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Wednesday, July 13

13th Jul - Ahead of BoE

Previously on MoreLiver’s:

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Italy the new Greece on migration frontline: FrontexPolitico
Italy has overtaken Greece to become the country on Europe’s migration frontline, with about 750 people arriving per day.

Three Developments in SpainMarc Chandler

Don’t count on European credit growthFT

Why You Should Understand What is Happening with Italian Banks – Marc Chandler
The Italian bank crisis – the one graph version – Lars Christensen
Why Italy is facing a looming crisis – WaPo

Steely Talks With May, a New Face at No. 11, a BoE Backlash – WSJ
Ashoka Mody: Stop Being So Gloomy About Brexit – View / BB

May becomes British PM, promising 'bold new role' outside EU – Reuters

Martin Enlund: Global: fiscal policy the new black, but for whom? Nordea
Japan’s move towards fiscal easing may be a part of a new trend which has the potential to underpin global neutral real rates and make Fed hikes more likely. A pivot towards fiscal policy also makes helicopter money less improbable. It could also be that global monetary policies are becoming increasingly aligned, for the simple reason that central banks have finally run out of politically acceptable ammo.

Martin Wolf: An end to facile optimism about the futureFT
Measured growth is lagging because invention and innovation has slowed

Monthly Commodity UpdateABN AMRO
Temporary slowdown, but uptrend to remain in Q4

Danske DailyDanske Bank

Risk-on continues; US Treasury yields higher; JPY weaker * Swedish inflation on track * JPY the main underperformer * Large jump in US bond yields reflecting risk reassessment

Morning MarketsTF
As David Cameron bows out and Theresa May sweeps in as prime minister of the United Kingdom the FTSE is tipped to open mildly lower while Cable slightly firmer on its New York close.

Euro wrap-upDaiwa

Daily Market Comment Marc Chandler
Sterling and Yen Momentum Slows

Daily Market CommentMacro Man
A few observations from the new gaff

Daily Press SummaryOpen Europe
EU finance ministers urge Theresa May to speed up Brexit talks * The Times: Grayling and Fox in running to become ‘Minister for Brexit’ * Bank of England Governor willing to share private notes from meetings with Osborne ahead of EU referendum * Spain pledges to raise an extra €6bn from corporate tax in bid to avoid EU fine * Austria to reach self-imposed limit on refugees by the autumn * Germany’s populist AfD loses support following antisemitism row * EU member states see surge in citizenship inquiries from UK nationals following Brexit vote * New EU border agency to stress test member states in autumn

Brussels PlaybookPolitico
Juncker survival strategy — Schulz shivers — Hollande’s pricey hair

Global Stocks, Futures Rise On Disappointing Chinese Trade Data, Hopes For More Central Bank Intervention


FX UpdateTF
The USDJPY rally eased at important 105.00 resistance and on official helicopter money denials overnight. Meanwhile the USD is putting up a fight against most major currencies after yesterday’s weakness. Bank of Canada meeting on tap today.

From the Floor TF
Hopes that there were about to be a central-bank led stimulus spurge were dashed overnight in Japan and that stopped the USDJPY rally just below 105.0.

Punta ottaa vielä uuden askeleen alaspäin * Espanjalle ja Portugalille sanktiot alijäämän ylittämisestä * Ruotsin kesäkuun inflaatio oli vahva *​ Riskinottohalukkuus pysyi eilen vahvana