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EUROPE
Die Auswirkung des
Brexit-Votums auf die Konjunktur – DIW
Editorial: Getting
From Here to Brexit
– View
/ BB
BoE Suffers Failure
On Second Day Of QE
– ZH
Deutsche Bank
Unexpectedly Found To Have Massive Capital Gap – ZH
The ECB’s Negative
Rate Policy Has Been Effective but Faces Limits – IMF
UNITED STATES
Soaring Debt Has U.S. Companies as Vulnerable to
Default as 2008 – BB
OTHER
Adair Turner: Demystifying Monetary Finance – Project
Syndicate
The debate about so-called
helicopter money is burdened by deep fears and unnecessary confusions: some
worry that monetary finance is bound to produce hyperinflation; others argue
that, in terms of increasing demand and inflation, it would be no more
effective than current policies. Both cannot be right.
Exclusive: BOJ review likely to defend massive
stimulus program – sources
– Reuters
Martin Enlund: Helicopter dreams and a Gosplan
game-changer – Nordea
With NIRP and QE at, or
approaching, their limits in some jurisdictions, market participants have begun
dreaming of helicopters. We argue that rotorcraft are fiscal creatures, and as
such may be ill-suited for Japan, where “wage-forcing” would be more fitting.
Such a move would be a negative game-changer for the JPY, and bearish for DM
bonds.
REGULARS
Danske Daily – Danske
Bank
Eye-Opener – Nordea
S&P 500 hit new
intraday high, USD weaker, new Norges Bank call * Financial forecast update –
the summer break is over * Yields lower as BoE had difficulty buying bonds * GBP/USD
went below 1.30 intraday as further BoE easing is expected
Morning Markets – TF
Sterling has resurfaced
above 1.30 against the dollar but this is more an indication of a reticent
greenback than any renewed strength on the part of the UK's still
Brexit-afflicted floundering currency.
Euro wrap-up – Daiwa
Daily Market Comment – Marc
Chandler
FX Consolidation
Resolved in Favor of Weaker US Dollar
Daily Press Summary – Open
Europe
Theresa May confirms to
Danish and Dutch counterparts that UK won’t trigger Article 50 until next year
* Norwegian Minister suggests country may not welcome UK into EFTA post Brexit
* German research institute warns country’s GDP will fall due to “Brexit shock”
* Renzi: I made a mistake in personalising the constitutional referendum * Rajoy’s
chances of staying on as Spanish PM increase as Ciudadanos signals willingness
to back him * May and Putin pledge to improve ties * Turkey restores ties with
Russia as Denmark joins Austria in calling for ceasing of EU accession talks * Germany
rejects more refugees at the border compared to last year
Brussels Playbook – Politico
Behind the Turkey-Russia
reset — Selmayr’s dream job — Corbyn copies Sanders
US Open – ZH
US Futures Flat; Bonds
Rise, Dollar And Oil Slide Over US Productivity Collapse Fears
Frontrunning – ZH
From the Floor – TF
Last night saw the
outgoing RBA governor out with another reminder that the global economy cannot
be carried on the wings of doves alone. But while all of this continual easing
may be pulling many assets lower in its wake there remains one glittering
exception.
FINNISH
Aamukatsaus – Nordea
Lisää tilauksia
Suomeen, kiitos! * Odotettua heikommat tuottavuusluvut painoivat USA:n korot
laskuun * USA:ssa pienyrittäjien luottamus nousi hieman l Punta pysyi
heikentymisuralla