NATO
Germany Won’t
Raise Military Spending, Defying Trump – WSJ
The
German government is poised to renege on its pledge to raise military spending,
the latest gesture of defiance by Chancellor Angela Merkel toward President
Trump.
Germany on course
to miss defence spending target – FT
Stage
set for fresh US spat as finance minister rebuffs plans for big increase
US warned over
retreating from European security role – FT
French
minister says pullback by Washington could come back to haunt it
BANKS
ECB Watch: Could tiering save bank profitability? – Nordea
As
negative rates will continue for longer, focus on the harmful side effects has
increased. A tiered reserve system could be an option, but we remain
unconvinced the ECB would go for such a system, at least unless the outlook
deteriorates further.
Nordea
highlights suspicious payments from Russia to Caribbean * Nordic banks are
under pressure to improve compliance setups
German
lenders could announce exploratory talks on Sunday * Government is said to
signal it’ll accept job and cost cuts
Germany’s Big
Banking Merger Smacks of Despair – BB
It
just highlights how ill Europe's banking system is. It’s unclear how the deal
will fix either firm's weaknesses.
Germany’s Big
Banking Merger, in Charts – BB
What
would a combination of Deutsche Bank and Commerzbank look like?
Big German Banks,
Stumbling, Decide to Get Bigger – BB
It
smacks of desperation. And it probably won’t work.
OTHER
Gary Shilling: A
Recession Is Coming, And Maybe a Bear Market, Too – BB
History
shows that equities normally drop about 21 percent when the economy contracts.
REGULARS
Five Things to
Start Your Day Asia
– BB
Eco Day Asia – BB
One
Fed Hike, Capitalism: Adapt or Die, China's Funding * Southeast Asia’s low
inflation puts analysts on rate-cut watch * Australia to roar back to black,
but election spending is risk
Five Things to
Start Your Day Europe – BB
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
Brussels Briefing – FT
Caputova’s
lesson: Her win might set a template for like-minded politicians in the EU’s
east — and beyond
Brussels Edition – BB
Brussels Playbook – Politico
Spending
money — Will they ever Brexit? — Law and disorder
Danske Daily – Danske
Bank
Markets
waiting for the Fed to adjust their policy expectations downwards
Eco Day Europe – BB
ECB’s
Key Tool, One Fed Hike, Japan’s Falling Exports * Economists still foresee one
more Fed rate increase in 2019 * Southeast Asia’s low inflation puts analysts
on rate-cut watch
Daily Market
Comment
– Marc
Chandler
Equities
Advance, Dollar Slips, Key Events Awaited
Five Things to
Start Your Day US –
BB
US Open Rundown – RANsquawk
US Open – ZH
Global
Stocks Hit 5 Month High, Ignore Reports Of Trump-Xi Meeting Delay, 737 MAX
Subpoena
Eco Day US – BB
One
Fed Hike, Canadian Budget, One-Handed Economists * Key ECB stimulus tool is put
on trial for creating problems * Southeast Asia’s low inflation puts analysts
on rate-cut watch
FINNISH
Aamukatsaus – Nordea
Brexitin lisäksi tulevalla viikolla huomio kiinnittyy
Fedin kokoukseen ja euroalueen ostopäällikköindekseihin | Myös Englannin,
Norjan ja Venäjän keskuspankit ovat kokousvuorossa | USA:n teollisuussektorilta
saatiin odotuksia heikompia tilastoja