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Tuesday, June 19

19th Jun - Merkel, migration and trade war


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EUROPE

  EUROZONE REFORM
Merkel, Macron agree euro zone budget in 'new chapter' for bloc
– Reuters
Merkel, Macron Reach Deal on Euro Reforms to Challenge the Dollar – BB

  GERMANY
Leonid Bershidsky: Merkel Will Ride Out This Crisis, Too – BB
Trump will be disappointed if he thinks the uproar over migrants will be her downfall.

Germany: Merkel sunset postponed – ING
The growing government crisis in Germany has been defused, temporarily. However, the fact that the interior minister has given the chancellor a kind of ultimatum shows once again that the situation remains strained

  MIGRATION CRISIS
Europe and the U.S. Could Make Migration Manageable – BB
Solutions exist, but the issue has become too politicized for politicians to consider them.

EU tries to assuage German, Italian concerns on migration – Reuters
EU will agree next week to look into creating disembarkation platforms in north Africa and elsewhere to decide asylum requests before claimants get to Europe, a draft statement ahead of an EU summit showed.

EU May Commit to Limit Migrant Moves Amid German Cabinet Strife – BB
Bloc’s leaders to issue statement on asylum-seekers at summit * Governments to take steps to stem refugee movements within EU

EU to consider ‘migrant centres’ outside bloc – FT
Idea for triage of asylum seekers skirts policy divisions but faces legal obstacles

Why Trump has it in for Merkel – FT
The German chancellor and the US president represent different positions on migration


UNITED STATES
U.S. Plans to Withdraw From UN Human Rights Council Today – BB
Haley has said panel wages ‘pathological’ anti-Israel campaign * U.K.’s Johnson has said council is flawed but has value


OTHER
Market Correlations Like 2016 Suggest Dominoes Are Lining Up to Fall – BB
Morgan Stanley cross-asset gauge shows systemic risk building * Development could spell an end to profitable hedge fund trade

El-Erian: Why Markets and Political Scientists Disagree on the G7 – Project Syndicate
Contrary to the warnings of some political analysts, even after the recent debacle in Canada, the G7 can and will play a role – albeit a less important one – on the global stage. But that does not mean that the summit's failure was cost-free.

Hedge Funds' Best Ideas? Those Are Just Stocks They're Dumping – BB
Harvard Business School PhD published paper in April * Stocks were their ‘best ideas’ but not likely any longer

  TRADE WAR
Trump Calls For $200BN More In Chinese Tariffs, Beijing Vows To "Hit Back" – ZH

China Takes a Hit, but What is Next? – Marc Chandler

Trump threatens almost all imports from China as Beijing fires back – Reuters


REGULARS
EU Open Rundown – RANsquawk

Market Briefing: Daily Markets Overview – Yardeni Research

FirstFT Daily Briefing – FT
Markets trauma, IBM’s AI debater, productive slacking

WSJ City – WSJ
Trump Escalates Trade Conflict With China, No ‘Taper Tantrum’ Just Yet

WSJ Economics – WSJ
Trump Dials Up Pressure On China, Threatens Another $200B In Tariffs

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler
America First Clashes With Made in China 2025

Brussels Playbook – Politico
Danke Donald, love Angela — Poles still heart Tusk — Salvini aims at Roma

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

US Open – ZH
Global Markets Tumble As Trade War Fears Spike; China Crashes


FINNISH
Aamukatsaus – Nordea
Trump uhkasi Kiinaa jälleen uusilla tariffeilla | EKP:n konferenssi jatkuu Sintrassa, luvassa puheenvuoroja | Datajulkistusten osalta tulossa hiljainen päivä