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Thursday, June 28

28th Jun - The funny and sad EU summit




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EUROPE
Ferdinando Giugliano: Mario Draghi Can't Save Europe This Time – BB
Only the EU's leaders can manage Donald Trump’s trade war and the migration crisis.

Yanis Varoufakis: Profiles in European Denial – Project Syndicate
An impartial observer of the Meseberg Summit between Angela Merkel and Emmanuel Macron would conclude that the eurozone remains as macroeconomically unsustainable as it was five years ago. And yet Europe’s establishment, oblivious to the Nationalist International preparing to devour the EU, is serving it appetizers.

Mark Leonard: Are Europe’s Populists Calling the Shots? – Project Syndicate
Less than six months after forming another grand coalition government, German Chancellor Angela Merkel is now fighting for her political life against a pan-European alliance of anti-immigration forces. But whether or not she holds on to power, it is already clear that Germany's unique influence over EU affairs is waning.

Make Or Break Time For Merkel: What To Look For In Today's EU Summit – ZH

Summit conclusions detail reform plan for WTO to please Trump – Euractiv

Italy blocks EU summit conclusions – euobserver

Economic Bulletin – ECB


UNITED STATES
Fed Test Fails Deutsche Bank, Forces JPMorgan, Goldman, Four Others to Limit Payouts – ZH


OTHER
Bank Of America Spots An €800 Billion Cliff "That Fills Us With Fear" – ZH
QE drove debt costs so low that many issuers who had previously never raised debt joined the party


REGULARS
EU Open Rundown – RANsquawk

Market Briefing: Daily Markets Overview – Yardeni Research

FirstFT Daily Briefing – FT
China pollution, Amazon drugs, CEO time management

WSJ City – WSJ
EU Kicks Off Key Summit, What to Watch in U.S. Bank Stress Tests

WSJ Economics – WSJ
The U.S. Economy Is Absolutely Roaring—At Least For Now

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler
US Dollar Remains Firm, Sends Yuan, Rupee, Sterling and Kiwi to New 2018 Lows

Brussels Playbook – Politico
Summit frenzy — Merkel’s leadership — No Brexit shortcut

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

US Open – ZH
US Futures Rebound Amid Emerging Markets Rout; China Drops To 2 Year Low
 
Aamukatsaus – Nordea
Kaksipäiväinen EU-huippukokous alkaa tänään Brysselissä | Euroalueelta saadaan tänään maakohtaisia inflaatiolukuja huomenna julkaistavan koko euroalueen inflaation alla | Tshekin keskuspankki nosti ohjauskorkoaan 25 korkopisteellä