were broadly up this morning on a risk-on rally whose origins lie in both Friday's strong US jobs print and hopes of stimulus from Japanese PM Abe's new supermajority government. Bond yields however remain stubbornly low as more and more of the world flirts with zero or even negative interest rates.

Englannin keskuspankki kovien haasteiden edessä * USA:n työllisten määrä kasvoi vakuuttavasti * Japanin pääministeri Abe sai vaaleissa vahvan kannatuksen *​ Tällä viikolla saadaan Pohjoismaiden ja USA:n kesäkuun inflaatioluvut

Ekonomisti: Eurooppa on vakavasti sairas TalSa
Saksalaisen Deutsche Bankin pääekonomistin mielestä pankeille saatava 150 miljardin tukipaketti, veronmaksajien ei pitäisi joutua Euroopan pankkien ongelmien maksumiehiksi.

Nyt vaaditaan 150 miljardia ja sääntöjen rikkomista – voiko EU pelastaa pankit, mutta jättää kansan pelastamatta? TalSa
Deutsche Bank vaatii Euroopan pankeille 150 miljardin tukipakettia. Talouskuri on kiristänyt eurokansan pinnaa jo sen verran, että pankkien pelastaminen heidän piikkiinsä saattaisi olla viimeinen naula arkkuun.

Hans-Werner Sinn warnt vor Austritt Finnlands – Wirtschafts Woche
Saksalaisekonomisti Brexitin jälkeen on vuorossa Suomen Fixit – IS
Saksalainen taloustieteilijä: Suomi voi erota euroalueesta – YLE
Saksalaisekonomistin mielestä Suomi voisi erota eurosta – KL
Saksalaisekonomisti: Suomi voisi irtautua eurosta kohtalaisen kivuttomasti – TE  
"Monet ihmiset Suomessa ihmettelevät, miksi maan pitäisi pysyä euroalueessa" – Verkkouutiset