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EUROPE
EUROPEAN
CENTRAL BANK
Draghi’s Lieutenants
Spar as ECB Braces for Exit Strategy Debate – BB
ECB Leadership Doubles
Down on Guidance as June Meeting Nears – BB
Survey on the Access to
Finance of Enterprises in the euro area – ECB
Report on the Survey on
the Access to Finance of Enterprises in the euro area – ECB
Financial Stability
Review May 2017 – ECB
ECB Warns of Dangers of
`Ripple Effect' From House Price Boom – BB
ECB Says Higher Yields
Could Trigger New Debt Concerns – BB
UNITED STATES
TRUMP
BUDGET
Trump's budget seems
dead on arrival, don’t expect too much of Trumponomics – Danske
Bank
Editorial: Trump's
Budget Is a Waste of Everybody's Time – BB
Trump’s proposed budget
is light on details – Pictet
Five Takeaways from
Trump's First Budget – Marc
Chandler
We Need To Understand Trump
To Understand Trump's Budget – Forbes
FEDERAL
RESERVE
BofA: What To Look For
In Minutes, And How To Trade Them – ZH
Minutes Signal Rate-Hike
"Soon", Economic Weakness "Transitory" – ZH
Minutes: More details on
Balance Sheet Reduction – ZH
Fed ties rate hike to
economic rebound, sees balance sheet cuts in 2017 – Reuters
Most Fed Officials Saw
Tightening ‘Soon,’ Favored Unwind Plan – BB
OTHER
Investors
should look at the advance/decline-numbers – BB
Perspectives June-July 2017 – Pictet
What
We’re Telling Clients About European Stocks – Joshua
Brown
Goldman: "We Have
Entered The Slowdown Phase", But Stocks Don't Care – ZH
Who's
Buying the Dip in Stocks? BofA Clients Offer Some Hints – BB
CHINA DOWNGRADE
China
Hit by First Moody's Downgrade Since 1989 on Debt Risk – BB
Moody's
downgrades China, warns of fading financial strength as debt mounts – Reuters
Moody's
Downgrades China's Sovereign Over Slowing Growth And Debt Fears – Forbes
Downgrade
of China puts focus back on financial risks – Danske
Bank
REGULARS
Morning Report APAC – TF
The surprise piece of news was this morning's cut on China's financial
rating by Moody's. It had an effect on the AUD but few other Asian currencies.
Most Asian share markets are poised this morning to go higher but not with any
great conviction
FirstFT Daily Briefing – FT
Manchester bomber identified, City email prankster returns, China
downgraded
WSJ City – WSJ
UK Raises Terror Threat Level, Glencore Approaches Bunge
Danske Daily – Danske Bank
Eye-Opener – Nordea
China downgraded * Oil investment survey from Norway and FOMC minutes * The
USD reasserting itself as US Treasury yields climb * Likelihood of a Fed June
hike priced around 80%
Morning Markets – TF
Moody's cut China's credit rating to A1 from Aa3 on worries about its
growing debt and Chinese and Australian shares fell on the news though the
reaction was relatively muted. Oil prices firmed on expectations that Opec-led
production cuts will be extended at Thursday's Opec meeting.
From the Floor – TF
The Moody's downgrade of Chinese debt saw iron ore futures crater as markets
weighed the possibility of a deepening growth contraction. The move hit AUD,
but not as hard as might be expected given USD's gathering bid.
Daily Market Comment – Marc Chandler
Dollar Consolidates, While Market Shrugs Off China Downgrade
Brussels Playbook – Politico
Manchester arrest — Hurricane Trump — Eurogroup’s deficit
Five Things You Need to
Know to Start Your Day – BB
10 things you need to
know before the opening bell – BI
US Open – ZH
China Downgrade Forgotten As Asia Closes Higher, Futures Flat Ahead Of
Fed Minutes
Frontrunning – ZH
FX Update – TF
The US dollar consolidated across the board as last week’s USD-negative
events have run out of fuel to drive further weakness. Meanwhile Moody’s
lowered Chinese sovereign debt rating and AUD took it on the chin.
FINNISH
Aamukatsaus – Nordea
Tänään huomio
Fedin tasenäkymissä * Fedin kokouksen pöytäkirja julkaistaan * Trumpin hallinto
esitteli budjettiehdotuksensa vuodelle 2018 * Tänään julkaistaan Suomen
työttömyysaste
Suomi ei hyödyntänyt
EKP-politiikan mahdollisuuksia – Nordea