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EUROPE
A New Push For A
Federal EMU?
– Social
Europe
EUROPEAN CENTRAL BANK
5 Points to Watch
in the ECB’s September Meeting – WSJ
ABN Amro Warns
There Is A 40% Chance Mario Draghi Expands ECB QE "As Soon As This
Week"
– ZH
ECB Watch – The
next stage of QE?
– ABN AMRO
The
ECB will likely lower its inflation forecasts in September…and we see a 40%
chance that it will step up its QE programmes…this would likely take the form
of an increase in the monthly purchase volumes * We look at two scenarios: a
EUR 20bn monthly increase and a EUR 40bn one *More QE would likely encompass
Länder bonds, as well as additional utilities credits and sovereigns
Citi: Failure Of
ECB QE Looks Clear
– ZH
UNITED STATES
Tale of two ISMs: another reason for the Fed to pause? – Reuters
US Recession Looms As Factory Orders Plunge 9th Month In A Row – ZH
Payrolls preview: surprise on the downside? – Nordea
OTHER
The real reason to worry
about China isn’t what you might think – WaPo
For a long time, the Party seemed like a policymaking wizard. Not
anymore, though.
Steen's Chronicle: The
old and the new economic order – TF
The current fiat economy whereby manufactured money is pumped into a
world blighted by higher costs and lower output is totally unsustainable. Saxo
Bank's Steen Jakobsen has devised a new economic model and says the way forward
is to adjust to slower growth and get back to the basics of producing goods and
services that add value.
REGULARS
U.S. Stocks Hammered as
Selloff Resumes
Stocks Rebound But
Caution Remains
Morning MoneyBeat US – WSJ
Are Stocks Getting Close
to a Bottom?
Markets weighed down by worries
about global growth…following a set of soft manufacturing PMIs, led by emerging
markets * Meanwhile, decline in eurozone unemployment gains pace
https://nexus.nordea.com/#/research
Another plunge in
equities, better mood in Asia, eyes still on China * Nordea’s Economic Outlook
out * Yesterday’s German bond performance disappointing * NOK not out of the
woods yet
Worries about China's
slowdown spreading to other economies dealt another blow to world markets in
equities and commodities, and oil prices slid on oversupply worries. US stocks
were pummeled again overnight, and Asian stock markets fell for a third day in
a row on Wednesday, with the exception of Japanese shares which shone amid the
China-spread gloom.
Daily FX Comment – Marc
Chandler
Calmer Markets but Sense of
Foreboding still Strong
Daily Shot – TF
The strong US dollar is
hitting American manufacturing and exports, and the slowdown in manufacturing
is turning into a global trend, economic data show.
Daily Press Summary – Open
Europe
Government to propose
new campaigning rules for EU referendum * Refugees protest in Budapest after
Hungary bars them from passing through to Austria and Germany * Germany cautious
on French plans for fiscal and political union in the Eurozone * Creditors
begin to show concern over delays from uncertain election in Greece * Markets
see rising chance of further ECB action this year * Dutch polls show decline
for governing VVD after Greek bailout approval * EU to extend individual
sanctions on Russians until March 2016
Brussels Playbook – Politico
States of the unions —
Migration crackdown
US Open – ZH
China Stocks Fail To
Close Green Ahead Of National Holiday Despite Constant Intervention, US Futures
Rebound
Frontrunning – ZH
An ugly session on Wall Street
yesterday saw USDJPY on the defensive once again, but wily animal spirits
improved overnight, sending the pair back above 120.00 as we await the key US
data for August through the end of this week.
Yesterday's downbeat US
session has given way to a fresh outbreak of risk-on optimism in Asia, and
European markets have taken the sudden shift as a sign to go green.
FINNISH
Unohtakaa Kreikka – Espanja on seuraava uhka
euroalueelle * USA:n teollisuuden luottamus (ISM) tuotti pettymyksen *
Brent-öljyn hinnassa roima pudotus | USA:ssa korot painuivat selvästi
Olemme alentaneet Suomen talouden kasvuennusteita
lähivuosille. Arvioimme kokonaistuotannon supistuvan 0,3 prosenttia vuonna 2015
ja yltävän vain vaatimattomaan 0,5 prosentin nousuun vuosina 2016 ja 2017
(aikaisemmat ennusteet kuluvalle ja ensi vuodelle olivat -0,2 ja 1,0
prosenttia). Suomen talouden supistuminen venyy näin neljän vuoden mittaiseksi.
Myös sen jälkeen kasvu on huomattavasti hitaampaa kuin kilpailijamaissa.