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EUROPE
Germany's Misunderstood 'Terror Crisis' – View
/ BB
Juncker came to Turkey’s defense after failed
coup – Politico
BANKS
Slovenia and the banks –
Frances Coppola
The Failure of Europe's
Stress Tests – View
/ BB
With Italy's Bank Stress
Test "A Near-Term Risk", Who Is Most Exposed? – ZH
Financials Watch –
Italian Banks Q & A – ABN AMRO
How much money could be
made to disappear in Italy’s bank bailout? – Wolf Street
First Italy, Now
Portuguese Banks "Unexpectedly" Need A Taxpayer Bailout – ZH
European Bank Stress
Test: Preview – Marc
Chandler
UNITED
KINGDOM
EU Considers Migration
‘Emergency Brake’ for U.K., Observer Says – BB
Meet the Brexit Negotiators:
Veterans of Europe’s Backroom Wars – BB
Triggering Article 50:
When Will Brexit Talks Begin? – BB
UNITED STATES
FEDERAL
RESERVE
What the Fed Will and
Won't Do this Week – View
/ BB
The Fed Has Some
Explaining to Do – View
/ BB
FOMC Preview: No hike, but
possibly preparing for a September hike – Bill
McBride
OTHER
BOJ and FOMC Meetings Featured in the Last Week
of July – Marc
Chandler
With Kuroda Under Pressure To Increase Stimulus
Again, Dissenters Appear
– ZH
My Investing Mentors – Michael
Batnick
Aurelija Augulyte: FX: central bank 'put', off? – Nordea
Markets expect too much
from central banks? It's not just whether they can - but if they will. The USD
is bid as economic uncertainty is high...while Fed hike may be repriced again
on domestic data alone.
Brexit heightens global
economic risks, says G20 – BBC
G20 ready to take action
to support economic growth – Politico
G-20 Pledges to Use All
Tools to Fight Weak Global Recovery – BB
Rock-bottom rates
creates fiscal space for G20: OECD – Reuters
G20 will use 'all policy
tools' to lift growth as Brexit weighs – Reuters
G-20 Meeting Ends With
Rising Discord Between China And US – ZH
G20 debating greater
global coordination, but can it deliver? – TF
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
FOMC, BoJ and GDP data this week * Euro
area rates sold off on back of better than expected PMIs while the GBP lost on
weak PMIs
Morning Markets
– TF
A rally in Asia-Pacific stock
markets on Monday lost steam towards the end of the session though the dollar
stayed firm.
Daily Market Comment
– Marc
Chandler
Big Week Begins Slowly
Daily Market Comment
– Macro
Man
Monday morning bullet points
Daily Shot
– TF
Roughly a month after the Brexit
vote in the UK one can say that the Eurozone reacted "surprisingly
resilient" to the yes vote while data for the UK shows negative signals.
Daily Press Summary
– Open
Europe
Backbenchers unconvinced by beefed
up ‘emergency brake’ on EU migration to stay in single market * BBC: Cameron
made last-ditch appeal to Merkel over free movement * Big asset managers suffer
billions of withdrawals following Brexit vote * Germany rocked by terror attack
committed by failed Syrian asylum seeker * Sturgeon sets out five key tests for
post-Brexit UK-EU deal * Hammond seeks to assuage G20 concerns over Brexit as
he strikes optimistic tone on future UK trade deals
Brussels Playbook
– Politico
Commission names and shames —
Merkel, untouched — No. 10 Drab Street
US Open – ZH
US Futures Unchanged As Europe
Stocks Rise; Strong Dollar Pressures Oil
Frontrunning
– ZH
FX Update
– TF
The US dollar has rallied fairly
robustly into this week with EURUSD ending last week below 1.1000 for the first
weekly close below that level since February. The Fed meeting mid-week is a
test for whether the USD rally can intensify or whether the dollar stays stuck
in the quiet after the Brexit storm.
From the Floor
– TF
The coming days will see more than
700 companies reporting. Among them is Nintendo which faces huge demand for its
Pokémon Go app but has dampened expectations of the financial impact of the
game. The Fed is likely to issue a slighlty hawkish message at its Wednesday
FOMC says Saxo's John J Hardy.
FINNISH
Aamukatsaus
– Nordea
Fed seuraa
markkinaepävarmuuden ja inflaation kehittymistä * Britannian yritysten
luottamus laski roimasti, Saksa ja Ranska yllättivät positiivisesti *
Perjantaina Japanin keskuspankin odotetaan laskevan korkotasoa * Tällä
viikolla julkaistaan USA:n, euroalueen ja Ruotsin toisen neljänneksen BKT-luvut