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Tuesday, July 30

30th Jul - Markets tank #4148


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EUROPE
Italy’s economic weakness: causes and consequences
BNP PARIBAS

Bershidsky: Germany Should Just Drop NATO’s 2% Spending GoalBB
The target is irrelevant to the specific military needs of the country and the alliance.

El-Erian: Game Theory Backs Johnson’s Hard LineBB
By committing to a come-what-may strategy, Britain’s new leader could force Europe to compromise.

Eurozone: no summer relief for the economy ING
The Economic Sentiment Indicator declined from 103.3 to 102.7 in July. As industry indicates an alarming drop in production, concerns about growth in the second half of the year persist

Germany: Inflation adds to arguments for ECB action in SeptemberING
Lots of data noise coming out of Germany but inflation, as measured by European standards, has dropped, providing further arguments for ECB action in September

Eurozone recovery flatABN AMRO
Eurozone economy close to stagnation in Q2 * Core inflation to fall back

  EUROPEAN CENTRAL BANK
Ashworth: Mario Draghi Brings Europe No Sunshine
BB
The economy needs stimulus, right here, right now. Instead we got a discussion about a discussion.

Draghi Shouts Louder at Germany as ECB Prepares Stimulus BB
ECB will probably deliver new monetary support in September * Germany sees no crisis, says it won’t budge on fiscal rules

The ECB buying equities: SNOREFT

Hans-Werner Sinn: The End of ECB RestraintProject Syndicate
Outgoing ECB President Draghi has indicated that the bank is planning a new round of aggressive monetary stimulus. Such measures will most likely have negative economic consequences – not least by further increasing the cost pressures weighing down German industry.


UNITED STATES
The US Fed’s expected to prolong the party with a cut next weekING
The US economy is experiencing its longest expansion on record, but weaker external demand and trade tensions are risks to the outlook. A benign inflation backdrop allows the Federal Reserve room to offer support and cut rates by 25bp next week

Editors: Don’t Expect the Fed to Do It All BB
If its worst fears about the economy prove justified, monetary policy won’t be the answer.


REGULARS
Five Things to Start Your Day AsiaBB

Eco Day AsiaBB
Rate Cuts' Dark Side, Fed Urged Go Big, China Struggles * U.S. more than doubles borrowing estimate on debt-limit’s lift * Divisions high, deal hope low as U.S.-China trade talks resume

Five Things to Start Your Day EuropeBB

EU Open RundownRANsquawk

FirstFT Daily BriefingFT

Brussels PlaybookPolitico
Putin, you have a problem — With friends like these — Germany vs. the ECJ

Danske DailyDanske Bank

Eco Day EuropeBB
French Growth Slide, Great Rate Debate, U.S.-China Chat * French economic growth data adds to weak euro-area figures * Central banks mull interest rates amid government pressures

Daily Market CommentMarc Chandler

Five Things to Start Your Day USBB

US Open RundownRANsquawk

Eco Day USBB
U.S.-China Chat, Great Rate Debate, AMLO Talks Success * Housing affordability crisis spreads to the U.S. heartland * AMLO says he’d like Mexico to cut rates to boost growth


FINNISH
AamukatsausNordea
Japanin keskuspankki (BoJ) piti rahapolitiikkansa muuttumattomana ja trimmasi inflaatioennusteitaan | BoJo ja hänen brexit-kabinettinsa alkavat päästä vauhtiin | Tänään saadaan inflaatiolukuja USA:sta ja Saksasta