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Tuesday, September 6

6th Sep - Quiet ahead of ECB

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Viktor Orbán’s vision of a bigger, looser Europe Politico
One of the EU’s loudest critics advocates expansion — because the bigger it gets, the less integrated it becomes.

The EU's Migration Crisis Is Far From Over BB
Thousands of undocumented migrants are still arriving in the EU, and there's no easy solution to the political crises that creates.

Q2 EZ Growth Bolstered by Exports as Investment Stalls – BB

ECB Faces Bond-Buying Shuffle With QE Extension on the Cards – BB
Euro area monetary policy and its discontents – Jussi Lindgren
Why the ECB May Need to Heed Master Yoda’s Advice – WSJ

Top German politician: Merkel’s days are numbered – Politico
Schaeuble sees scope for 15 billion euro in tax cuts after 2017 vote – Reuters
How Angela Merkel will weather the storm – Politico
Pulling Up the German Welcome Mat? – Project Syndicate
Editorial: Merkel Needs Europe's Help – BB

Brexit: everyone got it wrong – Eric Lonergan
UK retail spending dips after July leap, sun not Brexit behind shift: BRC – Reuters
Carney’s Brexit Nemesis Says Bank Acted Too Early – BB
Morgan Stanley Economists Join Goldman Revising Brexit Outlook – BB

Credit Outlook Q4 2016: Overweight, but reducing risk – ABN AMRO

Hedge funds and prop traders trade FX 30% less than three years ago – ZH

G20 economies well placed to deal with Brexit uncertainty: communique – Reuters
A success for China, but hard issues kicked down the road – Reuters
Promises to coordinate on economy, but little in way of concrete steps – Reuters

Danske DailyDanske Bank

Revised Euro area GDP * Nordea Economic Outlook out today at 9 CET * Euro area bond markets waiting for Thursday * Yen surged as Kuroda didn’t mention new easing measures,

Morning MarketsTF
Oil prices kept enough of their Monday surge to keep sentiment mildly positive on Tuesday and Asian stocks gained while markets waited for the Americans to come back from the Labor Day holiday which had closed Wall Street trading on Monday.

Euro wrap-upDaiwa

Daily Market CommentMarc Chandler
Dollar Heavy in Quiet Markets

Daily Market Comment Macro Man a teacup??

Daily Press SummaryOpen Europe
David Davis suggests UK is seeking controls on immigration and access to, but not full membership of, single market * Sturgeon offers to form coalition to keep Britain in single market * China and others show willingness to discuss bilateral trade agreements with the UK * European Commission to unveil plans for EU military cooperation which could act ‘autonomously’ from NATO * Italian Foreign Minister calls for “core EU” of up to twelve member states * Merkel takes responsibility for AfD’s strong showing in local election * Italy to propose Eurozone joint unemployment insurance scheme * Sarkozy may face trial over alleged illegal campaign financing, in potential blow to presidential bid

Brussels PlaybookPolitico
Roam (not quite) like at home — G20 tax déjà vu — The new Renzi

Traders Return From Vacation To Find S&P Futures Flat, Oil And Dollar Lower, Amid Flurry Of M&A


FX UpdateTF
In the absence of any real US dollar picture at the moment the main theme in the FX market is the strength in smaller currencies versus the G3 currencies amid extreme global asset-market complacency and a hunt for yield.

From the FloorTF
The recent verbal interventions in the oil market may lack substance but for now they seem to be forcing short sellers to take a more cautious approach to the market.

Suomen talouskasvu ei ole pysynyt Ruotsin tahdissa * Uusin Economic Outlook julkaistaan tänään kello 10 * Britannian yritysten luottamus (PMI) nousi yli kansanäänestystä edeltäneen tason * USA:n palvelusektorin luottamus (ISM) julkaistaan tänään