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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
Soaring Debt Has U.S. Companies as Vulnerable to Default as 2008 – BB
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.
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.
Aamukatsaus – Nordea
Lisää tilauksia Suomeen, kiitos! * Odotettua heikommat tuottavuusluvut painoivat USA:n korot laskuun * USA:ssa pienyrittäjien luottamus nousi hieman l Punta pysyi heikentymisuralla