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Tuesday, August 9

9th Aug - Stocks are strong

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These Are the Red Lines Europe Won't Cross in Brexit TalksBB
Survey shows host of competing demands facing May’s government * Open Europe sees U.K. deal as compromise of national interests

Philippe Legrain: Three Paths to European DisintegrationProject Syndicate
The post-Brexit turmoil appears to have boosted support for mainstream politicians and the EU. But this sentiment is likely to fade as the Brexit fallout begins to sap eurozone economic performance and further polarizes politics in the member states.

The Big Idea That Won’t Fix Europe's BanksView / BB
So if a banking union is a non-starter, what will happen? Individual governments will probably have to take on the burden of propping up banks, with repercussions for state finances.

The U.S. Economy Is Suffering From the Same Old ProblemBB
Strong payroll growth and sluggish productivity are a tough mix for monetary policymakers.
Ben Bernanke: The Fed’s shifting perspective on the economy and its implications for monetary policyBrookings
[Fed sees] current policy as less accommodative, the labor market as less tight, and inflationary pressures as more limited.  Moreover, there may be a greater possibility that running the economy a bit “hot” will lead to better productivity performance over time. The implications of these changes for policy are generally dovish, helping to explain the downward shifts in recent years in the Fed’s anticipated trajectory of rates.

How to Read Financial News: Tips from Portfolio ManagersCFA Institute

Danske DailyDanske Bank

Resilient UK consumer, higher oil prices, eyes on US price pressures * More data on underlying US price pressures out today * Intra-Euro-area bond spreads narrow on a calm day * GBP still under pressure

Morning MarketsTF
Finally there's cause for optimism about oil with Opec planning to meet late next month. The news that the cartel will hold unscheduled talks has revived hopes of a deal on crude output. Meanwhile CPI and PPI data released from China has added support to the view that Asia's top economy is heading for sluggish growth at best.
Daily Market Comment Marc Chandler
Sterling Slips to a Four-Week Low

Daily Press SummaryOpen Europe
Dutch PM says it must not be “business as usual” in EU post-Brexit, as he talks up links with UK * Bloomberg analysis reveals other EU members states’ “complex patchwork of priorities” ahead of Brexit talks * UK consumer spending jumps in July in spite of Brexit vote, but commercial property struggles * EU-Turkey migrant deal looks increasingly at risk as Erdoğan accuses EU of being insincere * Hollande suggests he will quit politics if he loses the 2017 presidential election * Corbyn’s leadership prospects boosted by High Court ruling * New poll suggests not even a third election would break political gridlock in Spain

Brussels PlaybookPolitico
Bromance rekindled — Corbyn digs in — Renzi’s deadline

Futures Flat; Global Stocks, Bonds Rise As Sterling Slides For Fifth Day


From the FloorTF
Russia and Opec may be congratulating themselves for talking up oil but its a well-known trick and has what is for now a perrmanent barrier at the $50/b area.

Norsu paljastaa: suomalaiset ovat globalisaation voittajia * Saksan teollisuustuotanto kasvoi odotusten mukaisesti * Punta jatkoi heikkenemistään markkinoiden ennakoidessa BoE:lta lisäkevennyksiä * USA:sta saadaan toisen neljänneksen tuottavuus ja yksikkötyökustannukset