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Saturday, June 23

23rd Jun - Weekly Previews

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Earnings Insight Factset

US Weekly FundFlowsLipper Alpha
Money Market Funds Suffer Significant Net Outflows

This Week in EarningsLipper Alpha

S&P 500 Earnings Dashboard Lipper Alpha

STOXX 600 Earnings OutlookLipper Alpha

Worries about tariff increases are a headwind to growth because of the uncertainty about the outcome and its timing. Global value chains complicate the analysis. Tariffs increase input prices in the importing country and weigh on order books in the exporting country. Since the start of the year, both input prices and export orders have weakened in many countries. It’s probably too early to look for a link with tariff measures and tariff uncertainty.

Week in FocusRansquawk

Week Ahead: Waiting for the Chinese retaliationNordea
Trump risks were on the rise * Reflationary trades – bye bye bye? * Theresa May’s impossible equation is alive and kicking

Weekly Focus: Trade war risk is increasingDanske Bank
The next scheduled date for the trade disputes is 30 June, where the US government is set to announce plans for restricting Chinese investments * The European Council meeting on 28-29 June will be important for whether the German government crisis is resolved, what line the new Italian government takes and possibly for the Brexit process.

Strategy: The implications of a global trade warDanske Bank
A further escalation of the trade tensions has become our baseline scenario ahead of 6 July * The escalation will weigh on global economic growth * Equity volatility will be high, with downside risks for equities near term * Industrial and agricultural commodities are primarily at risk * The prospects of a stronger USD, lower commodity prices and weaker global growth weigh on emerging markets.

Global Week AheadScotiabank
US: Focus on mild data risk over the coming week with most of the focus upon Friday. The second round of the Federal Reserve’s bank stress tests and the risk of a further escalation of trade tensions with China will also inform sentiment * EZ: A fairly high bar set against hopes for another increase in core Eurozone inflation. Whether or not it does so next Friday will be the main development to watch.

Weekly FX Sentiment ReportScotiabank

Weekly Market OutlookMoody’s
Investment-Grade Looks Softer and High-Yield Looks Firmer Compared With Year-End 2007

Macro WeeklyABN AMRO

Weekly Market CommentMarc Chandler
Technical Correction Spurred by Fundamental Trigger

Weekly Macro Comment – Marc Chandler

FX Weekly – Nordea

FX Week Ahead: New week, new trade tensionsING
The never ending story of the US vs the rest of the world trade tensions should keep the risk currencies on their toes and support the safe haven JPY. The EZ CPI inflation is likely to hit the 2% target and should provide some cushion to EUR next week