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EUROPE
Europe's Bank Stress Tests are Missing One
Crucial Element – BB
Stress tests for
European banks may be overlooking the damage caused to lenders by negative
yields.
We are the ECB. You will be assimilated – FT
GDP up by 0.3% in the
euro area and by 0.4% in the EU28 – Eurostat
Eurozone economy back to
sluggish growth – ABN
AMRO
Euro area annual
inflation up to 0.2% - Eurostat
Euro area: higher
inflation, activity data are pre-Brexit – Danske
Bank
Euro zone economic
growth slows in quarter before Brexit – Reuters
UNITED STATES
Q2 growth slow, just 1.2
percent – WaPo
2015 Economic Growth Was
Slightly Better Than We Thought – WSJ
Second-Quarter U.S. GDP
– At A Glance – WSJ
U.S. Economy Grew
Less-Than-Forecast 1.2% in Second Quarter – BB
Inventory liquidation
weighs on Q2 growth – Reuters
OTHER
BANK OF
JAPAN
BoJ ‘inaction’ – JPY
strengthens – ABN
AMRO
BoJ: A disappointing
easing – Nordea
BoJ disappoints but
keeps door open for more easing – Danske
Bank
Japan Bonds Plunge,
Treasuries Fall as BOJ Decision Disappoints – BB
BOJ eases by doubling
ETF buying, underwhelms expectations – Reuters
Bank of Japan Boosts
Dollar Lending, ETF Purchases – BB
Yen surges as Bank of
Japan disappoints – Reuters
BOJ fails to meet
expectations on easing – Pictet
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
JPY jumps on limited BoJ action, BoE
rate cut priced in, big data day ahead * Heavy calendar ahead: GDP data, stress
tests, inflation * JPY appreciates almost 2% on a modest BoJ move * Market
prices 100% chance for BoE 25bp rate cut
Morning Markets
– TF
The banking sector is in focus today
with markets anxious about the results of the European bank stress tests due
out at 2000 GMT. Meanwhile the Bank of Japan statement fell well short of hopes
and expectations with the central bank taking only limited stimulus steps. The
yen has headed higher again as a result.
Daily Market Comment
– Marc
Chandler
Kuroda Hesitates, Yen Advances,
Focus Turns to Europe and North America
Daily Shot
– TF
A little more than a month ago
Britons voted in favour of leaving the European Union. Economic indicators
suggest a Brexit will harm the UK more than the EU. Good news from Spain:
unemployment reaches 2011 levels again.
Daily Press Summary –
Open
Europe
Brussels Playbook
– Politico
US Open – ZH
Despite Huge BOJ Disappointment,
Global Stocks Rise, US Equity Futures Flat As Yen Soars
Frontrunning
– ZH
FX Update –
TF
The Bank of Japan failed to clear
the bar of expectations for new policy measures and JPY knee-jerked higher
though the big test for the JPY lies with the government's fiscal intentions
and an indication that the September meeting will be a pivotal.
FINNISH
Aamukatsaus
– Nordea
EU-alueen
pankkien kunto suurennuslasin alla * Japanin keskuspankki piti odotusten
vastaisesti koron ennallaan * Brexit – paljon melua tyhjästä? * Tänään
julkaistaan USA:n ja euroalueen toisen neljänneksen BKT-kasvu