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Friday, September 16

16th Sep - DB hit, US inflation rises

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Europe Said to Threaten Revolt Over Bank Capital-Rule RevampBB
Germany, others tell regulator to scale back, slow down reform * Two-day meeting of the Basel Committee concluded on Thursday

Deutsche Bank shares tank after CEO rejects $14bn DOJ settlement – ZH
Deutsche Bank Tumbles as DoJ Claim of $14 Billion Rebuffed – BB 
Deutsche Bank Investors Fret Its Legal Reserves Won’t Be Enough – BB
Bank Slump Triggers Worst Week in Three Months for Europe Stocks – BB

Live blog: talk on migration, terrorism and Brexit strategy – Politico
Europe’s leaders talk through ‘crisis’ – Politico
Jean-Claude Juncker offers his own summit roadmap – Politico

No big change yet to outlook for slow-burn Brexit pain – Reuters
Hammond Said to Be Ready to Ditch EU Single-Market on Brexit – BB

U.S. inflation stirring as healthcare, housing costs surge – Reuters
Markets React to Surprising Inflation Print – WSJ
Lively debate and 'hawkish hold' seen from Fed – Reuters

Yield Forecast UpdateDanske Bank
No bond sell-off this year

FX Forecast UpdateDanske Bank
Central bankers snooze amid political risks

Bank of Japan previewDanske Bank
Focus on assessment: policy adjustments but no easing

Japan’s Biggest Bank Urges BOJ to Weigh Policy Side Effects BB

Wall Street’s 0.01%: The Guru Who Only Talks to Hedge-Fund Elite BB
A new financial elite is emerging on Wall Street. And if you're not part of it, the next best thing is to sell to it.

Danske DailyDanske Bank

Eye-Opener Nordea
US retail sales and manufacturing output disappoint * UST short yields drop significantly – watch out today for US CPI * USD rally fades as Fed a hike probability this year falls to 50%

Morning MarketsTF
Overnight gains on Wall Street gave Asian investor sentiment a welcome lift. Both Japan's Nikkei 225 and Australia's S&P/ASX200 made gains. Meanwhile markets were closed in China and Hong Kong for the mid-Autumn festival holiday.

Euro wrap-upDaiwa

Daily Market CommentMacro Man
The impact of NIRP on inflation: some empirical evidence
Daily Press SummaryOpen Europe
Merkel and Hollande urge “clear vision” for Europe’s future, as Tusk calls for “realistic diagnosis” of the causes of Brexit * Corbyn looks to Norway for post-Brexit blueprint * Senior German MP says UK could be exempt from free movement of people while keeping full single market access after Brexit * US financial firms urge US government to push for “transparent” UK-EU negotiations that allow for transitional arrangements * Bank of England hikes growth forecasts as retail sales fall less than expected * Twelve EU member states make last-ditch attempt to save EU-US trade deal * City of London is “a massive asset for the whole of the EU”, says Boris Johnson * The Daily Telegraph: UK officials fear EU is trying to change minds on Brexit with tough negotiation * Renzi: Date of constitutional referendum will be decided on September 26 * Dutch PM silent on plans to deal with EU-Ukraine agreement rejected by Dutch voters * EU extends sanctions on Russia by a further six months

Brussels PlaybookPolitico
The brat pack — How Vestager got Apple — Barroso troubles

US Futures; Euro Stocks Slide On Deutsche Bank Liquidity Fears; Bonds Bid


FX Update TF
The Wall Street Journal reported on divisions within the BoJ policy board on how to proceed with policy from here and this has guided the JPY back stronger. Meanwhile risk assets celebrated yesterday’s weak US retail sales number on the implications for FOMC guidance next week.

From the FloorTF
US retail sales were a serious disappointment but markets celebrated in best 1999 style with a risk-on splurge. A deterioration in Clinton's health meanwhile could cause a massive one-off consequence for risk appetite.

Venäjän keskuspankki elvyttää lisää * USA:n vähittäismyynti laski vastoin odotuksia * Englannin keskuspankki (BoE) piti odotetusti rahapolitiikan ennallaan