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EUROPE
Economic
Recovery, Euro-Style: This Could Be as Good as It Gets - BB
Europe’s
economy has been hit so hard by five years of crisis that 1.6 percent growth
makes Germany look like a powerhouse and Spain can boast of being a
job-creating machine with 23 percent unemployment.
Mark
Mazower: Berlin’s devotion to rules harms EU – FT
A confident
leadership sets the manual aside in moments of crisis
Yannos
Papantoniou: The Government the Eurozone Deserves – Project
Syndicate
A move
toward fiscal and political integration is the price that Europe must pay to
maintain its unity and global relevance. The alternative is inconsistent – if
not arbitrary – enforcement of the current rules, inducing divisiveness among
member states, and eventual fragmentation.
We ♥ the EU — sort of – Politico
Pasi
Sorjonen: Finland: Not looking good – Nordea
Let’s have
a brief look at key data about the Finnish economy that you may have missed
during your summer vacation. To summarize: It does not look good.
Scandinavian
housing bubbles spark financial stability fears – FT
Spain’s
Foreign Gain – WSJ
The renewed
foreign appetite for Spanish paper has a downside too, Royal Bank of Scotland strategists note. Foreign investors
can be flighty, and a loss of confidence remains a risk.
S&P
cuts EU outlook to negative – FT
GREECE
After
five-week shut down, Greek stocks plummet – Reuters
Athens
stock market tumbles on reopening – FT
Greek
Stocks Plunge Most in Decades as Market Reopens to Crisis – BB
UNITED STATES
Dollar
strength slices $100bn off US company revenues – FT
DATA
U.S.
consumer spending slows in June, inflation muted – Reuters
Personal
Income +0.4% in June, Core PCE prices +1.3% YoY – Bill
McBride
Real
Personal Spending Growth Weakest Since Feb, Savings Rate Rises – ZH
Inflation
Misses Fed’s 2% Target for 38th Straight Month – WSJ
ISM
manufacturing retraces from 5-month high – TF
ISM
Manufacturing Slumps To 3-Month Lows Led By Plunge In Employment – ZH
ISM
Manufacturing index decreased to 52.7 in July – Bill
McBride
Adjusted
New Orders Highest In 2015; Unadjusted Lowest Since 2013 – ZH
Construction
Spending increased 0.1% in June – Bill
McBride
OTHER
Holiday
recap: while you were busy – Nordea
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.
Bullish
and bearish over different time frames – Cam
Hui
Trading
against your bias: how and why – Adam Grimes
Weak
China data hit commodity currencies – FT
Ruble
Drops Most in Emerging Markets With Crude at Six-Month Low – BB
Is This
The Most Successful Trade Of The Last Decade? – ZH
Being short
volatility can be very profitable, according to Goldman. Year-to-date this
short vol index is up 56%.
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Fed Doesn’t Demand Wage Growth Before Increasing Interest Rate * Bullard:
“In Good Shape” to Raise Rates in September * Shelby Points to Another Fed Vacancy * BOE
Appointee Vlieghe to Sell Stake in Brevan Howard * Greek Stocks Fall as Trading
Resumes After Five-Week Exchange Closure
Morning MoneyBeat
Asia – WSJ
Despite All
the Agita, U.S Stocks Close Higher for July
Morning
MoneyBeat Europe – WSJ
Greek
Stocks Slump
Morning
MoneyBeat US – WSJ
Heavy Week
of Data to Drive Markets
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener– Nordea
Weak US
wage data dent expectations of Fed rate hike in September * US reversal as
rates fall, with the Bund unchanged * ESI momentarily decked the USD
Morning
Markets – TF
Financial
markets are getting off to a sluggish start to the week and most major currency
currency pairs are treading water ahead of a flood of key economic data
releases in the days ahead. Friday's shockingly weak ECI figures which showed
the lowest wage growth in the US for decades put a dimmer on hopes of an imminent
interest rate rise and in consequence, all tier-1 releases between now and the
next Federal Reserve policy meeting will be tracked with heightened scrutiny.
Daily FX
Comment – Marc
Chandler
The US
dollar is mostly confined to the pre-weekend trading ranges as participants
prepare for this
week's big
events which include the BOE meeting, minutes and new forecasts, and the US jobs report.
Daily FX
Comment – Marc
Chandler
There are
two events this week that will shape the investment climate potentially for the
rest of the year. The first is the Bank
of England meeting. The following day is the US employment report.
Daily Shot
– TF
https://www.tradingfloor.com/posts
Daily
Press Summary – Open
Europe
UK and
France seek EU and international help to deal with “global migration crisis” * New
poll gives CDU/CSU absolute majority amid reports that Merkel will run again * Athens
Stock Exchange plummets over 20% on opening after being shut for five weeks * Peter
Lilley: EU renegotiation will not be accomplished in one go * City of London
maintains financial services lead in Europe
Brussels
Playbook – Politico
Migration
mire — New UN goals — Questions for Putin
US Open – ZH
Chinese
Stocks Slide Again, Copper Tumbles To 6 Year Low; Greek Market Crashes After
One Month Trading Halt
Frontrunning – ZH
FX
Update – TF
This week
sees an unprecedented Bank of England meeting and Inflation Report two-for on
Thursday. And Friday’s reaction to US employment cost data shows how volatile
this week may prove for the greenback as the market times the first Fed rate
hike.
From the
Floor – TF
After
Friday's carnage on the back of secondary US data, EURUSD is once again in and
around the 1.1000 mark but with a heavy data set ahead and with doubts as to
the Fed's intentions all pervasive, this is not likely to last.
FINNISH
Aamukatsaus – Nordea
Fed: Työllisyysraportin rima nousi yhä korkeammalle |
Venäjän keskuspankki leikkasi odotusten mukaisesti ohjauskorkoa | Euroalueen
vuotuinen inflaatio pysyi heinäkuussa 0,2 prosentissa