Follow ‘MoreLiver’ on Twitter
The pension hole in European corporates – FT
Deficits for the more-than 100 companies that we have screened are up 16% since endFY2015…rise in cash contributions is likely to translate into cuts in dividend payments, which in turn could put pressure on share prices and affect market sentiment.
Sweden: Don’t trust today’s data - the housing market is slowing – Nordea
EU Readies Plan for Clearing Crisis, the New Too-Big-to-Fail – BB
Draft law on CCP recovery, resolution seen by Bloomberg News * EU Commission plans to make proposals by the end of the year
Stiglitz sees Italy, others leaving euro zone in coming years – Reuters
Merkel rallies industry against giving UK sweat Brexit deal – The Local
Britain cannot be allowed access to the EU's single market without accepting free movement of people, German Chancellor Angela Merkel said Thursday, warning she would not allow a free-for-all.
Deputy governor: BoE was too pessimistic about Brexit vote – The Guardian
Constancio Denies Report ECB "Near Taper Consensus" – ZH
Berlin pursues discreet talks with U.S. officials on Deutsche Bank – Reuters
DBK dumped as German government denies talks with US DOJ – ZH
German CEOs Said To Offer "Single-Digit Billions" Capital To DBK – ZH
JOBS REPORT PREVIEWS
Preview of September Employment Report – Bill McBride
Goldman's September NFP Preview – Bill McBride
5 Things to Watch in the September Jobs Report – WSJ
Some Go Beyond the BLS for a Picture of the Jobs Market – WSJ
Global FX Strategy: Thinking of the Trumpening – Nordea
The likelihood of a Trump presidency has plunged, now merely becoming a tail-risk for the market. In this edition of Global FX Strategy we, amongst other things, look at how a turn-around in the polls could impact upon the USD and upon some specific EM currencies. A Trumpian turn-around might still be possible.
Central Banks on QE Highway Worry About Running Out of Road – BB
Sustainability key for central banks far from inflation goals * Quantitative-easing concerns include how to exit the programs
Ray Dalio speech – Linkedin
Remarks at the Fed’s 40th annual central banking seminar
China letter 1: Will China face a financial crisis? – Danske Bank
Today’s Markets in 54 Charts – WSJ
Danske Daily – Danske Bank
Eye-Opener – Nordea
Super-strong US non-manufacturing ISM, today ECB minutes . Fed Vice Chair calls for reforms. Treasury yields retreating somewhat after recent surge.
Morning Markets – TF
GBPUSD is hovering above the 127.0 trapdoor Thursday morning after UK prime minister Theresa May took a political angle on monetary policy with quantitative easing one of those in the firing line.
Euro wrap-up – Daiwa
Daily Market Comment – Marc Chandler
The Dollar is Firm in Quiet Market
Daily Market Comment – Macro Man
A few fixed income thoughts
Daily Press Summary – Open Europe
BoE deputy governor: We were too pessimistic about economic impact of Brexit vote * Frankfurter Allgemeine Zeitung: ‘Hard Brexit‘ will be hard for the EU * New services sector data strongly suggests UK on course to avoid recession * Merkel warns of “extremely complicated situation” if EU fundamental freedoms are split * AfD drops in polls while CDU politician suggests forming a coalition * Orbán to push ahead with constitutional amendments banning refugee resettlement without parliamentary approval * Bratislava summit failed to deliver “sufficiently concrete” results says Juncker * New European border force enters servic
Brussels Playbook – Politico
EU border guard — Portugal to run UN — Ducking Donald
US Open – ZH
US Futures Pressured By European Weakness; Oil Flat, Dollar Rises
Frontrunning – ZH
FX Update – TF
After a head-spinning comeback in the ISM non-manufacturing survey in September a November Federal Reserve rate hike could even be in play if tomorrow’s US jobs data are sufficiently strong.
From the Floor – TF
The Federal Reserve will hold its next meeting just ahead of the US presidential election. While this led many to rule out a policy move at this juncture a surprisingly good ISM non-manufacturing print for September has fuelled speculation that the November 1-2 meeting is "live".
Aamukatsaus – Nordea
EKP julkaisee tarkempia tietoja syyskuun kokouksestaan * USA:n palvelusektorin luottamusindeksi (ISM) oli erittäin vahva * Aamulla julkaistaan Saksan elokuun tehdastilaukset * Ranska huutokauppaa pitkiä velkakirjoja