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EUROPE
Core
problem – FT
Eurozone’s
centre needs a three-arrow strategy
The
European Council of Heads of Government firmly asserted that the Union needs to take bold steps to
increase investments and create jobs. They called for immediate mobilization of
the right mix of private and public funding.
European
central bankers are obsessing about everything else than monetary policy – The
Market Monetarist
Standard
Eurobarometer survey results – European
Commission
Spanish
Bond Yields Tumble Below 2.5% - Lowest In History – ZH
UKRAINE / RUSSIA
Russian
sanctions: leaked “phase three” legislation – FT
UNITED KINGDOM
Article IV
Consultation--Staff Report, Press Release and Statement – IMF
United Kingdom: Selected Issues – IMF
Executive
Board Concludes 2014 Article IV Consultation – IMF
IMF Says
BOE May Need to Drain Reserves as it Lifts Rates – WSJ
"Overvalued"
Pound Prevents Rebalancing – FT
UNITED STATES
FEDERAL RESERVE
FOMC
Preview: More Tapering – Calculated
Risk
3
reasons Yellen's FOMC remains dovish – Sober
Look
Tighter
fiscal policy, relatively tight credit in the mortgage market, low household
wage growth expectations.
The Fed’s
five (not so) easy steps back to normal – WaPo
Torturing
CPI Data until They Confess – FED
Is the
Fed finally beginning to see the problems with IT? – The Money Illusion
ASIA
BOJ
Beat: Exports Likely a Hot Topic at Coming Policy Meeting – WSJ
Bank of
Japan officials are becoming less confident in their outlook on exports after
having erred on the side of optimism for more than a year, setting the stage
for fresh debate at their policy meeting next week.
OTHER
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Time To Take Measure of Fuzzy U.S. Growth Accounting * Fed’s Rate Debate
Looks Set to Heat Up * IMF Lays Out Own Fed Exit Strategy * Fed Approves Zions
Capital Plan After Resubmission * ECB Paper Identifies Most Growth-Friendly
Cuts
Daily
Macro – WSJ
We enter a
week of key U.S. economic data with global investors in a mostly upbeat mood
and ignoring an upsetting failure to secure peace between Israel and Gaza-based
Hamas. They have been buoyed by signs of strong profit growth–in Asia, by news
of a surge in profits for China’s mostly state-owned large industrial firms,
and in Europe by better-than-expected private sector earnings growth. But the
clues to how much further markets can gain could lie in a series of key data
releases due out this week: second-quarter U.S. GDP on Wednesday, after which
we get a new meeting of the Federal Open Market Committee that same day,
followed by a slew of July manufacturing purchasing manager indexes from
around Thursday and Friday and the big
one, Friday’s July U.S. payrolls report.
[GS, UBS]: European
2014 EPS forecasts are now the lowest they have been for the entire year, and
are down 8% from where they were at the beginning of the year!
Great
Graphic: Spot the Secular Stagnation – Marc
to Market
Four
trade suggestions from the BoAML Fund Manager Survey – Humble
Student
3Q 2013
Guide to the Markets
– JPM
The Most
Important Charts In The World – BI
A few
thoughts on volatility – Macro
Man
FX
Update: will the US dollar achieve lift-off this week? – TradingFloor
While
you were busy ... –
Nordea
If you are
just back from holiday, here are a few bullets on what happened while you were
busy …
It is
Mostly about the US in the Week Ahead – Marc
to Market
FINNISH
Rahoitus ei ole niukka resurssi – Valtteri
Aaltonen / US
Mihin maailmantalous on menossa? – Roger
Wessman
Osakeasuntojen hinnat pysyivät lähes ennallaan kesäkuussa – Tilastokeskus
Nyt asuntohinnat laskivat myös pääkaupunkiseudulla – Verkkouutiset
Luottamusindikaattorit heinäkuu 2014 – EK
Vähittäiskaupan luottamus vajosi syvälle – Verkkouutiset
Kuluttajien usko Suomen talouteen koheni hieman heinäkuussa
– Tilastokeskus
Tulevaisuus nähdään synkkänä, vaikka luottamus talouteen
kohentunut – Verkkouutiset