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Thursday, June 29

28th Jun - ECB backtracks from hawkish impression

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The Euro Zone Needs Better Shock Absorbers – BB
Behind the Potemkin Village of EU Bank Regulation – BB
Carney Says BOE May Need to Remove Stimulus as Slack Erodes – BB
Italy Handed Bank Bondholders a Bailout and a Bunch of Questions – BB

Draghi signals slow exit – ABN AMRO
ECB Tells Market 'You Misjudged Draghi's Comments' – ZH
Draghi Tried to Be Cautious But Spooked the Market Anyway – BB
ECB Sets Record Straight After Draghi's Reflation Talk Sparked a Sell-off – BB

Monetary developments in the euro area: May 2017 – ECB
EZ bank credit flows rose again in May – Pictet

Fed's Yellen expects no new financial crisis in 'our lifetimes' – Reuters
US Wage Growth Exceeds Productivity Growth – Marc Chandler

Martin Enlund’s Global: no smoke without fireNordea
Several market variables are telling a less benign story than that of suddenly hawkish central banks. Indeed, why have seven G10 central banks suddenly turned hawkish? Something has got to give...


Morning Report APACTF
Comments from central bankers have impacted equity and FX markets. The Fed's Janet Yellen noted that some assets have become "rich" sparking falls on Wall St. Meanwhile the euro has surged on hawkish comments from Mario Draghi.

FirstFT Daily BriefingFT
Latest global cyber attack, bank stress tests, Trump’s fake magazine cover

Fund Managers Face FCA Shake-Up, Nestlé’s $20.8 Billion Buyback, Draghi Pivot Hits Home

“Best of the web” chartsLukas Daalder

Danske DailyDanske Bank

Draghi mentions policy parameter adjustment * Yields soar on an optimistic Draghi - 10-year Bund up by 12.5bp * EURUSD hits 10-month high as IMF reduces US growth forecast, CHF rises on Nestlé CHF 20bn buyback

Morning MarketsTF
US president Donald Trump's ability to move legislation through the Washington "swamp" is in focus again as Republican Senate majority leader Mitch McConnell pushed back a vote on the party's healthcare reform bill due to lack of confidence that they could secure the win.

From the FloorTF
Markets across asset classes staged an ugly session on Tuesday, and the Nasdaq slipped into fragile territory below its 50-day moving average. But the euro went on a "rip-roaring rally" after European Central Bank president Mario Draghi's remarks about inflation caught the FX markets off guard.

Daily Market CommentMarc Chandler
Draghi's Sparks Mini Taper Tantrum, Euro Chief Beneficiary

Brussels PlaybookPolitico
EU’s internet queen — Budget stick — Sun setting on Cyprus deal

10 things you need to know before the opening bellBI

US Open ZH
Euro Surges As Europe Stocks Slump; Yields Rise After Central Bankers Spook Markets


FX UpdateTF
ECB president Draghi’s relatively muted hawkishness – more of an expression of confidence that things are taking a turn for the better – was seized on for a reason to bid the single currency sharply higher. Meanwhile the ugly risk-off combination of weak bonds and weak equities hit carry trades the hardest and NZD the most among DM.

EKP:n Draghi kommentoi euroalueen inflaation hitauden olevan väliaikaista | Euroalueen korot nousivat ja euro vahvistui muita päävaluuttoja vastaan | Suomen teollisuuden ja kuluttajien luottamus vahvistui kesäkuussa

Veronmaksajat yhä pankkien velkojen takajana – Roger Wessman