8th Aug - Stocks, oil jump

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EUROPE

Will Italy be Europe’s next casualty as Renzi risks all on referendum? – The Guardian

FTMatteo Renzi’s pledge on constitutional reform is starting to look as ill-starred as David Cameron’s Brexit poll

Draghi Jumps Brexit Hurdle to Find Oil Damping Price Outlook – BB

Cost of Brent crude fell 13% since U.K. voted to leave EU * ECB is drawing up new forecasts ahead of Sept. policy meeting

Oversupply Beats Brexit as Biggest London Office Risk, UBS Says – BB

Spain, Italy and Germany are best Europe investment locations * Japanese funds may purchase $200 billion in Europe over decade

German SPD’s Gabriel Welcomes Open Contest to Challenge Merkel – BB

Social Democrat leader says a contest would mobilize party * SPD chief comments on possible challenge to Merkel in 2017

Stressed Banks Are Still Haunted by Sins of the Past in Ireland – BB

Irish lenders were among worst performers in European tests * Bad loans continue to weigh on the nation’s financial system

All Economists Are One-Handed When It Comes to Ruble Free Float – BB

Europe August 2016 – Daiwa

OTHER

Holiday recap: while you were busy – Nordea

China: Political and Economic Developments – Marc Chandler

Great Graphic: Oil Recovery Extends – Marc Chandler

The Yield Curve Isn't Infallible – View / BB

REGULARS

Danske Daily – Danske Bank

Eye-Opener – Nordea

PBoC innovating, South Korea upgraded, Muted market moves * Strong labour market report put September Fed hike back on table * PBoC signals less reliance on rate and RRR cuts * USD gained broadly after payrolls

Morning Markets – TF

Friday's NFP has put risk-on back on the agenda with safe-haven harbours gold yen and bonds all feeling the heat but there are some big data points coming this week that might take the shine off the renewed equities surge.

Euro wrap-up – Daiwa

Daily Market Comment – Marc Chandler

Stocks Up, Bonds Down, Dollar and Yen are Heavy

Daily Shot – TF

Friday's strong NFP report was a pleasant surprise but this trend will hardly continue. Worse still a look behind the headline figures reveals a stubborn skills gap sharp falls is oil & gas payrolls and wage growth that will force employers to increase productivity.

Daily Press Summary – Open Europe

La Stampa: Renzi eyes November 27 as possible date for constitutional referendum * Calls for Government to adopt Australian-style points based immigration system post Brexit * Corbyn says Brexit vote must be respected as senior Labour figures him of undermining the Remain campaign * Sunday Times: Juncker’s top aide creates unease among European governments with his “enthusiasm for Brexit” * Tensions between EU and Turkey grow as Erdoğan renews calls to reinstate the death penalty * Gabriel indicates his support for open contest to select SPD’s Chancellor candidate * Greek government plans to hire additional 20,000 civil servants

Brussels Playbook – Politico

Pro-Erdoğan rally — Merkel slipping? — Injury Rio

US Open – ZH

S&P To Open At New Record High As Commodities Rise, China Trade Disappoints

Frontrunning – ZH

From the Floor – TF

Crude oil sold off last week and the overall combined (NYM and ICE) short position in WTI is now drawing close to the record seen in january. Saxo commodities head Ole Hansen however thinks oil could see some support develop "in the low 40s". Meanwhile risky assets are rallying following Friday's US jobs blowout.

FINNISH

Aamukatsaus – Nordea

Mainioista työllisyysluvuista huolimatta yhdysvaltalaiset ovat tyytymättömiä * Dollari vahvistui USA:n työllisyyslukujen siivittämänä * Kiinan vienti ja tuonti laskivat odotuksia enemmän * Tänään julkaistaan Saksan kesäkuun teollisuustuotanto