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Thursday, July 19

19th Jul - Trade wars, China, ECB's meeting

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Germany asks difficult questions in the EU migration debate FT
An article in Die Zeit ruffles feathers among liberals and hardliners alike

Eurozone house prices set to rise further ABN AMRO
House prices in the eurozone have risen non-stop since the start of 2015 * The ECB’s expansionary monetary policy and easing bank lending standards have supported the housing market, but demand for mortgage loans has weakened during the past few quarters * Still, ongoing increases in household disposable income should support further robust rises in house prices

Editorial: Europe Misfires on GoogleBB
A big regulatory penalty will solve no problems and create plenty of harm.

Hungary defends anti-migrant stance in face of EU action FT
‘Perspective is very much different in Brussels and Budapest,’ says Orban’s government

Hungary to quit U.N. migration pact shunned by WashingtonReuters

ECB preview: The meaning of summerING
For next week’s meeting, some ECB veterans might long for the good old days when the bank's summer meeting was held in the form of a teleconference. With little news, ECB President Mario Draghi will simply reiterate the main message of the June meeting
ECB Watch: Holiday!Nordea
The ECB defined the near-term path for its monetary policy already in June. The July meeting is not going to offer much new information, though some ECB members found Draghi’s communication too dovish and will be pushing for slight modifications.

Still no uptrend in Euro core inflation ABN AMRO

Metal price outlook: When the going gets tough… - ING
Escalating trade tensions and fears about the impact on global growth, and with it metals demand, have wiped 15% off the industrial metal index from its June peak. But keep calm, we expect the rhetoric to die down after the US mid-terms and prices to recover

Crude oil: Free fallin’- ING
An escalation in the trade war, supply returning from Libya and Nigeria and the potential for the US to tap its emergency Strategic Petroleum Reserve, have all weighed heavily on the market. While we remain comfortable with our current forecast for weaker prices, we do believe the market remains vulnerable

China: Central bank finds different way to cut rates ING
The auction of government deposits at commercial banks reveals that the central bank is cutting interest rates, but not through its seven-day policy rate

China Launches Quasi QE To Support Banks And Sliding Bond MarketZH

As China Suffers Its Biggest Bankruptcy Of 2018, The PBOC Finally PanicsZH

China’s Currency Catch-22Project Syndicate
As the Trump administration ratchets up tariffs on Chinese goods, many observers have begun to wonder if China will respond with a strategic currency devaluation to boost the competitiveness of its exports. But, despite despite possessing a powerful financial and monetary arsenal, Chinese policymakers have no good options.

EU Prepares to Retaliate Over Car Tariffs Before Trump Talks
The bloc is preparing a new list of US goods to hit with protective measures.

Trump’s Damage to International Trade Will Take Years to Repair BB
America’s allies no longer trust Washington and are making free-trade deals that leave the U.S. out.

EU mulls coal, pharma, chemicals tariffs if U.S. hits cars: Wiwo – Reuters

China says U.S. blaming Xi for blocking trade deal is 'bogus' – Reuters

Trump Faces Growing Storm on Car Tariffs as Lobbying Builds
Commerce is holding a public hearing Thursday over auto probe * There’s nearly universal opposition to U.S. imposing auto duty

EU Open Rundown – RANsquawk

FirstFT Daily BriefingFT
Trump flip-flops, banks back in business, Stirling Prize shortlist
Trump Renews Auto Tariffs Threat, When Does a Trade Spat Become a Trade War?

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
Greenback Extends Gains

Brussels PlaybookPolitico
Balkan up — News from the (trade) war frontline — Juncker’s legacy

Five Things You Need to Know to Start Your DayBB

Global Stocks, Futures Slide As Yuan Crashes
Britannian kesäkuun inflaatioluvut herättivät epäilyksiä elokuun koronnoston suhteen | Tänään ei vuorossa merkittäviä julkaisuja | Kiinan yuanin ja dollarin välinen kurssi on noussut yli 6,70 rajan