What
is priced in for the ECB and Fed – ABN
AMRO
ECB expected to hike in October next year *
September hike nearly fully priced, but less conviction further out
Morgan Stanley: Large Moves Are Becoming More Common In The Market – ZH
Goldman
Sachs: "Market Depth Has Collapsed" – ZH
The same vol is now associated with lower depth.
Trade Tensions
Threaten Global Economic Growth, G-20 Cautions – BB
Global
economy is less synchronized than it was in March * Pledge to refrain from
currency devaluation removed from text
Trump as First
Post-Cold War President and the Dollar – Marc
Chandler
IRAN
Iran Warns Trump Not to Threaten Its Oil Exports – BB
Rouhani
suggests Iran has export options aside from Hormuz * Trump reimposing U.S.
sanctions to curb Iranian oil sales
Trump’s War of
Words With Iran Shines Spotlight on Vital Oil Route – BB
Strait
of Hormuz handles about 30% of seaborne-traded crude * Gulf Arab states can
ship some oil by pipeline if Hormuz shut
Leonid Bershidsky:
Iran Faces the Consequences of Snubbing Trump – BB
The
U.S. president has made nice with North Korea and Putin, but keeps Iran in the
firing line.
CHINA
China
says threats, intimidation on trade will never work – Reuters
China’s
Stealth Yuan Devaluation Catching Trump’s Attention – BB
China
isn't weaponising its currency (yet) – FT
China
Says It Has "No Intention" To Devalue Yuan To Boost Exports – ZH
REGULARS
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
EU
rebuffs UK’s Brexit proposal for the City
WSJ City – WSJ
Trump
Fires Warning to Iran, Slump in Bond Liquidity Rattles Investors
WSJ Economics – WSJ
$500B
In Tariffs on Chinese Goods? ‘Definitely a Realistic Possibility’
Danske Daily – Danske
Bank
Daily Market
Comment
– Marc
Chandler
Dollar
Consolidates Trump-Inspired Losses, BOJ Resolve Tested
Brussels Playbook – Politico
Juncker’s
expectations management — Brussels braces for Bannon — Political (in)decency
Five Things You
Need to Know to Start Your Day – BB
US Open – ZH
Yuan
Resumes Slide As Dollar Rebounds; JGB Yields Surge As Global Stocks Stall
Frontrunning – ZH
Aamukatsaus – Nordea
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