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EUROPE
SNB Seen
Keeping Cap for Longer as ECB Fights Low Prices – BB
POLITICS
Why
Juncker’s industrial goals are unlikely to be achieved – Bruegel
Euro zone
countries should get financial incentives if they make ambitious economic
reforms, the designated candidate to become the president of the European
Commission said on Tuesday.
Franco-German
stand-off over eurozone fiscal rules reaches biblical proportions – Open
Europe
CRISIS COUNTRIES
Retreating
Renzi is proving to be no Italian saviour – TradingFloor
Italian
Prime Minister Matteo Renzi retreating from reformist agenda * Italian debt-to-GDP
ratio at 133% with prospects of reduction to 60% minimal * Renzi on collision
course with fellow Italian Mario Draghi at ECB over debt
Great
Graphic: Problem Loans in Europe 2009-2013 – Marc
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BES
slide, tumbling German sentiment hit markets – Reuters
European
stocks and the euro fell on Tuesday after shares in Portugal's biggest listed bank hit a record
low, while a plunge in German economic sentiment pushed up borrowing costs for
some peripheral euro zone countries.
Espirito
Santo Bonds Rally on Shareholder Assurance – BB
Portugal’s central bank said shareholders
are interested in injecting more capital into Banco Espirito Santo SA after a
second affiliate failed to repay short-term debt.
EU/IMF
troika wraps up Greek mini-audit before major fall review – Reuters
Inspectors
from Greece's EU/IMF lenders said on Wednesday they had
concluded a short, interim checkup of the country's performance under its
bailout and will return for a more comprehensive audit in late September.
EUROPEAN CENTRAL BANK
So, Who
Expects QE in the Euro Zone? – WSJ
Nowotny
not sure ECB's plan for asset-backed securities would fly – Reuters
MACRO NUMBERS
Euro area
international trade in goods surplus €15.4 bn – Eurostat
Euro zone
industry stumbles in May, recovery still frail – Reuters
UNITED STATES
FEDERAL RESERVE
Yellen
Testimony – Tim
Duy’s Fed Watch
Forget
What Yellen Said, Worry About What She Didn’t Say – WSJ
Yellen
defends Fed independence, faces House Republican criticism – Reuters
Yellen
Says Fed Won’t Rule Out Broker Support in Banking Crisis – BB
MACRO
NUMBERS
Retail
Sales Weaker Than Expected – Bespoke
Industrial
Production Drops, Misses By Most Since January – ZH
Fed: Industrial
Production increased 0.2% in June – Calculated
Risk
U.S. factory output surges in second
quarter, housing improving – Reuters
U.S. industrial production edges higher
in June – Reuters
Homebuilder
Sentiment Surges, Beats By Most In A Year Led By "Future" Hopes – ZH
Homebuilder
Confidence Increases More Than Expected – Bespoke
NAHB: Builder
Confidence increased to 53 in July, Highest in Six Months – Calculated
Risk
Producer
Price Index Rises Above Expectations – dshort
U.S. economic activity expands in Fed's 12
districts: Beige Book – Reuters
ASIA
Michael
Pettis: Bad debt cannot simply be ‘socialized’ – Credit
Writedowns
China - growth accelerates and firmer H2
outlook – Danske
Bank
GDP,
Industrial Production Beat, Retail Sales Miss & Home Prices Tumble – ZH
OTHER
Daily
Macro – WSJ
Asian
equities were mixed and broadly sideways despite the release of a stronger than
expected set of Chinese data. But Europe rallied strongly, shrugging off Espirito
Santo’s default on a debt owing to Portugal Telecom. Investors are more
optimistic about a resolution to the Portuguese crisis – Banco Espirito Santo
shares jumped and Portuguese government bond yields eased back – removing even
residual fears that this could become a Europe-wide systemic crisis.
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Fed Tries New Role as Lines Judge for Markets * Fed’s Yellen Hedges Her
View on Rates * Fed’s George: Economy ‘Best Served’ By Fed Raising Rates *
China GDP Grows 7.5% in Second Quarter * BOE’s Carney Sees BIS Disconnect From
Reality
Dollar
Firms on Hump Day, but does it have Staying Power? – Marc
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