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EUROPE
The Eurozone Crisis has
taken a significant toll – both economic and political – on EU member states as
well as the Union as a whole. This column identifies three elements that are
key to a working solution for continued union: overcoming the intergovernmental
method that has dominated EU decision‑making since the crisis, avoiding the
seemingly easy route of blaming all evils on ‘Brussels’, and a more unified
external representation in global economic governance.
EU Fiscal Stimulus Is Just a Rule Change Away – View
/ BB
A Nationalist Eastern Europe Could Reshape the
EU – View
/ BB
Poland and Hungary are
forming one axis that has a very different view of what the union should be.
UNITED
KINGDOM
Questions for Carney as
U.K. Economy Defies Brexit-Vote Gloom – BB
Scarcity in Medium-Term
Bonds Emerges as Hurdle for Carney’s QE – BB
U.K. House Prices
Decline for Second Month as Sales Soften – BB
UK to build anti-refugee
wall in Calais – Politico
UK needs the best of both
points-based & work permit immigration systems – Open
Europe
OTHER
Financial forecasts:
it’s all about the central banks - September 2016 – Nordea
The hunt for return continues to strongly characterise financial markets
developments, supported by the Fed’s dovish stance as well as the easing
launched by the ECB, the BoJ and most recently the BoE. Markets losing
confidence in central banks would change the picture materially, but that is
not our baseline. We continue to look for rather low bond yields throughout the
forecast horizon, which now includes 2018. EUR/USD still has downside left but
should start to rebound as early as mid-2017.
Australia's economy
toasts 25 years without recession – Reuters
REGULARS
Eye-Opener
– Nordea
ISM crashes causing yields and the
USD to tumble * Central banks take centre stage * The 10-year Bund yield
plunges, September hike probability falls 8pp to 24% * The USD tumbles, while
the NOK gains even as oil is unchanged
World markets have tried in the wake
of August's Jackson Hole summit to rally around hopes of a US interest rate
hike but it is becoming increasingly clear that the numbers just aren't there.
Euro wrap-up
– Daiwa
Daily Market Comment –
Marc
Chandler
Dollar Stabilizes, but Hardly
Recovers
Daily Market Comment
– Macro
Man
Mr. Bond, they have a saying in
Chicago
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
US Open – ZH
Futures Flat Ahead Of Apple's Latest
Product Launch
Frontrunning
– ZH
Yesterday’s massive miss in the ISM
non-manufacturing survey shocked the USD weaker but sustained directional moves
in the major currencies may be hard to come by until the other side of the key
FOMC and BoJ meetings later this month.
Gold and other safe-haven assets
have rallied and the dollar remains soft as fears have swung from a US rate
hike to recession. Risk-on sentiment in Asia however buoys equities.
FINNISH
Aamukatsaus
– Nordea
Riksbank ei
tänään muuta rahapolitiikkaansa * USA:n palvelusektorin luottamus (ISM) romahti
odottamattomasti * Dollari heikkeni USA:n yritysten heikkojen ostopäällikköindeksien
seurauksena * Tuore Economic Outlook on nyt luettavissa