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EUROPE
Europe’s next crisis is
Renzi and the banks – Politico
Emigration and Its
Economic Impact on Eastern Europe – IMF
Video: East-West
Migration and Income Convergence in Europe – IMF
Emigration Slows Eastern
Europe’s Catch Up With the West – IMF
TURKEY
Turkey Must Decide:
Executions or Progress – View / BB
Post-coup crackdown
throws doubt on Turkey migration deal – Politico
EUROPEAN
CENTRAL BANK
ECB Precision Stimulus
Can’t Duck Doubt on How Economy Works – BB
The ECB May Run Out Of
German Bonds To Buy In Just A Few Months – ZH
UNITED KINGDOM
How Britain Should
Brexit – View / BB
Single market access
from outside the EU: three key prerequisites – Bruegel
U.K. Unemployment
Declines Below 5% for First Time Since 2005 – BB
Agents’ summary of
business conditions July 2016 – Bank of England
Bank of England sees no
clear evidence of sharp Brexit slowdown – Reuters
Sterling rallies on BoE
report – TF
REGULARS
Summer lull in markets, waiting for
Draghi * Depressing ZEW index * Dollar and yen stronger on slight risk aversion
Asia-Pacific stock markets were
mixed in muted trade on Wednesday after US stocks slipped on Tuesday and the
International Monetary Fund scrapped its forecast for a global growth pick-up
largely due to Brexit concerns.
Euro wrap-up
– Daiwa
Sterling's Jump Slows Dollar's
Ascent
Ten Things I Think I Think
Daily Shot
– TF
Following last week's failed coup
the turmoil in Turkey continues as disturbing headlines continue to spook
investors and put pressure on the Turkish lira.
May travels to Berlin for first
meeting with Merkel promising “frank and open” talks * Johnson and Kerry say
informal talks on UK-US trade deal can start but details cannot be ‘inked in’
until UK leaves the EU * IMF expects UK growth to outpace France and Germany
despite Brexit * Confusion over whether government’s ‘tens of thousands’ net
migration target still applies * Legal challenge over use of Article 50 to be
heard in High Court in October * ECB expected to wait and see before any
response to Brexit * Over 50,000 targeted in Erdoğan purge as Obama urges
restraint * ECJ: EU countries “not compelled” to impose losses on investors in
bank rescues * European Commission to ignore national parliaments’ concern over
Posted Workers Directive * EU enlargement still “strategic goal” despite Brexit
Speechgate — Commission goes big on
China, climate, cartels
US Futures Rise To Session Highs,
Set For Another Record Open; Global Stocks Jump
Frontrunning
– ZH
EURUSD has gone quiet since the
Brexit vote shock ahead of the European Central Bank's meeting on Thursday. In
the background Fed rate hike expectations have been ratcheting slowly higher
offering broad support for the greenback.
A new report from the International
Monetary Fund sees the organisation downgrading its forecasts for both UK and
global growth sending the pound into yet another downward trend.
FINNISH
Britannian
pankkien luottamus edelleen vahvalla pohjalla * Saksan rahoitusmarkkinoiden
luottamus laski odotettua enemmän * Euroalueen pankkien luottoehdot
löysentyivät edelleen * IMF laski globaalia kasvuennustetta