25th Aug - Turnaround Tuesday (?)

Previously on MoreLiver’s:

Monday: Black Monday

W/E: Weekly Support

Friday: A very pessimistic close of the week

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EUROPE

Is This the Europe We Wanted? – euinside

Why Eurozone Under-performance Continues – Social Europe

Germany is stuck with a crisis it did not foresee and can no longer control – Europp

Why the next Portuguese election will not see the surge of a left-wing challenger like Podemos or Syriza – Europp

How exposed is Europe to an economic slowdown in China? – Open Europe

  DATA

August Ifo Business Climate index increases – CESifo

German Ifo defies market and China woes – Carsten Brzeski

German Business Confidence Rises With China Fears Subdued – BB

Ifo better than expected but China is a risk – Nordea

UNITED STATES

El-Erian: What to Expect From the Fed's Jackson Hole Meeting – View / BB

Case-Shiller Home Prices Dip In June, Miss For 3rd Month In A Row – ZH

Case-Shiller House Price Index increased 4.5% YoY in June – Bill McBride

Comments on July New Home Sales – Bill McBride

Services Momentum Shifts Down, Slides Towards 2015 Lows – ZH

OTHER

Martin Enlund: EURUSD: squeezing both the ECB and the Fed – Nordea

China and EM fears is currently triggering massive de-risking in global markets, leading to a substantial squeeze higher in EUR/USD.  Inflation markets are currently screaming for both ECB and Fed to ease further. To us it makes sense for the ECB to “outdove” the Fed, but that depends on how much the central bank has changed under Draghi.

  MARKET TURMOIL

The case for strength in the common currency – TF

Morgan Stanley, BofA: Ghost Of 1997 in Asia? – ZH

China Lowers Interest Rates for Fifth Time Since November – BB

China Cuts Benchmark Interest Rate By 25bps, Cuts RRR By 50bps – ZH

China: Rate cuts and more liquidity – Nordea

Global bond yields, European stocks surge after China cuts rates – Reuters

5 Things About China That Drive Investors Crazy – WSJ

Goldman's Three Reasons Why China Cut Rates, Again – ZH

Where Does The Market Go From Here: Two Opposing Views – ZH

‘Chinese Black Monday’ Versus ‘The Taper Tantrum’ – WSJ

European Fund Managers React to ‘Dramatic’ Markets – WSJ

  ECONOMICS

Bond Vigilantes and Inflation – FED

Inflation‐targeting countries with bond markets experience inflation approximately three to four percentage points lower than those without.

Leveraged Bubbles – FED

When fueled by credit booms, asset price bubbles increase financial crisis risks; upon collapse they tend to be followed by deeper recessions and slower recoveries

Central Bank Confidential – Project Syndicate

Over the past two decades, countries around the world have recognized the importance of central banks' independence. In truth, however, there are many degrees of independence, and not all nominally independent central banks operate in the same way – as a new initiative by the Bank of England demonstrates.

Monetary Policies to Counter the ZLB: an Overview of Research – BoF

REGULARS

Morning MoneyBeat Asia – WSJ

U.S. Stocks Pummeled as Rout Hits New York

Morning MoneyBeat Europe – WSJ

Stocks Rebound, Some Calm Returns

Morning MoneyBeat US – WSJ

What Heightened Volatility Looks Like

Danske Daily – Danske Bank

Euro rates update – Nordea

Eye-Opener – Nordea

Equity crash, panicky markets, some signs of stabilization * US 10-year yield falls below 2% *

EUR/USD feels little gravity

Morning Markets – TF

Asian stocks staged a timid comeback from yesterday's Wall Street bloodbath with the ASX, Hang Seng, Kospi and STI indices all posting mild gains on the back of a wave of bargain hunting and verbal intervention by a brace of Japanese central bank and government officials.

Daily FX Comment – Marc Chandler

China cuts Rates and RRR, Helps Markets Recover from Yesterday's Hemorrhage

Daily Shot – TF

Market volatility gets back to 2011 levels after mayhem among global equities.

Daily Press Summary – Open Europe

Merkel and Hollande call for “unified asylum system” and “fair sharing” of refugees * Swedish and Finnish finance ministers back greater protections for non-Eurozone states * European markets slump to worst day since 2008 * Greece still on course for elections on 20 September as parties ready for campaign * Poroschenko warns of “imminent” Russian invasion as Merkel and Hollande call for ceasefire to be implemented

Brussels Playbook – Politico

Borderless terror in Europe — Questions for Euronews — Stock market drama

US Open – ZH

US Equity Futures Soar 4% After PBOC Rate Cut; Chinese Futures Jump After Overnight Market Crash

Frontrunning – ZH

From the Floor – TF

With some sectors of the market (read: Shanghai) still aflame and others licking their wounds, investors the world over are trying to findthe root of yesterday's rout. After all, a correction is just a correction... but what about bonds? Or gold? It's these things are making that whole "Black Monday" thing just that little bit darker and more opaque.

FINNISH

Aamukatsaus – Nordea

Kiinan arvaamattomuus riivaa markkinoita * Osakeindeksit jatkoivat jyrkässä laskussa * EURUSD kohosi korkeimmalle tasolleen sitten tammikuun alun * Brent-öljyn hinta laski alle 43 dollarin

Antti Suvanto: Markan perään haikailu on turhaa – Suomen pankki

Niku Määttänen: Elvytys vs. kilpailukykyloikka – Akateeminen talousblogi

Joku muuttuu - mutta mikä? – Hannu Visti