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Tuesday, July 3

3rd Jul - News bad, markets not falling (bottom?)


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EUROPE
Leonid Bershidsky: How Merkel Put Down the Bavarian Rebellion – BB
But migrants lose out from a deal that makes their lives harder.

ECB's 2008 Rate Hike Revisited: The Crisis It Didn't See Coming – BB
Rates were raised a decade ago, just before Lehman collapsed * Ten years on, most policy makers say they had to cool prices

Euro Jumps After CSU Leader Says Migration Clash With Merkel Resolved – ZH

Blanchard & Kirkegaard: Immigration Reform in Europe Needs External Border Controls, Respect for Sovereignty, and Shared Costs – PIIE


OTHER
Over 40 countries object at WTO to U.S. car tariff plan – Reuters
Major U.S. trading partners including the EU, China and Japan voiced deep concern at the WTO on Tuesday about possible U.S. measures imposing additional duties on imported autos and parts.

Exclusive: China presses Europe for anti-U.S. alliance on trade – Reuters
China is putting pressure on the European Union to issue a strong joint statement against President Donald Trump's trade policies at a summit later this month but is facing resistance, European officials said.

After Massive Intervention, China Promises It Won't 'Weaponize' Yuan To Fight Trump – ZH


REGULARS
EU Open Rundown – RANsquawk

Market Briefing: Daily Markets Overview – Yardeni Research

FirstFT Daily Briefing – FT
German compromise, Dell’s Wall St return, Nike gets aced

WSJ City – WSJ
Merkel’s Government Steps Back from the Brink, Fed Helped Goldman and Morgan Stanley Pass Stress Tests

WSJ Economics – WSJ
What Do a Falling Yuan, Cheaper Soybeans and Rising Factory Activity Have in Common?

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler
Markets Trying to Stabilize

Brussels Playbook – Politico
Seehofer lives on — Greece’s post-populist charge — Fortress Europe

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

US Open – ZH
Chinese Rout Halted By Central Bank Intervention; Global Markets Rebound

Aamukatsaus – Nordea
Riksbank kokoustaa tänään, muutosta rahapolitiikkaan tuskin luvassa | Euroalueelta saadaan tänään vähittäiskaupan lukuja, USA:sta lukuja tehdastilauksista | USA:n ostopäällikköindeksi nousussa, Saksassa vältyttiin hallituksen kaatumiselta

Seuraavaa taantumaa odotellessa – Sakari Heikkinen