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EUROPE
Italy the new Greece on migration
frontline: Frontex – Politico
Italy has overtaken
Greece to become the country on Europe’s migration frontline, with about 750
people arriving per day.
Three Developments in Spain – Marc
Chandler
Don’t count on European credit growth – FT
ITALIAN
BANKS
Why You Should
Understand What is Happening with Italian Banks – Marc
Chandler
The Italian bank crisis
– the one graph version – Lars
Christensen
Why Italy is facing a
looming crisis – WaPo
UNITED
KINGDOM
Steely Talks With May, a
New Face at No. 11, a BoE Backlash – WSJ
Ashoka Mody: Stop Being
So Gloomy About Brexit – View
/ BB
May becomes British PM,
promising 'bold new role' outside EU – Reuters
OTHER
Martin Enlund: Global: fiscal policy the new
black, but for whom? – Nordea
Japan’s move towards
fiscal easing may be a part of a new trend which has the potential to underpin
global neutral real rates and make Fed hikes more likely. A pivot towards
fiscal policy also makes helicopter money less improbable. It could also be
that global monetary policies are becoming increasingly aligned, for the simple
reason that central banks have finally run out of politically acceptable ammo.
Martin Wolf: An end to facile optimism about the
future – FT
Measured growth is
lagging because invention and innovation has slowed
Monthly Commodity Update – ABN
AMRO
Temporary slowdown, but
uptrend to remain in Q4
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Risk-on continues; US Treasury
yields higher; JPY weaker * Swedish inflation on track * JPY the main
underperformer * Large jump in US bond yields reflecting risk reassessment
Morning Markets
– TF
As David Cameron bows out and
Theresa May sweeps in as prime minister of the United Kingdom the FTSE is
tipped to open mildly lower while Cable slightly firmer on its New York close.
Euro wrap-up
– Daiwa
Daily Market Comment –
Marc
Chandler
Sterling and Yen Momentum Slows
Daily Market Comment
– Macro
Man
A few observations from the new gaff
Daily Press Summary
– Open
Europe
EU finance ministers urge Theresa
May to speed up Brexit talks * The Times: Grayling and Fox in running to become
‘Minister for Brexit’ * Bank of England Governor willing to share private notes
from meetings with Osborne ahead of EU referendum * Spain pledges to raise an
extra €6bn from corporate tax in bid to avoid EU fine * Austria to reach
self-imposed limit on refugees by the autumn * Germany’s populist AfD loses
support following antisemitism row * EU member states see surge in citizenship
inquiries from UK nationals following Brexit vote * New EU border agency to
stress test member states in autumn
Brussels Playbook
– Politico
Juncker survival strategy — Schulz
shivers — Hollande’s pricey hair
US Open – ZH
Global Stocks, Futures Rise On
Disappointing Chinese Trade Data, Hopes For More Central Bank Intervention
Frontrunning
– ZH
FX Update
– TF
The USDJPY rally eased at important
105.00 resistance and on official helicopter money denials overnight. Meanwhile
the USD is putting up a fight against most major currencies after yesterday’s
weakness. Bank of Canada meeting on tap today.
From the Floor –
TF
Hopes that there were about to be a
central-bank led stimulus spurge were dashed overnight in Japan and that
stopped the USDJPY rally just below 105.0.
FINNISH
Aamukatsaus – Nordea
Punta ottaa
vielä uuden askeleen alaspäin * Espanjalle ja Portugalille sanktiot alijäämän
ylittämisestä * Ruotsin kesäkuun inflaatio oli vahva * Riskinottohalukkuus
pysyi eilen vahvana