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Friday, August 4

4th Aug - Good US jobs report

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The political economy of fiscal transparency and independent fiscal councils – ECB
Euro Area: Growth tailwinds dominate headwind from EUR near term – Danske Bank
Draghi's 'Markets' Have "Totally Gone Nuts" – ZH
In spite of broadening growth, ECB will remain prudent – Pictet

Mueller Using Washington Grand Jury in Russia Probe – BB
Wall Street Analysts Respond To Mueller's Grand Jury Subpoena – ZH
Nouriel Roubini: A Dim Outlook for Trumponomics – Project Syndicate

Payrolls Beat: +209K Jobs, Solid Wage Growth, Unemployment Drops – ZH
"Excellent Jobs Numbers" Send Dollar, Bond Yields Higher; Stocks Shrug – ZH
July Jobs Report – The Numbers – WSJ
The July Jobs Report in 10 Charts – WSJ
Economists React: ‘A Banner Jobs Report’ – ZH
Constructive US Jobs, but Where Do the Euro Bulls make a Stand? – Marc Chandler
The US economy remains in good health - jobs report review – Nordea
Strong U.S. jobs report bolsters case for further Fed tightening – Reuters
Payroll Gain of 209,000, Wage Rise Show U.S. Labor Strength – BB
El-Erian ‘More and More Worried’ About Wages, Even as Jobs Gain – BB

Aaron Brown: Stock Market Charts Without Context Only Feed Hysteria – BB
FANG Break-Up? Tech Stocks Diverge – WSJ
Richard Breslow: "What If Bond Yields Were Right All Along?" – ZH

Morning Report APACTF
Oil lost ground and gold prices fluctuated widely in the US on Thursday. Meanwhile sentiment in fragile in Asia today as investors digest developments in the Russian election influence story in the US and await the release of the nonfarm jobs report.

FirstFT Daily BriefingFT
Mueller investigation intensifies, WannaCry nemesis arrested, how to launder $81m

RBS Swings to Profit, Business Group Seeks Transition Clarity, Mueller Impanels Grand Jury

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Lower rates and EUR/USD at 1.1880 ahead of payrolls * Another solid US jobs report expected * Flatter German and US yield curves * EUR/GBP breaks 0.90 mark

Morning MarketsTF
Asian investor sentiment was subdued ahead of the release of nonfarm jobs data in the US. Korea's Kospi Composite headed back into positive territory after sharp falls on Thursday but it didn't regain much ground lost due to the talk of a hike in corporate taxes. In Australia the largest listed bank is in hot water with a government funds tracking agency over alleged anti-money laundering breaches.

From the FloorTF
Bonds rallied overnight and sterling fell after the Bank of England held rates steady on Thursday and expressed worries about the implications of Brexit for the UK economy.

Daily Market Comment Marc Chandler
Does the Employment Report Matter?

Brussels PlaybookPolitico
Russian sanctions calm — Military Schengen — Tusk testifies

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

Futures Flat As Payrolls Loom, Dollar Slide Continues


FX Update TF
A weak July ISM non-manufacturing survey sets up today’s US nonfarm payrolls report where bad data could lead to a fresh capitulation for the US dollar – particularly against the JPY.

Tänään julkaistaan USA:n työmarkkinaraportti - joko palkat nousevat? * Englannin keskuspankki piti rahapolitiikan ennallaan - punta heikkeni euroa vastaan vajaan prosentin