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EUROPE
Portugal Gaining
on Italy in the Banking ‘Doom Loop’ – CFR
Editorial: The
EU's Broken Budget Rules Need Changing – View
/ BB
The Death of the
Most Generous Nation on Earth – Foreign
Policy
Little
Sweden has taken in far more refugees per capita than any country in Europe.
But in doing so, it’s tearing itself apart.
UNITED KINGDOM
Beleaguered
Pound Risks More Pain Amid Raft of Post-Brexit Data – BB
Bundesbank
Sees Limited Brexit Impact, Expects Strong Q3 Growth – ZH
Brexit
could be delayed to end of 2019 - problems for France, Germany? – Politico
OTHER
Holiday recap: while you were busy – Nordea
If you are catching up
with the market developments during or after your holiday, here is a summary of
what happened and links to in-depth coverage.
Where is the “honest dialogue”? – Scott Sumner
How Presidential Candidates Are Seen around the
World – Barry Ritholtz
Fiscal Stimulus Revisited – View
/ BB
Monetary policy is
suffering from diminishing returns. It's time for governments to act.
Macro Monday: Focus on FOMC minutes and
inflation – TF
Three central banks will
present minutes this week * The USD to be neutral to supported going into FOMC
minutes on Wednesday * Equities are still risk-on: outperformance of European
equities vs US counterparts
The Bank of Japan's Unstoppable Rise to
Shareholder No. 1 – BB
BOJ set to become top
owner of 55 firms in the Nikkei 225 * Japan’s central bank boosted its ETF
buying program last month
Things I’m Pretty Sure About – The
Motley Fool
Aurelija Augulyte: FX: 10 charts to watch – Nordea
"Risk on" - a
pause, or a break higher? Some reasons
to remain optimist, with oil price rise as a major potential surprise near
term. CAD, NOK, AUD - key trends vs USD for a test.
Bretton Woods: RIP – Marc Chandler
Larry Swedroe: Low Vol Advantage Not What You’d
Expect – etf.com
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Weak Japanese GDP, yields sliding,
watch out for ZEW * All eyes on UK retail sales this week * Disappointing US
retail sales pushed yields lower * Will recent JPY strength be reversed by weak
GDP numbers
Morning Markets
– TF
Markets were emboldened by the poor
data show from the US that could stymie a Federal Reserve rate move to head
higher. Spare a thought for poor Nikkei though which party-pooped after disappointing
GDP data out of Japan.
Daily Market Comment –
Marc
Chandler
Dollar Eases to Start the New Week
Daily Market Comment
– Macro Man
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
Brexit behind schedule — Merkel back
to work — Russia’s menacing season
US Open – ZH
Global Stocks Rise, US Futures Near
All Time Highs As Flood Into Emerging Markets Continues
Frontrunning
– ZH
FX Update
– TF
Sterling has poked toward the lows
for the cycle against the G3 currencies recently amid record speculative short
positioning. UK data midweek is thus a key sentiment test for the pound.
Elsewhere USDJPY eyes the lows for the cycle after weak US retail sales data on
Friday.
From the Floor
– TF
Chinese equities were the biggest
mover in overnight Asian trade with the Shanghai composite index adding an
impressive 2.45% for its highest one-day gain since late May. But over in the
FX markets indifference is the order of the day and "extreme
complacency" will be a key theme this week.
FINNISH
Aamukatsaus
– Nordea
Brexit-äänestyksen
vaurioista ensimerkkejä * USA:n heinäkuun vähittäismyynti jäi hieman odotuksista
* Saksan toisen neljänneksen BKT odotuksia vahvempi * Keskiviikkona
julkaistavasta Fedin pöytäkirjasta etsitään vihjeitä koronnostosta
Uuden
saksalaistutkimuksen mukaan suurpankeilta puuttuu jopa sata kertaa enemmän
pääomia kuin Euroopan pankkivalvoja EBA uskottelee. Pankkien
"ankarat" stressitestit olivat taas tökeröä teatteria.
Taloussanomien ”analyysi”
pankkitesteistä tökeröä teatteria – Roger
Wessman
Markkinatalous pitää uudistaa – Osmo
Soininvaara
EU-kritiikki ei taida enää olla vain
niin sanottua ääriliikehdintää – Verkkouutiset
Kun 15
EU-asiantuntijaa saa kirjoittaa mitä haluaa, pessimismi on vallitseva mieliala.