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EUROPE
FX: how much QE is
needed from the ECB?
– Nordea
The
EUR has strengthened 10% from its lows this spring. Currency strength and
energy prices are likely to dampen Euro Area 2016-2017 inflation materially,
ECB's chief economist is talking softly. Shouldn't the ECB do more? A simple
way would be to follow in the footsteps of the Bank of Japan, which expanded
its QQE program last year. Such a move would have a substantial impact on the
EUR.
Benoît Cœuré: Lessons
from the crisis for the future of EZ – ECB
ECB’s Cœuré on the
Future of the Eurozone – Craig
Willy
ECB preview:
Dovish and slightly worried – Danske
Bank
Spanish
Consumers Propel Fastest Growth in Eight Years – BB
UNITED STATES
Second Fed rate hike
delay this year slowly getting more official – Reuters
DATA
Q2 GDP growth rate revised up to 3.7 percent – Reuters
Q2 GDP Revision From 2.3% To 3.7% Driven By Record Inventory Build – ZH
Economy in U.S. Grew More Than Forecast in Second Quarter – BB
U.S. GDP Growth – At A Glance – WSJ
Economists React to GDP: ‘Recovery Shifted Up a Few Gears’ – WSJ
Q2 GDP growth revised up to 3.7% - Pictet
OTHER
G10 FX Weekly – ABN AMRO
The euro as safe haven currency? No it’s a funding currency * The US
dollar is still a safe-haven currency with a cyclical touch…while the yen is a
safe-haven and funding currency * We have made some adjustments to our
near-term forecasts
EM FX Weekly – ABN
AMRO
Market rout pushes EM FX further into the red…but CEEMA FX has been
resilient except TRL and RUB * We have further lowered our forecasts for CEEMA
& South African rand
5 Days That Taught
Investors All They Need to Know – WSJ
A Wall Street veteran tells us it took just five days for him to learn
all he needed to know about investing. The problem is, they've happened over
the past 15 years.
Why Have US 10-Year
Yields Risen 30 bp since Monday? – Marc
Chandler
REGULARS
Morning MoneyBeat Asia – WSJ
U.S. Stocks Rally
Sharply, Break Losing Streak
Morning MoneyBeat Europe – WSJ
Recovery in Stocks Gains
Traction
Morning MoneyBeat US – WSJ
Questions for Central Bankers in
Jackson Hole
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Equities rebound, weaker
EUR, and mixed bond markets * Fed’s Dudley feels case for September hike now
“less compelling” * Short-term US Treasury yields fall *EUR/SEK still climbing
Morning Markets – TF
A Wall-Street rally
inspired by a decent US Durables print and a receding prospect for a September
rate hike sparked an equities rebound through Asia. Expect Europe to jump on
this bandwagon too.
Daily FX Comment – Marc
Chandler
Markets Continue
to Recover
Daily Shot – TF
The US economy is
showing signs of resilience, but expectations of a Federal Reserve rate
increase have been pushed back and futures now show just above a 50% chance of
a Fed rate hike by year-end.
Daily Press Summary – Open
Europe
Significant increase in
EU migration to the UK as net migration hits a new record high *
Tsipras says he will not
lead a coalition with the establishment parties * Dutch coalition at odds over
how to tackle refugee crisis * Spanish recovery still largely driven by
domestic demand, new data show * Lega Nord leader: Ready to re-hash alliance
with Berlusconi if he breaks ties with Merkel * Fears of ‘brain drain’ in
Ireland despite unemployment falling 17% * Lending to the private sector
picking up in the Eurozone * Fourteen EU officials signed up to adultery
website with their work e-mail addresses
Brussels Playbook – Politico
Poroshenko visit — More German
spying revelations — Migration by the numbers
US Open – ZH
Aggressive Chinese
Intervention Prevents Another Rout, Sends Stocks Soaring 5% In Last Trading
Hour; US Futures Jump
Frontrunning – ZH
FX Update – TF
Central bank rhetoric is
grabbing the market’s attention as the ECB trotted out its first verbal
intervention yesterday, while the BoJ’s Kuroda stuck to his guns on optimistic
inflation forecasts. But the main event for central bank guidance should be
this weekend’s US Fed-sponsored Jackson Hole conference.
From the Floor – TF
Asian markets recovered
and European bourses started higher Thursday on the back of a solid rebound in
US stocks overnight, though US Treasuries came under heavy selling pressure
rumoured to be unloading by the Chinese government.
FINNISH
Aamukatsaus – Nordea
Investoinnit hylkäävät latinojättiläisen * USA:sta vahvat
kestotavaroiden tilausluvut * Fedin Dudleyn mukaan syyskuun koronnostosta on
tullut vähemmän houkutteleva vaihtoehto * Korot liikkuivat Euroopassa ja
USA:ssa eri suuntiin
Väyrysen
euro-aloite myötätuulessa - varjonyrkkeily Suomen Pankin kanssa jatkuu – TE