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EUROPE
Merkel, Hollande, Renzi: Symbolism, but no
substance – Politico
Merkel: EU’s Turkey deal a model for North
African countries – Politico
Profitability and Balance Sheet Repair of
Italian Banks – IMF
Sweden: QE reinvestments lead to continued
buying in 2017 – Nordea
Seller’s Paradise: Companies Build Bonds for ECB
to Buy – WSJ
Flash Eurozone Composite
PMI – Markit
Flash Germany Composite
PMI – Markit
Flash France Composite
PMI – Markit
Stable PMIs – stable
growth – Nordea
Resilient PMIs – the
recovery should continue – Danske
Bank
UNITED STATES
Is Yellen about to demote the Fed? – TF
Speculation over the
Federal Reserve's next move on interest rates has devolved into a lot of
haggling over a tiny potential shift. But will the upcoming Jackson Hole summit
offer markets any new direction?
Why Foreign Demand For US Treasuries Has
Disappeared – ZH
Flash US Manufacturing PMI – Markit
OTHER
Jan von Gerich: Bonds: Return of risk – Nordea
In the shadow of general
spread narrowing, renewed worries towards Portugal have reminded that political
risks can still move markets. While most other countries appear better shielded
from similar market developments for now, the autumn is likely to bring a
general correction higher in bond spreads.
Time to bring realistic models of human
behaviour into economic policy and regulation – BoE’s
Underground Blog
Goldman Sachs: "OPEC Freeze Insufficient To
Support Prices; Rally Should Stall" – ZH
Equity Anomalies Persist in International
Markets – Quantpedia
There’s no yield, and Citi isn’t going to take
it anymore – FT
Flash Japan Manufacturing PMI – Markit
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Euro-area PMIs – not much change
expected * Fed December hike chance above 50% * EUR guided by PMIs today
Morning Markets –
TF
Oil has gone into reverse after the
bedrock on which the rally of the last two weeks was built was shown to be
flimsy in the extreme. Jackson Hole looms large and has markets in defensive
mode ahead of the pivotal meeting Friday.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Broadly Mixed Dollar in a Mostly
Quiet Market
Daily Market Comment
– Macro
Man
Wheeler asks the questions: will
Yellen answer?
Daily Press Summary
– Open
Europe
Italian, French and German leaders
call for greater EU cooperation on defence and security post-Brexit, though
remain short on details * UK pushes back at Swedish PM’s warning over
corporation tax * Turkey withdraws ambassador to Austria as diplomatic row
deteriorates * Sarkozy announces French Presidential campaign * Bulgaria calls
for help from EU to secure its border to Turkey * Serbia Foreign Minister
labels Croatia “the EU’s biggest disgrace” * Finland seeking to sign agreement
on closer military cooperation with the US this Autumn
Brussels Playbook
– Politico
Russian shadow over Estonian
election — Serbia-Croatia spat — Balkan backslide
US Open – ZH
Stocks Creep Higher As Dollar
Resumes Falling, Oil Slides For Second Day
Frontrunning
– ZH
FX Update
– TF
Kiwi buyers pounce again as RBNZ’s
Wheeler admits little the central bank can or at least is willing to do to stem
a higher currency. Elsewhere sterling is higher on UK housing stimulus talk and
USD is broadly weak.
From the Floor
– TF
Today's Asian session saw the kiwi
rally by 60 pips as the central bank denied the need for a series of rapid
interest rate cuts. Central bank policy of course remains the prime concern
ahead of Friday's speech from Fed chair Yellen but commodity markets are a
major focus as well with gold in particular being placed on the back foot of late.
FINNISH
Aamukatsaus
– Nordea
Veroyllätys
pelastaa ostovoiman * Fedin Fischeriltä haukkamaisia kommentteja * Saksan
teollisuustuotannossa väliaikainen lasku * Euroalueen elokuun ostopäällikköindeksi
pysynee tänään entisellään
Brysselin kone:
Kenen on vastuu, jos EU-alueen pankki kriisiytyy? – YLE
Pitäisikö EU:n
alueiden pankkien kriisiytyessä ottaa pankkien hallitusten hallitusvastuu
vakavammin, kun pankkiunionissa ollaan osin siirtymässä pankkien yhteisvastuihin
ja sijoittajavastuuseen? Ja olisiko samalla syytä nostaa pankkien
vakavaraisuusasteita? Haastateltavana on KHT-tilintarkastaja Yrjö Tuokko ja
toimittajana Maija Elonheimo.