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Monday, June 26

26th Jun - Italy's bank bailout






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EUROPE
Time may be nearing for ECB stimulus exit: Weidmann – Reuters
Draghi Signals Greek Debt Measures Not Enough for QE Inclusion – BB
Macron Can Follow Germany's Lead on Labor Reform – BB
ifo Business Climate Index Hits New Record High – cesifo
Only the World Can Stop Germany as Business Climate Hits Record – BB

  ITALIAN BAILOUT
Italy to start winding down Veneto banks Saturday after EU green-light – Reuters
Two Italian Zombie Banks Toppled Friday Night – Wolf Street
Italy Winds Down Two Veneto Banks - Depositors Protected Says PM – Forbes
Commission approves aid for market exit – EU
Italy winds up Veneto banks, deal could cost up to 17 billion euros – Reuters
Veneto Bailout To Cost Up To €17 Billion - Another Dreadful Effect Of The Euro – Forbes


UNITED STATES
Corporate Tax Rate at 28% Seen as More Likely Than Historic Cut – BB
Durable-Goods Report Undermines Hopes for Economic Pickup – WSJ
U.S. core capital goods orders, shipments decline in May – Reuters

The Fed’s third mandade is official – The Macro Tourist
Dudley Had Some Worrying Remarks During A Closed-To-The-Press Session – ZH


OTHER
What's Going on in EUR? – Macro Man

Key Events In The Coming Busy Week – ZH
Yellen, Inflation, Durables And GDP

Macro Monday: Wrapping up the first half of 2017 – TF
PMIs and GDP growth for the first half of the year are now in focus as June 30 draws near. There is a summer mood about in some markets with activity and general interest fading. Meanwhile the prospect of a global credit slowdown is a worrying issue.


REGULARS
FirstFT Daily Briefing – FT
Takata bankruptcy, Google’s day of reckoning, FT Summer Books

WSJ City – WSJ
Activist Targets Nestlé, Co-op Bank Ends Sale Plan, Italy’s €17 Billion Bank Bailout

“Best of the web” charts – Lukas Daalder
https://lukasdaalder.com/2017/06/26/best-of-the-web-17-06-26-nr-1690/

Danske Daily – Danske Bank

Eye-Opener – Nordea
Ifo numbers today * This week’s main driver for rates; Inflation data and quarter end * Yellen tomorrow is a key event for the dollar.

Morning Markets – TF
Asian equities rose on Monday after a rebound for US stocks on Friday with firmer crude oil prices also lending support. Trading in Asia was thinned by the Islamic holiday of Eid al Fitr marking the end of Ramadan.

From the Floor – TF
Rome's decision to put up to €17 billion – including €5bn in taxpayer funds – into its failing banking sector is the story of the day as the intervention into Veneto Banca and Banca Popolare di Vicenza places regulatory and political risks in the spotlight.

Daily Market Comment – Marc Chandler
Italian Markets Shrug off Banking Morass and Local Election Results

Brussels Playbook – Politico
Trade leaks — German ECB ambitions — Greek revival

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
Italy Bank Bailouts Send European, Global Stocks Higher; Gold Flash Crashes

Frontrunning – ZH

FX Update – TF
FX volatility keeps declining as measures of implied volatility for options reach their lowest levels in nearly three years and the market does not know where to look for the next catalyst. This week’s report from the US commerce department on the US trade deficit has the potential to swing the focus back to Trump policy-making risks.


FINNISH
Aamukatsaus – Nordea
Tällä viikolla tulossa euroalueen inflaatio ja USA:n PCE-inflaatio | Tänään julkaistaan Saksan Ifo-indeksi | Markkinoilla oli perjantaina rauhallista