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Thursday, August 23

23rd Aug - Europayments, Trump's travails




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EUROPE 
Merkel, European Autonomy, and the ECB – Marc Chandler

Marcus Ashworth: Italy’s Debt Drama Gets Worse, in Four Charts – BB
High volumes, high yields, wide spreads — these are the ingredients for a stormy autumn in Italian markets.

Leonid Bershidsky: European Payment System Isn’t a Pipe Dream – BB
A German proposal for thwarting U.S. sanctions on Iran could work. Just look at Russia’s banks.

Europe's SWIFT problem – JP Koning

Leonid Bershidsky: The U.S. Can’t Bring Russia ‘to Its Knees’ – BB
At least not without setting off a global energy and financial crisis.


UNITED STATES
Making trade ‘fair’ won’t do the trick for Trump – ING
Tariff wars don’t address the real drivers of the US trade deficit, and US policy is on track to increase, rather than decrease the US trade deficit. In any case, a smaller trade deficit may be the last thing that US voters really want.

After a Trump Impeachment, Expect the Market to Bounce – BB
His party probably won’t turn against him until an economic downturn is near its trough. That’s what happened to Nixon.


OTHER
Global liquidity is drying up – FT
Emerging markets aren't the only ones that will feel the pain.
 

REGULARS
EU Open Rundown – RANsquawk

FirstFT Daily Briefing – FT

WSJ Economics – WSJ
Fed Minutes and Jackson Hole | Spending Boom | Blue-State Tax Fight

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler
Dollar Rebounds

Brussels Playbook – Politico
Italy’s populists still popular — Germany guns for Juncker’s job — Trump unraveling

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

US Open – ZH
Dollar Jumps After New US, China Tariffs Kick In As Jackson Hole Looms

US Open Rundown – RANsquawk

Aamukatsaus – Nordea
Tänään julkaistaan euroalueen elokuun ostopäällikköindeksit ja EKP:n heinäkuun kokouksen pöytäkirja | Fedin kokouksen pöytäkirja ei tuonut yllätyksiä, koronnosto edessä syyskussa | Öljyn hinta nousi tämän kuun huippulukemiin