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Wednesday, July 20

20th Jul - ECB ahead

Previously on MoreLiver’s:

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Europe’s next crisis is Renzi and the banks – Politico

Emigration and Its Economic Impact on Eastern Europe – IMF
Video: East-West Migration and Income Convergence in Europe – IMF
Emigration Slows Eastern Europe’s Catch Up With the West – IMF

Turkey Must Decide: Executions or Progress – View / BB
Post-coup crackdown throws doubt on Turkey migration deal – Politico

ECB Precision Stimulus Can’t Duck Doubt on How Economy Works – BB
The ECB May Run Out Of German Bonds To Buy In Just A Few Months – ZH
How Britain Should Brexit – View / BB
Single market access from outside the EU: three key prerequisites – Bruegel
U.K. Unemployment Declines Below 5% for First Time Since 2005 – BB
Brexit Bulletin: When May Met Merkel – BB
Agents’ summary of business conditions July 2016 – Bank of England
Bank of England sees no clear evidence of sharp Brexit slowdown – Reuters
Sterling rallies on BoE report – TF

Summer lull in markets, waiting for Draghi * Depressing ZEW index * Dollar and yen stronger on slight risk aversion

Morning MarketsTF
Asia-Pacific stock markets were mixed in muted trade on Wednesday after US stocks slipped on Tuesday and the International Monetary Fund scrapped its forecast for a global growth pick-up largely due to Brexit concerns.

Euro wrap-upDaiwa

Daily Market CommentMarc Chandler
Sterling's Jump Slows Dollar's Ascent

Daily Market CommentMacro Man
Ten Things I Think I Think

Daily ShotTF
Following last week's failed coup the turmoil in Turkey continues as disturbing headlines continue to spook investors and put pressure on the Turkish lira.

Daily Press Summary Open Europe
May travels to Berlin for first meeting with Merkel promising “frank and open” talks * Johnson and Kerry say informal talks on UK-US trade deal can start but details cannot be ‘inked in’ until UK leaves the EU * IMF expects UK growth to outpace France and Germany despite Brexit * Confusion over whether government’s ‘tens of thousands’ net migration target still applies * Legal challenge over use of Article 50 to be heard in High Court in October * ECB expected to wait and see before any response to Brexit * Over 50,000 targeted in Erdoğan purge as Obama urges restraint * ECJ: EU countries “not compelled” to impose losses on investors in bank rescues * European Commission to ignore national parliaments’ concern over Posted Workers Directive * EU enlargement still “strategic goal” despite Brexit

Brussels PlaybookPolitico
Speechgate — Commission goes big on China, climate, cartels

US Futures Rise To Session Highs, Set For Another Record Open; Global Stocks Jump


FX UpdateTF
EURUSD has gone quiet since the Brexit vote shock ahead of the European Central Bank's meeting on Thursday. In the background Fed rate hike expectations have been ratcheting slowly higher offering broad support for the greenback.

From the FloorTF
A new report from the International Monetary Fund sees the organisation downgrading its forecasts for both UK and global growth sending the pound into yet another downward trend.

Britannian pankkien luottamus edelleen vahvalla pohjalla * Saksan rahoitusmarkkinoiden luottamus laski odotettua enemmän *​ Euroalueen pankkien luottoehdot löysentyivät edelleen * IMF laski globaalia kasvuennustetta