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Monday, August 1

1st Aug - Post-stress stress

Previously on MoreLiver’s:

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Eurobarometer commentary Danske Bank
Unchanged support for the euro before Brexit but optimism about EU’s future is lower

Carney Takes Second Look at Brexit as BOE Readies Stimulus PlanBB
Most economists forecast 25bps rate cut to 0.25% on Aug. 4 * Majority see other measures but divided on makeup of package

Jean-Claude Juncker’s next big thingPolitico
The European Commission is quietly preparing to unleash a flood of policy initiatives to boost workers’ rights across the EU, rebooting plans by Jean-Claude Juncker that were kept mostly out of sight during the Brexit debate.

EBA publishes 2016 EU-wide stress test results – EBA
Tests may be overlooking the damage from negative yields – BB
EU banks get clean bill of health – Politico
Monte Paschi Fails " Test" Meant To Restore Confidence In Europe's Banks – ZH
Monte Paschi Capital Wiped Out in European Bank Stress Test – BB
Deutsche Bank Fares Better in EBA Stress Test Than in 2014 – BB
The Full Details Behind Monte Paschi's €5 Billion Bail Out – ZH
Stress test results: What did we learn?ABN AMRO
Europe’s stress tests: 5 things we know – FT
Editorial: Europe's Stress Tests Fail AgainView / BB
The EBA's stress tests reveal their own lack of credibility – The Guardian
Stress-Tests Results Fail to Revive Faith as Europe Banks FallBB
Hardest Hit, Weakest Capital: European Stress Tests in Charts – BB

Bond World Sees ‘Live’ September for Fed, But It’s September ’17BB

BOJ's Purchases Equivalent To Fed Buying $580 Billion ETFs In 2 YearsZH
Discussing the BoJ’s alleged impotence… - FT

Minsky’s moment The Economist
The second article in our series on seminal economic ideas looks at Hyman Minsky’s hypothesis that booms sow the seeds of busts

Holiday recap: while you were busyNordea

Monthly Macro Outlook for AugustTF
Investors are shrugging off growing political risks... for now * Eyes are on central banks, with more easing expected in the UK and Turkey * Janet Yellen may offer clues to a September rate hike at Jackson Hole event * US election campaigns gear up, with outcome more unpredictable than ever * Poland's economy brightens, Finland business confidence in perpetual gloom * Turkey's credit rating taking a beating in aftermath of failed coup

Danske DailyDanske Bank

Data in the driver seat, this week BoE and US jobs report * Disappointing GDP sent rates lower across the globe, BoE action to guide markets * JPY rose and USD dropped driven by monetary policy expectations

Morning MarketsTF
This morning's array of figures and market movements come in the wake of a plaintive new editorial from The Economist claiming that globalisation is under threat from populism and nationalism. Our question? What sort of macro data do the "open society" need and just how far short are we falling?

Euro wrap-upDaiwa

Bunds made modest losses today as the euro area manufacturing PMIs signalled ongoing expansion at the start of Q3 * Gilts made losses today despite a significant downside surprise to the UK manufacturing PMIs.
Daily Market CommentMarc Chandler
Dog Days of August Begin

Daily Market CommentMacro Man
Ten fun facts about the European bank stress tests

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Euro Stocks Reverse Early Gains Dragged Lower By Slumping Banks; US Futures Flat; Crude Slides


From the FloorTF
The results of the latest stress test on European banks were published after Friday's closing bell. They should not make markets nervous today but rather provide some positive signals.

Englannin keskuspankki yrittää paikata Brexitin vaurioita * Stressitestit eivät poista stressiä * Euroopan pankkisektorilta l USA:n toisen neljänneksen BKT-kasvu jäi selvästi odotuksista * Perjantaina julkaistaan USA:n työllisyysluvut