Follow ‘MoreLiver’ on Twitter
EUROPE
Yanis Varoufakis launches democracy movement – Politico
European Sovereign Risk Soars As Bank Contagion
Spreads – ZH
Surging Credit Risk Becoming a Major Issue in
European Markets – WSJ
ECB Will Cut To -0.7% In June, JPM Predicts – ZH
DEUTSCHE
BANK
Deutsche Bank CoCo’s
trading at 70% - FT
Finance Minister, DB CEO
"Not Worried About Deutsche Bank" – ZH
Deutsche’s Cryan Seeks
to Calm the Troops – WSJ
MIGRANT CRISIS
Turkey's Erdogan
"taunted EU leaders" over migrant deal – The
Telegraph
Is Putin trying to
topple Merkel? – euobserver
Merkel mission
unaccomplished – Politico
UNITED STATES
YELLEN’S
TESTIMONY
El-Erian: 5 Questions
for Janet Yellen – View
/ BB
Yellen to testify on
Hill amid growing doubts over interest rate hikes – WaPo
5 Things to Watch in
Janet Yellen’s Congressional Testimony – WSJ
The World vs. Janet
Yellen – WSJ
OTHER
Jan von Gerich: Global: Unforgiving world – Nordea
Market turbulence has
increased to the extent that is starting to resemble the crisis days in
2008-2009. The ability of central banks to respond to a weakening outlook, to
meet their inflation targets and keep risk appetite alive is increasingly being
questioned. While many of the worries are warranted, fears of a global
recession or another financial crisis are overblown. Central banks have not run
of ammunition yet.
Steen Jakobsen’s Stress Indicators: A panic
that's almost total – TF
Believers in central
bank efficacy and QE have finally lost faith * Yellen will be dovish because
anything else would be seriously bad * Price action rules and it cries: RISK
OFF * Markit iTraxx Europe displaying a major alert signal
Deutsche Bank Is Scared: "What Needs To Be
Done" In Its Own Words
– ZH
Why Portugal is Important Even If You have No
Direct Exposure – Marc
Chandler
Fiscal Costs of Hidden Deficits – iMFdirect
Often times, debt
increases significantly because an unforeseen obligation materializes. These
contingent liabilities, as they are known in the economist’s jargon, can have
significant economic and fiscal costs.
Structural Reforms and Productivity Growth – IMF
REGULARS
Morning MoneyBeat US – WSJ
This Market
Remains Under Pressure
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
Risk-off mood dominates: flight to
safe haven, core yields and JPY the choice * Declining faith in the ECB’s QE as
the Euro-area periphery takes a beating * The JPY soars on global growth
worries
Morning Markets – TF
This morning saw investors take
another determined step away from risky assets leaving global equity markets in
the red and the Nikkei 225 more than 5% off of yesterday's close.
Daily FX Comment –
Marc
Chandler
Europe Stabilizes After Asia Melts
Daily Shot – TF
Banks' shares are now in
focus of the equity selloff * With its share tumbling and CDS spreads spiking,
watch Deutsche * Eurozone periphery government bond yields rose * Gold is up
again
Matt Levine’s Money Stuff
– View / BB
Daily Press Summary – Open
Europe
Hungary says more talks
needed on UK-EU deal, while Italy sees deal next week * Row continues over whether
UK-French border control treaty would be imperilled by Brexit * Die Welt: Tusk
proposal reflects new British-East European balance of power in EU * Founding
EU members to hold discreet talks on future of EU * Weidmann: I did not argue
for a Eurozone finance ministry for which there is currently no political
support * Germany and Turkey call on NATO to help monitor migrant inflow * Fears
rise that Greek bailout review could drag on * Economic data raise concerns
about German growth * UK accounting regulator suggests firms should declare
risks from Brexit
Brussels Playbook – Politico
New Hampshire votes —
Core Europe gathers — Merkel’s empty hand
US Open – ZH
Global Markets Stunned By Biggest
Japan Crash Since 2013; All Eyes On Deutsche Bank
Frontrunning – ZH
USDJPY plunges,
investors flee Japanese stocks * BoJ's failure to contain yen raises doubts on
stimulus efficacy * USD traders on hold ahead of Fed meeting
Saxo Bank's chief
economist says the crisis is here and now we have to hope for a quite dovish
stand by the Fed. In the meantime this is the time for stock pickers and
well-run companies like ExxonMobil which might be able to snap up struggling
competitors' assets on the cheap as the energy sector rout sparks
consolidation.
FINLAND & FINNISH
Dollari
jakautui kahtia * Euroopan osakekurssit laskivat reilusti eilen * Suomen vienti
ei anna tukea talouskasvulle * Turvasatamakysyntä tuki Japanin jeniä eilen
EU:n uusi pankkijärjestelmä testiin? – Roger
Wessman
Sijoitusmarkkinoiden luontainen
epävakaus – Roger
Wessman