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Wednesday, July 11

11th Jul - Trade war and Nato meeting

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Four crucial questions for Eurozone leaders to answer ING
Is some form of fiscal capacity necessary to preserve the Economic and Monetary Union? * How can we balance the Eurozone’s need for both financial discipline and risk-sharing? * Is a lack of trust, given current political gridlock, a core problem? * Has the goal of real economic convergence been dropped?

King Macron pledges humility after pool scandalPolitico
Macron’s popularity is taking a dive — in large part thanks to a swimming pool.

An Answer to the U.S. Wage PuzzleIMF
Slower growth in labor productivity—the amount of goods or services produced in an hour of work—and a decline in the share of income that goes to workers. Both have held wages down, overcoming the positive impact of a declining unemployment rate.

SEK Sliding Away Macro Man

No One Is Innocent In The Global Game of Monopoly BB
Europe shouldn’t be smug about market dominance. It’s not just a Silicon Valley thing.

BofA: This Is Our Biggest Concern For The Remainder Of The YearZH
Further tariffs would hurt Europe a lot, and Europe couldn’t afford it.

The Rout in Commodities Can No Longer Be IgnoredBB
A warning signal from raw materials leads market commentary.

Oil Plummets Amid Biggest Commodity Crash Since 2014ZH

Tariff Threat Sparks Commodity Carnage, Yield Curve Crash, Stock SlumpZH

Stocks Sink as Trump Reloads the Tariff Bazooka: Markets WrapBB
U.S. list targets $200 billion more China goods for tariffs * Yen slips as yuan weakens; emerging markets, metals battered

Nine Charts That Explain Trump's Battle Over Defense Spending BB
Two percent target seen as poor measure of a ‘good’ ally * New study offers benchmarks from troop supply to sanctions

Nato reveals shortfalls in European defence budgetsFT
Diplomats fear confrontation with Trump at Brussels meeting over military spending

Trump and Merkel Exchange Barbs in Showdown Over Russia PipelineBB
President links complaints about defense spending and trade * Summit could follow path of G-7, which Trump left in a huff

At NATO, abrasive Trump lashes Germany for being Russian 'captive'Reuters

Merkel recalls own East German youth in riposte to TrumpReuters

Trump Takes Another Crack at Merkel in Tweet: NATO UpdateBB
U.S. president accuses Germany of being ‘captive of Russia’ * Back in the U.S., his comments drew criticism from lawmakers

US to impose tariffs on $200bn of Chinese imports
Escalation of trade war between the two economic powers unsettles financial markets
China to its state media: keep calm, don't inflame trade row with U.S.Reuters
China is clearly angry about Washington's hard line on trade, but has controlled coverage of the row in its media, limiting open commentary and banning attacks on U.S. President Donald Trump, several sources with knowledge of the matter said.

China says will hit back after U.S. proposes fresh tariffs on $200 billion in goodsReuters

Reagan’s “Boy Wonder” Nails It On TradeGlobal Macro Monitor

Why Trade War Is Now Set To Get Much WorseZH
Standard Chartered's Steven Englander: more tariffs are coming.

EU to Join Trump in Criticizing China's Role in Global TradeBB
World Trade Organization to review China’s trade policy * The EU, U.S., Japan to criticize Beijing at the gathering

Trump’s Tariff Barrage Pushes China Fight to Point of No ReturnBB
He and Xi both have political reasons to keep up the pressure * Latest tariff list would tax over half of U.S.’s China imports

"Shocked" China Set To Hit Back At Trump "In Other Ways"ZH

China: Changing the nature of retaliation on tradeING
It may not be until September until we can assess the extent of China's qualitative retaliation to the overnight announcement by the US of an additional 10% tariff on $200 billion worth of goods

Risk of trade war growsPictet
The new US tariffs threatening Chinese imports and probable retaliation could bite into US and Chinese growth. As US midterm elections approach, the situation could worsen before it gets better.

China-US trade war has escalatedNordea
The China-US trade war has escalated with the US planning to levy tariffs on USD 200bn of Chinese goods and China vowing retaliation. The sizable impact on Chinese growth and US consumer prices will lead to secondary effects on financial markets.

EU Open RundownRANsquawk

FirstFT Daily BriefingFT
Trump’s Europe tour, Facebook’s £500k fine, Pfizer’s U-turn

New US Tariff Plans Send Tremor Through Markets, Hunt for Sky Heats Up With Revised Fox Bid

WSJ EconomicsWSJ
Trade Wars, Job Churn and the Productivity of Working Moms

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
Escalating Trade Tensions Set Tone for Capital Markets

Brussels PlaybookPolitico
NATO kick-off — Austria’s migration plan — A fine for Facebook

Five Things You Need to Know to Start Your DayBB

"Past Point Of No Return": World Markets Tumble Amid Global Trade War Shockwaves

Tänään alkaa kaksipäiväinen NATO-huippukokous Brysselissä | Trumpin hallinto uhkasi Kiinaa uusilla 200 miljardin tuontitulleilla | Saksan rahoitusmarkkinoiden luottamus jatkoi luisuaan