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Monday, August 28

28th Aug - V-day

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Karlsruhe Refers the QE Case to Luxembourg – Matthias Goldmann

Merkel Stands By German Border Opening to Refugees in 2015 – BB
Merkel has no regrets over refugee policy despite political cost – Reuters

Majority of people in France now dissatisfied with Macron: poll – Reuters

The Media Is the Villain – for Creating a World Dumb Enough for Trump – Rolling Stone
What Markets Think About the Looming Debt Ceiling Showdown – BB
Trump’s Pivot to Taxes Is Fraught With ‘Pitfalls Everywhere’ – BB
Cohn or Yellen? Bond Traders Say Same Difference – BB
Yellen's Odds of Being Reappointed Get Slimmer – BB
Editorial: Yellen Sends Trump the Right Message – BB

Macro Monday: Debt ceiling Fed and ECB dates in focus – TF
Coming Week: Payrolls, Core PCE, GDP, ISM And More – ZH

Peter Tchir: A Brief History Of Tail Risk: From LTCM, ABX, CDS, To VIX – ZH
Mauldin: "4 Charts Why You Should Run Away From The S&P 500" – ZH
The S&P 500: Just Say No – GMO
Asset Allocation in a Low Yield Environment – AQR
Managing Sequence of Return Risk – Ben Carlson
Matt King: QE And ETFs Have Created An Unstable, One-Way Market – ZH
Bull and Bear Market Volatility Look Very Different – BB

Fiscal stimulus in downturns is safe even when debt is high: researchers – Reuters


Morning Report APACTF
Supply interruptions from Hurricane Harvey in the Gulf of Mexico have lifted oil prices. Meanwhile the Fed's Jackson Hole summit has given the euro a lift and driven the US dollar lower. And copper is riding high on robust demand from China.

FirstFT Daily BriefingFT
Harvey slams Houston, Uber chooses new CEO, blue dogs of Mumbai

“Best of the web” daily chartsLukas Daalder
Danske DailyDanske Bank

EUR/USD jumps again, EA inflation and US job report this week * Draghi and Yellen with no news on monetary policy * EUR/USD climbs further * Lower treasury yields

Morning Markets TF
The euro rose and the US dollar fell after European Central Bank President Mario Draghi and Fed chief Janet Yellen failed to provide new monetary policy signals at the Fed's Jackson Hole conference. Meanwhile gasoline prices spiked as Tropical Storm Harvey hit Texas and caused catastrophic flooding in the heart of America's energy industry.

From the FloorTF
A complacent (perhaps too complacent in Saxo Bank FX head John Hardy's view) round of speeches from central bankers at Jackson Hole failed to move markets in any dramatic fashion, but Hurricane Harvey and hurricane Trump appear likely to provide their share of volatility.

Daily Market Comment Marc Chandler
Monday's Dollar Blues

Brussels Playbook Politico
Europe’s next competition clash — Brexit talks round 3 — Angela ‘no regrets’ Merkel

US PlaybookPolitico

Five Things You Need to Know to Start Your Day BB

10 things you need to know before the opening bellBI

Futures Flat As Gasoline Soars On Harvey Devastation, Rising Euro Sends European Stocks Lower

Frontrunning ZH

FX Update TF
Jackson Hole speeches by Fed chair Janet Yellen and ECB president Mario Draghi entirely failed to push back against market assumptions and the EURUSD trend so the bulls stampeded again. This week’s focus is on US data but US politics could steal the show all month with the approach of the debt ceiling deadlines at the end of September.

Perjantaina saadaan USA:n tyƶmarkkinaraportti | Odotamme euroalueen inflaation kiihtyneen hieman | Euro vahvistui dollaria vastaan yli prosentin