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Friday, September 23

23rd Sep - Post-Fed rally stifles out

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Not What EU, but Whose Is the EU. That Was the Question in Bratislava euinside
The feeling hung that the Union is at a crossroads and a real one at that – member states disagree on both the direction and the mode of transportation… The hidden question at the summit was not what, but whose Union is it – does it belong to the founders France and Germany, to Orbán, or the institutions?

EU Banks May Need Rescue Funds Equaling Twice ECB CapitalBB
Single Resolution Board takes SREP capital as starting point * Capital to be refined as regulatory dust settles, Koenig says

Deutsche Bank's compliance in for bumpy journey: executiveBB

Greece’s Tsipras Urges EU Countries to Keep Their PromisesWSJ
Greek Prime Minister Alexis Tsipras is calling on other European Union member states, especially Germany, to keep their promises and help Greece cope with the migration and financial crisis. The 42-year-old leader sat down with The Wall Street Journal for a 45-minute interview

Far-right AfD hits new highs in Germany-wide pollPolitico
Anti-immigrant AfD party gets 16 percent, highest ever, in new pollReuters

Mark Gilbert: Don't Gamble With the City of London's FortunesView / BB
As it negotiates Brexit, Britain must be careful not to sacrifice its most valuable -- and vulnerable -- asset.

Nordic Outlook September 2016Danske Bank
Denmark: The year has been good so far, especially for jobs, but the broader picture remains decidedly mixed Sweden: Growth is coming down to a more normal level but is still above trend  Norway: All indicators point to higher growth Finland: Growth remains below potential as competitiveness is being restored

Euro area: manufacturing PMI strengthens – Danske Bank
Despite small drop, euro area activity remains resilient – Pictet
Euro zone business growth near two-year low in September: PMI – Reuters
Euro-area flash PMIs: No reasons for the ECB to hurry up – Nordea

ECB back in court? – ABN AMRO
ECB policymakers say rates near bottom even if recovery is disappointing – Reuters
Draghi Wants Fewer Banks. Good Luck With That! – BB

Kocherlakota: The Fed's Mission: A Rocket Launch From JupiterView / BB
The economy needs a lot more momentum to break free of the powerful pull of zero rates.

Banks have a dubious business model and markets have noticedFT
Apparently, when deprived of their ability to gouge or defraud their customers, most big lenders have a hard time justifying to the markets they are capable of creating value.

An anomaly that shows markets are not as liquid as beforeThe Economist

The low-rate world The Economist
Central banks have been doing their best to pep up demand. Now they need help

Danske DailyDanske Bank

Japanese PMI above 50; risk on; and no more easing from Norges Bank

Morning MarketsTF
It's anniversary time – three months to the day after a majority of British voters made their fateful decision to quit the European Union and we are no nearer a resolution.
Daily Market CommentMarc Chandler
It is Friday and the Dollar is Firmer Again

Daily Market CommentMacro Man

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Global Central Bank-Driven Stock Rally Fizzles; Crude Rebounds On Saudi Oil Production Cut Report

From the Floor TF
Some of the glow has come off the post-FOMC risk rally but in Saxo FX head John Hardy's view "the theme right now is markets going back to the central bank punchbowl".

Euroalueen yritysten luottamus pysyy vahvana * Tänään äänessä on useita keskuspankkien edustajia * Tärkein datajulkistus on euroalueen palvelusektorin ostopäällikköindeksi (PMI) * Norjan keskuspankki piti korot odotetusti ennallaan