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Tuesday, September 4

4th Sep - Emerging market trouble


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EUROPE
Sweden on the Populist Precipice? Not So FastBB
Investors are worried about the Sweden Democrats for the wrong reasons.

Fiscal battle looms over Italian bondsPictet
Italy is coming back into focus as investors become increasingly nervous about 2019 budget discussions.

Core inflation cool even in eurozone economies running hotABN AMRO


UNITED STATES
Of Trump, taxes, and earnings growthFT
Lower tax rates accounted for 47% of year-over-year earnings growth (2Q18 v 2Q17) in the aggregate for the S&P 500 companies analysed


OTHER
Turkey crisis: a long time comingABN AMRO
Turkey will face a severe crisis; we have adjusted our growth forecast to -3% in 2019 * Troubles have been building up over time. US diplomatic spat was the trigger for the currency crisis * Non-financial corporate sector is directly in the line of fire * Crisis will spill over to the banking sector and FX liquidity issues will become more prominent * Government’s fiscal position will worsen on the back of support provided to banks/corporate sector

FX: what usually happens ahead of US curve inversions?Nordea
The curve keeps flattening, the current US economic expansion is the second oldest ever, and financial markets appear to be showing a late-cyclical mindset. In this piece we look at what usually happens in the FX space ahead of US curve inversions.

"Expect More Pain": As EM Contagion Goes Global, Wall Street Sees No Way OutZH

It's Beginning to Look a Lot Like a CrisisBB
The emerging-market selloff has all the hallmarks of contagion.

Emerging-Market Contagion Concerns Are Becoming ContagiousBB


REGULARS
EU Open RundownRANsquawk

FirstFT Daily BriefingFT

WSJ CityWSJ
Trump Puts Bare-Knuckle Diplomacy to Test, Is it Time to Buy Emerging Markets?

Danske DailyDanske Bank
Emerging markets put to work on Labour Day

Daily Market CommentMarc Chandler

Brussels PlaybookPolitico
Safe in Japan — Militia in Slovenia — Martin Selmayr’s D-Day

Five Things You Need to Know to Start Your DayBB

US Open RundownRANsquawk

AamukatsausNordea
Tänään julkaistaan USA:n ISM-ostopäällikköindeksi | IMF:n Lagarde ja Argentiinan Dujovne tapaavat tänään lainaohjelman maksujen nopeuttamisen merkeissä | Punta heikkeni Brexit-huolien ja heikkojen lukujen myötä, öljyn hinta jatkoi nousuaan

Ruplan ja öljynhinnan kohtalonyhteysSuomen Pankki