Previously:
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EUROPE
Paul Krugman: The Euroskeptic Vindication – NYT
Who
Predicted the Eurozone Crisis? – David
Beckworth
Paul Krugman: Europe’s Impossible Dream – NYT
President Tusk: opposition to austerity is an ideological, anti-European
illusion
– Prime
Economics
Bernanke's fierce attack on Eurozone economic and fiscal policy – Prime
Economics
GREECE
Saving
Greece’s Banks Could Mean a European Takeover – WSJ
The
Great Greek Bank Drama, Act II: The Heist – Frances
Coppola
Greek
plan B would have been self-fulfilling and sabotaged plan A – Tony
Yates
Charles
Wyplosz: Greece should prepare for Grexit and then not do it – voxeu
Why
debt sustains corruption in Greece and vice versa – voxeu
Statement
by the IMF on Greece - IMF
OTHER
If you are
catching up with the market developments during or after your holiday, here is
a summary of what happened and links to in-depth coverage.
The
Rivals – Economic
Principals
Paul
Samuelson and Milton Friedman arrive at the University of Chicago – in 1932
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Dodd-Frank at Five Years, No Victory Laps Please * Fed Proposes Tweaks to
Banks’ 2016 Stress Tests * Fed’s Fischer: Inflation Still Too Low * Investors,
Yellen Out of Sync on Inflation Views * Greek Banks Reopen Their Doors
Daily
Macro – WSJ
Eurozone
equities pressed ahead in early trade as Greece moved toward a normalization of its
economic situation now that bailout funds are flowing to the economy again.
Some of the euphoria in China, on the other hand, has been
tempered by Beijing’s moves to reduce systemic financial risks by
taking tighter control of peer-to-peer lending. Longer term, though, risks
remain. The Chinese economy continues to weaken. Greece isn’t solved. The eurozone
continues to suffer substantial imbalances, caused in no small part by Germany’s vast current account surplus.
Morning
MoneyBeat Asia – WSJ
Nasdaq
Jumps to New High on Google
Morning
MoneyBeat Europe – WSJ
Small Gains
Expected, Merkel Sounds Conciliatory
Apple To
Push Tech Earnings Into Positive Territory
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Greece bridged: ECB gets its money back *
Core rates tempered by oil: German Bund yields decline after ECB * EURUSD close
to crucial support
Morning
Markets – TF
Precious
metals took a big hit overnight with gold hitting a five-year low as the US
dollar continued its ascent. Meanwhile, Greek banks are due to reopen today but
markets paid little attention to weekend news that chancellor Angela Merkel
would be prepared to discuss easier debt repayment terms for the beleaguered
country.
Daily FX
Comment – Marc
Chandler
The US
dollar is narrowly mixed as over-extended technicals, and the lack of fresh
developments, keep the bulls at bay.
Daily
Shot – TF
Commodities
are trending lower across the board, with precious and industrial metals as
well as crude oil feeling the pinch.
Daily
Press Summary – Open
Europe
Greek banks
to open doors but capital controls remain in place as Greece moves to meet
looming payments to creditors * Hollande calls for Eurozone government *Swedish Finance Minister: Sweden should not
become a second-class member of the EU * New poll shows Scots much more in
favour of staying in EU than rest of UK * New poll shows big loss of support
for Spain’s anti-establishment party * Bernd Lucke establishes new anti-euro
party after leaving AfD * EU, US and China set to seal deal to reduce tariffs
on high-tech products * Tax dispute between Hungary and the European Commission
escalates * Ghost airport in Spain attracts only tiny bid at auction
US Open – ZH
Futures
Levitate After Greek Creditors Repay Themselves; Commodities Tumble To 13 Year
Low
Frontrunning – ZH
FX
Update – TF
A very
sparsely populated US economic calendar this week means it will be up to
general sentiment in the currency market and risk appetite to drive the USD
action this week. Plenty of subplots elsewhere this week, with RBA minutes on
tap tonight.
From the
Floor – TF
A dramatic China selloff sends gold into a massive
tailspin to hit a five-year low during the Asian session and leave its
reputation as a safe-haven in tatters.
FINNISH
Aamukatsaus – Nordea
Suomen vienti hyötyy teollisuuden piristymisestä maailmalla
| Kreikkalaispankit aikovat avata ovensa tänään | USA:n vuotuinen inflaatio
kiihtyi kesäkuussa 0,1 prosenttiin
Eija-Riitta Korhola: €uroero – US