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Friday, June 23

23rd Jun - PMIs disappoint, markets tank

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Merkel's Praise Sets Tone for Macron Debut Among European Peers – BB
Angela Merkel Embraces German Nationalism With a Twist – BB
Europe's Banking Union Is Dying in Italy – BB
Inflation – a midsummer night’s dream? – Jussi Lindgren

The Future of Europe: Comparing Public and Elite Attitudes – Chatham House
Brexit was supposed to unite Europe - instead, it’s a harbinger of what’s to come – Politico
EU Political Class over Citizens’ Concerns – Wolf Street

Flash France Composite PMI – Markit
Flash Germany Composite PMI – Markit
Flash Eurozone Composite PMI – Markit
Euro PMIs show business activity remains solid – Pictet
Euro-Area Momentum Eases as Best Quarter in Over Six Years Ends – BB
Euro zone stays on growth road, hitting occasional bump – BB

Fed’s Stress Tests Bolster Case for Easing Bank Rules – WSJ
What the Shrinking Yield Curve Is Really All About – BB

Flash US Composite PMI – Markit
US PMIs Tumble To 9-Month Lows– ZH

Value vs Growth stocks BI
BofA: Central Banks In A Desperate Dilemma, Start Buying Volatility" – ZH
JPMorgan's Head Quant Doubles Down On His "Market Turmoil" Forecast – ZH 
RBC: The Next Pain Trade Is Coming In 1-3 Months – ZH

Morning Report APACTF
Asian shares were mixed in early trade this morning with the Aussie and Korean bourses inching up slightly. Oil appears to have arrested its decline moving away from this week's 10-month lows.

FirstFT Daily BriefingFT
EU citizens’ rights, Republican healthcare bill

More Questions Than Answers One Year After Brexit, Forbes’s Parting Shot

Danske DailyDanske Bank

Oil prices stabilise; US healthcare bill uncertain; Norges Bank in hawkish move * Euro PMIs today’s highlight * Lower rates on inflation concerns. DFA keeps issuance outlook unchanged * Commodity currencies up against peers

Morning MarketsTF
Asia-Pacific shares were mixed in a mildly disappointing session across most markets on Friday with soft oil prices weighing on sentiment. In Australia further losses for bank stocks also weighed on the benchmark S&P/ASX200 which was up for the day but down sharply since the start of the week.

From the FloorTF
The US healthcare reform plan has pushed biotechnology shares up sharply. Volatility in the fixed-income markets is low, and recently battered oil prices are showing signs of stabilising.

Daily Market Comment Marc Chandler
Dollar Pares Gains Ahead of the Weekend

Brussels PlaybookPolitico
Summit loving — Brexit policy guide — Trump’s new ambassadors

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US Open ZH
Prepare For A Surge In Volume: Russell Rebalance Day Is Here