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EUROPE
5 Things to Watch at the ECB’s July Press Conference – WSJ
Has the EU pushed integration too far and too fast? – John
Kay
The
empires of history have generally collapsed from overstretch, which led to
restive populations on the peripheries, and then to doubts about the wisdom of
the project in the home country itself. These symptoms are recognisable in
Europe today.
GREECE
Greece
needs debt relief far beyond EU plans - Secret IMF report – Reuters
Greece:
An Update of IMF Staff’s Preliminary Public Debt Sustainability Analysis – IMF
IMF
Demands Greek Debt Relief "Far Beyond What Europe Has Been Willing To
Consider" – ZH
Euro
leaders knew of latest IMF debt analysis for Greece: EU official – Reuters
IMF
calls for Greece debt relief ahead of bailout vote – Reuters
IMF
stuns Europe with call for massive Greek debt relief – The
Telegraph
Latest
IMF debt relief push baffles eurozone creditors – FT
Peter
Doyle: IMF DSA of Greece (and others) – FT
IMF
Is Telling Europe the Euro Doesn’t Work – NYT
Greece: And the can keeps on
rolling… - VoxEU
EU
Populists Vindicated by Tsipras’s Struggle Take Aim at Euro – BB
Caught
between a Eurosceptic rock and a hard place – Tony
Yates
Some
in German government preferred temporary Grexit: Schaeuble – Reuters
ECB’s Mersch
Doesn’t Think Germany Prevailed in Greek Bailout Deal
– WSJ
Germany
and Greece: In Victory, Magnanimity? – PIIE
Justin
Fox: Leaving Euro Is Better Than Eternal Greek Crisis – View/BB
The
Shocking 2008 AIG Report On "Empire Europe" And The Death Of Greece – ZH
Greek
PM: bailout deal must be implemented, even if 'one-way street' – Reuters
Tsipras
Kicks Off Bailout Pitch with Math Already in Question – BB
Greek
Assets to Be Sold in Bailout ‘Don’t Exist,’ Minister Says – BB
Greece
to get €7 billion EU bridge loan – Politico
UK
Furious At Proposed €7 Billion Greek Ponzi-Perpetuating Bridge Loan – ZH
UK
attacks EU emergency aid plan for Greece – FT
Will
the EU regret dragging the UK into Greek bailout? – Open
Europe
OTHER
FX Forecast Update: Calm after the storm – Danske
Bank
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: U.S. Consumers are a Wildcard in Yellen’s Midyear Outlook * Five Things
to Watch in Janet Yellen’s Congressional Testimony * More Regional Fed Banks
Asked to Raise Discount Rate in June * BOJ Lowers Price Forecasts, Stands Pat
on Policy * Behind China’s Dwindling Forex Reserves, A Plan to Boost the Yuan
Daily
Macro – WSJ
After some
of the initial high hopes about Greece’s latest rescue deal with its creditors
and Beijing’s support of the Chinese equity market, doubts have begun to creep
back in. Chinese shares fell back again on Wednesday despite (or perhaps
because of) generally positive second-quarter growth data, while the
International Monetary Fund’s warnings about Greece’s prospects hangs over the
economy. Elsewhere, Japan’s massive fiscal and monetary stimulus efforts are
proving yet again to be less effective than hoped. And the British economy
might be starting to wobble slightly, with an uptick in unemployment.
Morning
MoneyBeat Asia – WSJ
U.S. Stocks
Extend Gains as Earnings Pick Up
Morning
MoneyBeat Europe – WSJ
Greek
Parliamentary Vote Prompts Caution
Morning
MoneyBeat US – WSJ
Fed Chair
Yellen Headlines Busy Day for Markets
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
Yellen’s
testimony could give details on timing * Deadline for Greece reform laws * Oil
deal could spell trouble for both NOK bulls and Norges Bank
Morning
Markets – TF
Markets are
braced for a multi-focus day which will see a slew of data releases and events
each with market-moving potential all jostling for attention. The FT reports on
an unsettling development in the Greek debt saga, FX markets prepare for
Yellen's testimony, and Chinese data surprises but its equity markets slump.
Daily FX
Comment – Marc
Chandler
There are
six main events for global investors.
Three have already taken place:
The BOJ meeting, Chinese data and the UK labor report. Three highlights remain: Greek parliament
vote, Bank of Canada meeting, and Yellen's semi-annual testimony.
Daily
Shot – TF
In China,
the latest economic reports show stabilisation, with retail sales, industrial
production, fixed investments, and GDP all better than consensus.
Daily
Press Summary – Open
Europe
Schäuble:
Many people in the German government think Grexit would be a better solution * European
Commission proposes using EU-wide bailout fund to provide bridge loan to Greece
despite UK opposition * IMF warns Greek debt is not sustainable and may not
take part in third bailout * Ruparel: Greek deal defined by German Eurozone
vision - not France's
Brussels
Playbook – Politico
US Open – ZH
Chinese
Stock Plunge Resumes With 1200 Stocks Halted Limit Down; Yellen, Greek
Elections On Deck
Frontrunning – ZH
FX
Update – TF
The Greek
parliament is expected to vote in favour of the bailout deal later today,
putting at least a temporary end to the market’s fixation on Greece and
allowing renewed focus on the US Fed outlook.
From the
Floor – TF
Janet
Yellen speaks today but we can probably expect a September hike to be off the
table, even if she does not say so.
FINNISH
Aamukatsaus – Nordea
Iran-sopimus lyö kapuloita öljyntuottajien rattaisiin |
Kiina elvytti kasvutavoitteeseen asti | Kreikan on tänään hyväksyttävä
lakiesitykset velkaneuvottelujen aloittamiseksi
Vastuu Kreikasta siirtyy ulkopuolisille – Peter
Nyberg