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Friday, September 1

1st Sep - Bad jobs report, but ECB leak saves the day





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EUROPE
  EUROPEAN CENTRAL BANK
ECB preview: Decision in October, but hints next week – Nordea
ECB preview: Dovish stance due to strong euro – Danske Bank
Slow-motion exit from QE – Pictet
Euro Pumps'n'Dumps After ECB Signals Delay On QE Decision – ZH


UNITED STATES
  AUGUST JOBS REPORT
Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts – BB
U.S. job growth slows in August; wage growth retreats – Reuters
Payrolls Miss, Slide To 156K; Hourly Earnings Also Disappoint – ZH


US job creation is still healthy, but wage growth remains modest – Pictet
El-Erian: Short-Term Implications of the Jobs Report – BB
Comment: A Disappointing Employment Report – Bill McBride
Stubbornly weak wage growth is the key message in the August numbers – Nordea

OTHER
Looks Like Bond Traders Didn't Get the Memo – BB
Equity factor-based investing: A practitioner’s guide – Vanguard
Poor Jobs Data Pressures Dollar, Unsourced ECB Comment Brings it Back – Marc Chandler


REGULARS
Morning Report APAC – TF
The US dollar has lost ground impacting forex and commodities markets. Meanwhile the release of nonfarm jobs data later today will attract plenty of scrutiny.

FirstFT Daily Briefing – FT
Houston’s poisoned waters, Kenya’s annulled election, 10 years after the crash

WSJ City – WSJ
Brexit Deadlock Deepens, U.S. to Unveil Tax Plan, Why the Dollar’s Giving the Money Illusion

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Eye-Opener – Nordea
Solid US payrolls expected, but average earnings are key *10-year US Treasury yield at 2.13% * Solid risk appetite supports SEK and NOK

Morning Markets – TF
Asia-Pacific stock markets firmed modestly on Friday as investors cautiously awaited the release of US August nonfarm payrolls data later today.

From the Floor – TF
The devastation wrought by Hurricane Harvey has spiked gasoline prices, with the pipeline between Texas' Gulf Coast and New York harbour currently halted. Oil is seeing some upside as a result, with the dollar and likely gold awaiting the August nonfarm payrolls numbers from the US at 1230 GMT.

Daily Market Comment – Marc Chandler
Manufacturing PMIs, US Jobs, and Implications of Harvey

Brussels Playbook – Politico
Brexit, bloody Brexit — Juncker to fast-track trade deals

US Playbook – Politico

Five Things You Need to Know to Start Your Day – BB

10 things you need to know before the opening bell – BI

US Open – ZH
All Eyes On August Payrolls, As Global Stocks Rise In Bullish September Start; Yuan Surge Continues

Frontrunning – ZH

FX Update – TF
The close of trading this week may tell us whether the US dollar is the main theme now or whether the leading role belongs to a weaker euro as the market has got ahead of itself on ECB tightening potential or both — or neither if the US data surprises to the downside today.


FINNISH
Aamukatsaus – Nordea
Tänään julkaistaan USA:n työmarkkinaraportti | Tulossa myös Suomen 2. neljänneksen BKT-luvut | Euroalueen inflaatio kiihtyi elokuussa 1,5 prosenttiin

Syyskuun talouskatsaus: Suomen talous kasvaa, vienti kirittää investointeja – Suomen Pankki