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Thursday, August 4

4th Aug - BoE delivers easing to combat outlook

Previously on MoreLiver’s:

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Don’t lose sleep over our banks: Italy’s central bank chiefPolitico
Q&A with Bank of Italy Governor Ignazio ViscoPolitico

Politics May Have Helped Create Europe's Sovereign-Bank Loop of DoomBB

ECB: In the mind of Draghi-and a steeper curveNordea
ECB bought German bonds with a maturity of 10.5 years in July due to the flat German curve and bonds being scarce. Scarcity problems indicate that ECB will hit its restrictions early next year so technical changes to the programme will come. We discuss such options for a full implementation and not a fundamental ECB view in the following note. The split German curve will steepen on the changes, maybe already in September, so we like entering into conditional steepener trades.

The UK searches for a post-Brexit plan: is the EEA a viable option? – Open Europe
The UK’s new trade priorities – vox
UK should be offered tough Brexit terms by EU: survey – Politico

BOE Preview, And A Look At What UK Corporate Bond QE Will Look Like – ZH
BOE Cuts Rate to 0.25% With More QE to Fight Brexit Fallout – BB
Pound Slides as BOE Cuts Rate for 1st Time Since 2009, Boosts QE – BB
BOE cuts 0.25% to 0.25%, boosts QE £60 bn – ZH
Pound Plummets, Gilt Yields Crash To All Time Low After BOE – ZH

Bank of England cuts interest rates, unveils new stimulus package – Politico
Carney Gets Ahead of Market Expectations; Sterling Slumps, Gilts Soar – Marc Chandler
Bank of England Delivers, But Investors Are into Fiscal Policy Now – WSJ
BoE brings out the sledge hammer after Brexit vote – Nordea
BoE cuts rates, expands asset purchases. To what end? – Pictet

BoE review: easing package, more to follow in November – Danske Bank
Mark Gilbert: BoE Delivers. What's Next? – View / BB
Analysts Think the Plunge in Sterling is Only Just Beginning – WSJ
Re-calibrating our thinking about Brexit after MPC rate cut – Edward Harrison
Editorial: The Bank of England's Stitch in Time – View / BB
How the BOE’s New Facility Is Basically a Helping Hand for Banks – WSJ

Preview of July Employment ReportBill McBride
Preview: US labour market still holding up well?Nordea

Danske DailyDanske Bank

All eyes on BoE easing, mixed PMIs, stronger USD * Euro-area PMIs show more resilience
A cut of 25bp cut and QE expansion from BoE will set the tone in FX and rates markets today

Morning MarketsTF
Shares recovered in Asia on a rally in crude prices and some overnight yen weakness that saw USDJPY recover from around the 100.85 level back to range highs at 101.60. Today's focus is on the Bank of England where the first rate cut since 2009 is expected as a post-Brexit relief measure.

Euro wrap-upDaiwa

Daily Market CommentMarc Chandler
The BOE Owns Today, but Tomorrow is a Different Story

Daily Market CommentMacro Man
The resistible force meets the movable object

Daily Press SummaryOpen Europe
YouGov poll: No evidence of regrets after Brexit vote * Bank of England expected to cut rates today in response to Brexit * May set to host roundtable with small business leaders to discuss response to Brexit * Banks in no rush to move staff out of the UK * Austrian Chancellor urges EU to abandon membership talks with Turkey * Bundesbank chief warns against big changes to ECB bond-buying, sees little impact from Brexit on Eurozone * Bank of Italy chief seeks to allay concerns over Italian banks

Brussels Playbook Politico
5Stars for Italy — German bailout — Facebook EU cash fight

US Open ZH
S&P Futures Flat As Europe, Asia Lifted By Banks, Yen; All Eyes On The Bank Of England

Frontrunning ZH

From the FloorTF
The Bank of England is widely expected to cut rates by 0.25% and announce details of an asset purchse programme. According to rumours it could be around 75bn GBP.

Muhiiko USA:n rahamarkkinoilla uusi kriisi? * Englannin keskuspankki luo luottamusta *​ USA:n palvelusektorin luottamus jäi hieman odotuksista * Euroalueen lopullinen ostopäällikköindeksi oli alustavaa korkeampi, Britannian matalampi

IMF ruoskii itseään, EU:kin voisiKL
Valvoja suomii paitsi IMF:n kykyä ennakoida ongelmia, myös tavat selvittää niitä… EU:ltakin soisi samanlaista itsereflektiota. Toistaiseksi sitä ei ole eurokriisin hoidosta näkynyt.