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Monday, July 30

30th Jul - Net giants hurting, second red day

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Hans-Werner Sinn: Twilight of the Euro?Project Syndicate
Twenty years after the formal creation of the euro, few can honestly say that the single currency has been a success. After fueling a massive credit bubble in Southern Europe in its first decade, it gave rise to an array of complex monetary-policy and transfer schemes in its second – and more trouble is looming as it enters its third.

[2014] Small-state nostalgia? The currency union, Germany and Europe: A reply to Jürgen HabermasWolfgang Streeck

Eurozone economic sentiment slips in JulyING
The Eurozone Economic Sentiment Indicator declined slightly in July, confirming that the current slower pace of growth is the new Eurozone cruising speed

GBP & BoE Preview: The fading ‘Carney put’ING
A pound under the political cosh is unlikely to find much love from a dovish 25bps BoE rate hike at the August 'Super Thursday' meeting. The tail risk of no rate hike this week would be the equivalent of pulling a rug from under GBP’s feet - with risks of GBP/USD falling to 1.28. We provide a matrix of potential GBP estimates under various BoE and Brexit outcomes

Mark Carney Is Preparing for Brexit and the Next CrisisBB
What it's like to be the U.K.'s central bank chief as Britain negotiates its traumatic exit from the EU.

Federal Reserve preview: A bold statement of intentING
A rapid economic expansion, above-target inflation and a slice of better news on trade could mean a more forceful statement of intent from the Federal Reserve on Wednesday

Fed Watch: ReloadingNordea
This week’s FOMC meeting will leave rates unchanged before another hike in September. Changes to the communication are set to be modest, with a slight risk of a hawkish twist. More bear-flattening of the USD curve is the most likely outcome.

Simon Johnson: Europe’s Trade Victory in WashingtonProject Syndicate
US President Donald Trump holds himself out as a brilliant negotiator, and his supporters regard his trade policy as a perfect example of his success. But in his recent trade talks with the Europeans, Trump was clearly out of his depth.

Unraveling Trump’s secret: What would count as a ‘win’ for him?ING
By reconciling with the EU, President Trump has taken everybody by surprise. The real surprise isn't so much his sudden friendliness, but the small price the EU has had to pay for it

Trump-Conte Meeting: More Political TheaterMarc Chandler

Nasdaq Tumbles: FANGs, Dollar, Bonds SlumpZH

Lessons from Jim O’Shaughnessy25iq

EU Open RundownRANsquawk

FirstFT Daily BriefingFT

Oil Faces Supply Crunch, Stock Market Fights Off Big Tech’s Stumbles

WSJ EconomicsWSJ
The Labor Market Is Tight, the Economy Is Strong, and Companies Are Raising Prices

Danske DailyDanske Bank

Daily Market Comment Marc Chandler
Equities, Bonds, and the Dollar Start Week Softer

Brussels PlaybookPolitico
Why Trump-Juncker talks almost failed — Big little Austria — Orbán’s war

Five Things You Need to Know to Start Your DayBB

Futures Flat As Global Stocks Slump To Start Torrid Week

Euroalueen heinäkuun alustavat inflaatioluvut julkaistaan tiistaina | Keskuspankeista kokousvuorossa tällä viikolla esimerkiksi Fed sekä Englannin ja Japanin keskuspankit | USA:n vahvat BKT-luvut eivät heiluttaneet markkinoita