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EUROPE
Big Read: How
Germany became Donald Trump’s European punchbag – FT
Despite
disputes over trade, Nato and immigration, Berlin and Washington must find a
way to work together
Italy Starts
Budget Talks as Investors Send Warning to Conte – BB
Premier
Giuseppe Conte started discussions on 2019 spending * Finance minister Tria
promised to keep deficit within EU rules
Italian government
debt hit by fresh sell-off – FT
Yields
hit highest levels since post-election crisis on concerns over budget talks
UNITED STATES
JULY JOBS
The Numbers – WSJ
Report in 8 Charts – WSJ
Miss:
Only 157K Jobs Added In July As Hourly Earnings Come In Line – ZH
U.S.
Jobs Engine Keeps Humming While Wage Pickup Stays Elusive – BB
OTHER
All downhill from
here? –
FT
All
the main global engines for growth look to have peaked, inclusive of the US,
Europe, Japan and China.
US-CHINA TRADE WAR
Trump zeroes in on
China after EU trade truce – FT
US
president moves to resolve other disputes but ups ante in battle with Beijing
China plans
tariffs on $60 billion of U.S. goods in latest trade salvo – Reuters
China blinks at a
7.00 handle for the yuan – ING
The
People’s Bank of China (PBOC) has announced a re-introduction of reserve
requirements on FX forwards trading – a move clearly aimed at taking pressure
off the renminbi as USD/CNY closed in on 7.00. This looks only a temporary
reprieve for the renminbi; prior PBoC attempts to stem CNY weakness haven't
been all that successful in reversing a trend
China Steps In to
Support Yuan By Boosting Cost to Short – BB
Currency
sank earlier on Friday to head toward 7 per dollar * PBOC says it’s aiming to
prevent macro financial risks
Kudlow Says Trump Won't Back Off After China Retaliates in Trade War – BB
China
announced $60 billion in planned U.S. retaliation Friday * Meat, wheat, wine
and LNG potentially hit with highest duties
U.S.'s Kudlow
Trash Talks China Calling It ‘Lousy Investment’ – BB
REGULARS
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
WSJ Economics – WSJ
Employers
Are Hiring, the Trade Deficit Is Widening and the Feds Want More Taxes From
Your Bottle of Wine
Danske Daily – Danske
Bank
Daily Market
Comment
– Marc
Chandler
Greenback
Remains Firm Ahead of Jobs, JGBs Stabilize, Italian Debt Moves into Spotlight
Brussels Playbook – Politico
Will
Kurz show his mettle? — Crowdsourcing for Juncker — Double Dutch for Puigdemont
Five Things You
Need to Know to Start Your Day – BB
US Open – ZH
Markets
On Edge As Italian Bonds Slide, Yuan Plunge Hits A Record; Payrolls Loom
US Open Rundown – RANsquawk