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Friday, August 10

10th Aug - Turkish bath

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Russia: Hit by a double shot of sanctionsING
Russian assets have sold off heavily over the last 24 hours on the back of two US sanctions stories. The mood in the US Congress towards Russia certainly seems more aggressive and less predictable. Ahead of US mid-term elections in November, we expect a greater risk premium to be demanded of Russian asset markets

Russia tells Washington curbs on its banks would be act of economic warReuters
Russia warned the United States on Friday it would regard any U.S. move to curb the activities of its banks as a declaration of economic war which it would retaliate against

US yield curve: Self-fulfilling prophecy?ING
Like everyone else, the Fed is watching the yield curve for signs of the next recession. But it seems unsure on what signal to take from the flattening curve

Highest Core Inflation in Decade Flattens Real U.S. Wage GrowthBB

CPI: lower energy prices; a hint of pressure on core pricesDaiwa

Perjury Traps Are No Threat to TrumpBB
The primary argument against him submitting to an interview with the Mueller probe is full of holes.

The secret to growth: not shrinking FT

Turkey Meltdown: Lira Implodes As Panicked Sellers Spark Global Contagion ZH

Turkish Lira Tumbles as Investors Panic Before Erdogan AddressBB
Currency slumps more than 11 percent amid tensions with U.S. * Bond yields surge as pressure for interest-rate hike mounts

Turkey's Erdogan dismisses lira fears, says 'we have our God'Reuters

Erdogan Answers Lira's Pleas With an Ottoman SlapBB
The pleas of the currency have gone unanswered.

Turkey flash crash: Chaotic contagion ING
A sharp drop in the Turkish lira could have implications for Europe's banks and the Federal Reserve's interest rate path. We expect the yen to remain a preferred safe-haven vehicle

Turkey Leaves Europe’s Bankers Looking for Divine HelpBB
Citi’s 2015 exit from the country seems wiser every day –

Investors Dump European Banks Exposed to TurkeyWSJ
The selloff came on news that the ECB was examining the exposure of several of the region’s banks

Europe chart of the week – TurkeyPictet
European banks’ exposure to Turkey looks non-systemic and manageable overall, although a number of indirect effects could amplify the eventual losses.

ECB concerns grow over EU banks’ Turkey exposure as lira slidesFT
Lenders from Spain, France and Italy viewed as vulnerable to weak lira

U.S.-Turkey Relations Will Never Be the Same BB
Escalating tensions might simmer down, but we’re past the point of pretending these two governments’ values are compatible.

Trump Authorizes Doubling of Tariffs on Turkey's Steel, AluminumBB
Steel tariffs to be 50%, aluminum 20%, Trump says in tweet * Turkish lira slides to new record low on latest development

Why Turkey Is Doomed In Two ChartsZH

TRY: A bloodbathNordea
The TRY is in a full-blown currency crisis as the number of negative stories increases. What can prevent the TRY from falling further and what does the current crisis mean for Nordics' exposure?

China says its U.S. agricultural imports will fall sharply ­– Reuters

China paper rebuts trade war criticism, says 'an elephant can't hide'Reuters          

EU Open RundownRANsquawk

FirstFT Daily BriefingFT

WSJ EconomicsWSJ
Dollar Strengthens as Turkey’s Troubles Rattle Currency Markets

Danske DailyDanske Bank

Daily Market CommentMarc Chandler
The Dollar Muscles Higher as Turkey Melts Down

Brussels PlaybookPolitico
Babylon Berlin — America and Germany, Wunderbar together — Orbán vs. Europe

Five Things You Need to Know to Start Your DayBB

World Markets Roiled As Turkey Currency Crisis Goes Global

US Open RundownRANsquawk

Tänään saadaan inflaatiolukuja USA:sta, Ruotsista ja Norjasta | Japanin BKT odotettua paremmassa kasvussa toisella vuosineljänneksellä | Turkin liira jatkaa syöksyään, dollari vahvistui eilen

Blogi: Turkki: Vaihtoehdot vähissäNordea
Turkin taloustilanne on kriisiytynyt viime viikkoina. Liira on valahtanut ennätysheikoksi, kun keskuspankin itsenäisyys on kyseenalaistettu ja poliittiset riskit ovat nousseet. Helppoa ulospääsyä ei ole luvassa.