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Monday, July 3

3rd Jul - Busy week after US holidays

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Merkel, Macron Pledge a United Europe as They Bid Kohl Farewell – BB
Weidmann Meets the People With Reassurances on ECB Policy Path – BB
ECB: Hawkish comments over the weekend – Nordea
Macron’s €9bn austerity headache – FT

Macro Monday: New quarter new divergence TF
We have kicked off the third quarter of the year with Mario Draghi's hawkishness and the BoE's Carney being unsure whether rates would be hiked or loosened. All eyes look to the next "real" Fed meeting on September 20 after all the holidays

Key Events In The Coming Week: Payrolls, Fed Minutes, ISM, G-20 – ZH
Official Coordination or Is the Market Getting Ahead of Itself? – Marc Chandler
El-Erian: What Stock Investors Need to Know, and Why – BB
SocGen: "Global Stocks 21.5x P/E: Higher Revenue Growth Needed" – ZH

Morning Report APACTF
The third quarter of the year has kicked off with a whimper rather than a bang on equity markets in Asia with nervous investors struggling to find direction. In Australia hopes of a rebound from last week's sharp losses have failed to materialise.

FirstFT Daily Briefing FT
EU considers tougher regulatory powers, Total’s milestone, the science of naming asteroids

Banks Could Face €15bn Brexit Bill, Stage Set for More Volatile Second Half

“Best of the web” chartsLukas Daalder

Danske DailyDanske Bank

Mixed inflation data, higher sentiment, bond sell-off continues * Euro-area core inflation heading higher * Another day of rising yields * Riksbank ahead this week

Morning MarketsTF
Asian equity markets struggled to find direction today with little guidance from the US following only minor gains on Wall Street last Friday. And given that Wall St closes early today and takes tomorrow off some markets may be muted again for a day or two. But the release of nonfarm jobs at the end of the week should jolt sidelined investors into activity. Meanwhikle in Australia there are no signs yet of investors taking up the "buy in July" mantra and the S&P/ASX200 added to last week's slide.

From the Floor TF
Saxo Bank head of equity strategy Peter Garnry is eyeing the energy sector closely as depressed valuations and a determined uptick in crude prices have the potential to signal a turnaround for the long-weak sector.

Daily Market Comment Marc Chandler
Dollar Bounces to Start H2

Brussels PlaybookPolitico
Mosco circus — Tech meets politics — Catalan showdown

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bell BI

S&P Futures, Euro Shares Start 2nd Half Solidly In The Green; Oil Rises For 8th Day

Frontrunning ZH

FX UpdateTF
The pattern of global central banks turning more hawkish faces an interesting test this week as the RBA meets tonight and even more so as the uber-dovish Riksbank is also set to meet tomorrow.

Joko palkat nousevat - tällä viikolla tulossa Yhdysvaltojen työmarkkinaraportti * Riksbankin kokous on tiistaina * Markkinoilla oli perjantaina rauhallista

Talous pyrähti kasvuun, mutta rakenneongelmat pysyvät – Euro ja Talous