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Tuesday, July 11

11th Jul - Quiet

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The Hartz myth: A closer look at Germany’s labour market reforms – CER
The myth of the German jobs miracle – FT

ECB Patience Endures as Villeroy Awaits Change of Season – BB
Super Mario Is Getting Markets’ Respect as Europe Calls the Tune – BB

Macro Manager Massacre: "Financial Markets No Longer Make Sense" – ZH
Deutsche Bank: Markets Seem To Have Entered Frothy Territory (If Not A Bubble) – ZH
Fed Has Put Markets in Survival Mode – BB
Who Needs Doves When You Have Goldilocks? – BB
Holiday recap: while you were away – Nordea
Equity Asset Allocations: Previous high levels preceded brutal bear markets – BB
Deutsche: "Once Carnage From Higher Rates Hits, We Move To Helicopter Money" – ZH
JPMorgan's Dimon Warns QE Unwind Could Be Far Worse Than Fed Hopes – ZH

Academic Research Insight: Facts about Factors – Alpha Architect
The $68 Billion Reason Why China May Start Adding Cash Again – BB

Morning Report APAC TF
In midday trade the Nikkei was up 0.2% and the ASX200 up 0.3% as investors focus on upcoming central bank events.

FirstFT Daily BriefingFT
Trump Jr’s Russia email, UK lawyers’ Irish dash, Bitcoin’s existential crisis

Pearson Sells $1 Billion Penguin Stake, City Optimism Slips, Trump Plans to Put Mark on Fed

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Core inflation much above Norges Bank’s forecast * US numbers today, while we await Yellen tomorrow * Summer lull has taken its grip on financial markets

Morning MarketsTF
The risk-on move in markets remains in place as gold prices track rising equities lower. Asian shares posted robust gains Tuesday with the Nikkei rising 0.57% the Hang Seng up 1.1% and South Korea's Kospi index closing to 0.54% ahead of Federal Reserve chair Janet Yellen's testimony to the US Congress Wednesday and Thursday.

From the FloorTF
Sentiment in European and Asian equity markets is improving after last week's tech-sector selling, says Saxo Bank's equities strategy chief Peter Garnry. Meanwhile, oil's selloff has paused ahead of a key inventory report, and WTI is finding support below $44/barrel, though the mood there remains bearish.

Daily Market CommentMarc Chandler
Markets Looking for Next Cue

Brussels PlaybookPolitico
Eurogroup’s other job opening — Time for the Spitzenkandidat to die?

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US Open ZH
Bond Selloff Returns As EM Fears Rise; Oil Slides; BOJ Does Not Intervene

Frontrunning ZH

FX Update TF
Bond yields in the US remain pegged near the highs for the recent cycle helping to drive USDJPY higher with the pair now eyeing the next key levels into 115.00-plus. The Fed’s Brainard is out speaking today and Yellen is set to testify tomorrow and Thursday before Congress.

Tulossa JOLTS-raportti ja pienyrittäjien luottamusindeksi | Norjan inflaatio odotettua korkeammalla | Saksan korkojen nousu tasaantui

Seitsemän Näkymää Suomelle – ajatuspajojen tulevaisuusvisioitaSP