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EUROPE
Markets
begin to settle as China prepares for "end of war" celebrations * ECB
economic forecasts due on Thursday will be fillip for Draghi * EUR exchange
rate fall will be putting pressure on Eurozone inflation target
DATA
Euro-Area
Confidence Unexpectedly Rises Amid Slowdown Risks – BB
Euro
zone sentiment edges to new four-year high in August – Reuters
GDP
data reveal surprising lift in UK trade figures – FT
UK:
Sustainable broad based growth confirmed – Nordea
UNITED STATES
FEDERAL RESERVE
Strong US growth in Q2 poses rate conundrum for Fed – FT
Some Fed thoughts: QE4 and all that – FT
The Right And Wrong Arguments For September – Tim Duy
China jitters, globalization bode ill for Fed's inflation goal – Reuters
For how long can the Fed calm anxious markets? – TF
OTHER
From
UBS’s Tao Wang on what, post China’s surprise revaluation, is now an oft used
phrase, the impossible trinity
The
current account occupies a central position in international economics and
policy debates. Indeed, in G20 policy debates the term "global
imbalances" is treated as almost synonymous with "current account
imbalances".
REGULARS
U.S. Stocks Rally for
Second Session, Oil Surges
Stocks Stabilize After
Turbulent Week
After a Wild Week for Stocks, Key
Data on Deck
Upbeat US GDP: US
economic recovery is on track * Asian equities rally * Core bond prices under
pressure * Jump in oil price drive NOK stronger
An astounding revision
of second-quarter GDP in the US from 2.3% to 3.7% has sparked the dollar into
action but fragile sentiment suggests that we are not yet in real risk-on
territory, notwithstanding those global equities rises.
Consolidative, Month-End
Session with Headline Risk from Jackson Hole
Amid turmoils in China
the US reported an astonishing rise in GDP. In the meanwhile we see the
unemployment rate in Japan continue to fall as better economic growth combined
with the aging population has created a tight labor market. Especially women
profit.
New polls show wavering
support for SYRIZA ahead of new elections * ECB member warns on current
Eurozone approach and calls for deeper integration and Treaty change * Discovery
of truck with dead refugees increases pressure on EU leaders to deal with
migration crisis * UK Immigration Minister: Current flows of people across
Europe are not sustainable * Moscovici: “I had to interpose myself” to avoid
Varoufakis and Dijsselbloem fist fight * Latvia and Greece secure opt-out from
GM crop cultivation * Google could land hefty fine after rejecting Commission’s
antitrust charges * Ukraine secures debt restructuring
À la rentrée — Another
migration tragedy — New EU task force on Russia propaganda
China Surge Continues,
Futures Slide As Jittery Market Looks For Jackson Hole Valium
The JPY appears to be the
risk sentiment instrument of choice, ignoring solid data out of Japan overnight
and the BoJ’s recent less dovish rhetoric and weakening as risk continued to
bounce late yesterday and overnight. Elsewhere, the USD is mixed and we’re all
waiting central bank signals today and over the weekend.
Friday morning in Europe
finds markets in buoyant mood after a raft of unexpectedly strong US data –
including an upwardly revised GDP estimate – late yesterday set off a chain
reaction of rebounds in financial markets worldwide.
FINNISH
Kiina
siirtää Yhdysvaltojen koronnostoa * USA:n BKT-kasvua korjattiin ylöspäin
odotettua enemmän * Brent-öljyn hinta nousi reiluun 47 dollariin * Korot
nousivat hyvän datan ja öljynhinnan vetäminä