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Thursday, July 5

5th July - Market relief, as warned


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EUROPE
The ECB Throws Water on the Investor Sunlounger – BB
Mario Draghi can raise rates before he goes. Really.

Yves Mersch: Deepening EMU – political integration and economic convergence – ECB


UNITED STATES
One More Hike To Inversion - Treasury Curve Plunges To Flattest Since July 2007 – ZH

Fed on lookout for recession but still sees strong economy: minutes – Reuters
U.S. central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy that by most measures looked strong, minutes of the Federal Reserve’s last policy meeting on June 12-13 released on Thursday showed.


OTHER
Credit Suisse: "Our Risk Appetite Index Is Near Panic" – ZH

The Stocks Most Loved, And Hated, By Hedge Funds Are... – ZH

  TRADE WAR
Trade war: Trump will flex muscle until US elections – ING
The world is about to enter into a real trade war. In our view, only significant protests among Trump voters or a quick surrender of US trade partners can prevent this. There are few signs this will happen anytime soon

Trump to Pull Tariff Trigger at Midnight in Trade-War Escalation – BB
China vows ‘immediate’ retaliation if U.S. tariffs applied * U.S. president has said he’ll up ante if China retaliates

Merkel Says She’s Open to Car Tariff Talks, Though Only Globally – BB
German leaders responds as U.S. tariffs on European cars loom * U.S. envoy in Berlin said to have met German auto CEOs

Leonid Bershidsky: Trump Wants Allies to Pay for Protection – BB
The U.S. won’t necessarily be competitive if the global security system turns into a marketplace.

China says U.S. 'opening fire' on world with tariffs, vows to respond – Reuters


REGULARS
EU Open Rundown – RANsquawk

Market Briefing: Daily Markets Overview – Yardeni Research

FirstFT Daily Briefing – FT
EU and big tech, record heatwaves, Russia’s World Cup facelift

WSJ Economics – WSJ
U.S. Workers Are Quitting Their Jobs. That’s Good For The Economy

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler
Dollar is Mixed on Eve of US Jobs and Tariffs

Brussels Playbook – Politico
Austria’s debutante ball — Copyright crunch time — War of words

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

Aamukatsaus – Nordea
Tänään julkaistaan Fedin viime kokouksen pöytäkirja | Norjan asuntojen hinnat ovat nousussa | Ruotsin kruunu jatkoi vahvistumistaan euroa vastaan