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Thursday, September 6

6th Sep - Carnage outside US continues

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Leonid Bershidsky: Why Russia Should Buy Back Its DebtBB
Bad-news countries should try to keep their bonds out of foreign hands as much as possible.

EU Countries Urged to Unite Against Brexit Cherry-PickingBB
Brexit is not yet a done deal, France, Benelux leaders warn * Bettel, Macron, Michel, Rutte speak after Luxembourg meeting

Measuring the risk of a euro area breakupvoxeu
Investors fret that Italy may exit the euro. One reason to worry is redenomination risk, driven by the prospect of a country allowing a new currency to depreciate against the euro. This column compares two types of Italian bond yield curves to estimate such risk, and finds that the yield premium due to it peaked at 7% during the sovereign debt crisis. Redenomination risk also affects interest rates in strong economies, which implies a redistribution between savers and borrowers throughout the euro area.

Italy's Populists Begin Their Big Betrayal BB
First the euro, now the spending splurge. Five Star and the League are rowing back furiously.

Riksbank: Another delay, more SEK weaknessING
Yet again, Riksbank delayed the timing of its first interest rate increase. Despite the new communication, we don’t look for a December hike and see the probability of a February hike below 50%. We remain firmly bearish on the Swedish krona and target EUR/SEK 11.00

U.S. Corporations' Repatriation of Offshore ProfitsFED

Insider ‘Resistance’ to the President Is Not a CrisisBB
The contempt for Trump revealed by an anonymous official is shocking, but it’s not unusual for advisers to stonewall on policy.

An Insider’s Lament About Trump Serves No Public GoodBB
A senior official’s op-ed will change no one’s mind. But it will make the president even less likely to listen.

Global Financial Cycles and risk premiumsBank Underground

Sideways: Dick Fuld – my part in his downfallEuromoney
As the 10th anniversary of the failure of Lehman Brothers arrives, I have been asked to share my reminiscences of when I realized a global credit crisis was looming and why so many senior financial figures ignored my warnings.

China Vows To Retaliate If US Imposes Additional Tariffs ZH
China vowed that it will respond and take necessary countermeasures to protect its own economic interests as President Trump is expected to press on with a plan to impose tariffs on an extra $200 billion in Chinese imports as soon as this week.

EU Open RundownRANsquawk

FirstFT Daily BriefingFT

Social Media Feels Heat in Washington and on Wall Street, FBI Probes AmEx Foreign Exchange

WSJ Daily EconomicsWSJ
There’s a Lot More to Trade Flows Than Just Tariffs

Danske DailyDanske Bank
Riksbank set to postpone rate hike to next year

Daily Market CommentMarc Chandler
Fragile Calm Weighs on Greenback

Brussels PlaybookPolitico
State of the Union preview — EU election games begin — Who is Anonymous?

Five Things You Need to Know to Start Your DayBB

"They Just Want To Get Out": Emerging Stocks On Verge Of Bear Market As New Trade War Looms

US Open RundownRANsquawk

Riksbank kokoustaa tänään, inflaatiopaineet pysyneet Riksbankin odotuksia matalampina | USA:n ja Kanadan Nafta-neuvottelut jatkuvat, saadaanko tuloksia lähipäivinä? | Julkaisimme eilen Nordea Economic Outlookin ja uudet talousennusteemme