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EUROPE
German macroeconomics
revisited – Simon
Wren-Lewis
UNITED KINGDOM
What does the EU want
from Brexit talks? – Open Europe
Deutsche Bank Brexit briefing
shows where it thinks other banks will go – BI
ITALIAN
BANKS
European Court of
Justice Ruling Weighs on Italian Banks – Marc
Chandler
How to fix Italian banks
– vox
TURKEY
Erdogan Unleashes
Unprecedented Crackdown – ZH
Erdogan Goes Too Far,
Market Warns As Lira, Turkish ETF Tumble – ZH
Turkish Lira Plunges On
Reports of Teacher Sackings by the Government – WSJ
Turkey: 5th consecutive
rate cut despite coup attempt – Nordea
Turkey: A highly
important transit country for oil and natural gas – Nordea
EUROPEAN
CENTRAL BANK
Results of the July 2016
euro area bank lending survey – ECB
ECB bank lending survey:
positive signs – Nordea
UNITED STATES
Tim Duy: Why the Fed Can't and Shouldn't Raise
Interest Rates – View
/ BB
The Federal Reserve may
be working within a basic policy strategy that may be fundamentally flawed.
Fed's Mission Is Accomplished. So Why No Change? – View
/ BB
OTHER
When Bank Capital Standards Aren't Actually That
Standard – BB
A Federal Reserve
working paper shows a wide variation in the way banking rules are implemented
across jurisdictions.
Dollar Bull Case Intact: It is All About the
Perspective – Marc
Chandler
Richard Koo: Why US Quantitative Easing “worked”
better than other QEs – FT
IMF WEO
UPDATE
A Spanner in the Works:
An Update to the World Economic Outlook – IMF
IMF WEO Update, July
2016 – IMF
Press Briefing: World
Economic Outlook – IMF
IMF: Brexit is slowing
world economy — and it could be worse – WaPo
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Rising risk in Chinese banks;
negative Bund yields; risk is on the EUR * ECB lending survey most important
event today * Bund yields below zero again * USD strong as risk appetite cools
Morning Markets
– TF
Asian equities were mixed with the
broad Asia-Pacific index falling and rally attempts held back by softer crude
oil prices. The Reserve Bank of Australia's minutes of its July meeting seemed
to set the stage for an August interest rate cut.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Dollar-Bloc Tumbles, but Euro and
Yen Little Changed
Daily Market Comment
– Macro
Man
Political kabuki? Markets don't care
Daily Market Comment
– Polemic’s
Pains
The Turkey Quiz
Daily Shot
– TF
A failed coup in Turkey on Friday
rattled financial markets broadly and the Turkish stock exchange had its
biggest one-day drop in years on Monday though the selloff in Turkish bonds was
less drastic and the lira recovered part of its steep Friday losses.
Daily Press Summary
– Open
Europe
Kerry says UK remains “critical,
vital” to US relationship with Europe and calls for “smoothest” possible Brexit
* EU threatens to end Turkey’s membership bid if death penalty reintroduced * US
State Secretary says TTIP deal more important because of Brexit * French
Foreign Minister calls for common defence strategy post-Nice attack * Bundesbank
proposes greater powers for Eurozone bailout fund * British manufacturers’
confidence at two-year low post Brexit, though few have seen any change in
trading conditions * Bank of England MPC member argues bank right to wait for
more information before responding to Brexit * Top European Court of Justice
legal advisor says UK ‘Snoopers’ Charter’ “may be compatible with EU law * Portugal
pledges greater fiscal effort in bid to avoid EU fine for excessive deficit * Germany’s
populist AfD drops from third to fifth place in new poll * ECJ: EU countries
“not compelled” to impose losses on investors in bank rescues, but they may
found in breach of EU rules
Brussels Playbook
– Politico
Turkey trauma — Trade trauma —
Republican circus begins
US Open – ZH
US Futures Dip, European Stocks
Slide After EU Court Slams Italian Bank Bailout Plans
Frontrunning
– ZH
FX Update
– TF
The minutes of the Reserve Bank of
Australia's July meeting suggest higher chances of an August rate cut than the
market expected and have the Aussie in a race with the kiwi to the bottom while
the action elsewhere has been lacklustre.
From the Floor
– TF
Nintendo shares are up by 125% on
the hit status of its Pokemon Go game but although the game features a very
strong revenue per daily average user value traders may well have gone a step
too far.
FINNISH
Aamukatsaus – Nordea
Italian
pankkisektorin ongelmiin ei ole helppoa ratkaisua * EKP:n kysely pankkien
antolainauksesta julkaistaan tänään * Saksan rahoitusmarkkinoiden luottamus
laskussa * Dollari korjasi perjantaina nähtyä nousua