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EUROPE
Industrial production up
by 1.3% in euro area – Eurostat
UNITED STATES
Fed Will Unwind the
Balance Sheet at an Awkward Moment – BB
FOMC
TESTIMONY
Yellen Heads to Congress
Wondering Why Job Market Hot, Wages Not – BB
Yellen Testimony to
House Financial Services Panel (Full Text) – BB
Yellen Sees Inflation as
Key Uncertainty, Amid Moderate Growth – BB
Dovish Turn: Concerned
About Inflation, Little Room For Hikes – ZH
Dollar Extends Losses on
Go-Slow Fed; Stocks, Bonds Rally – BB
Bonds, Bullion, &
Stocks Jump, Dollar Dumps On 'Dovish' Yellen Remarks – ZH
Yellen Warns Congress:
US Debt Trajectory Is Unsustainable – ZH
The Caution Light
Blinking in Yellen's Testimony – BB
The Janet Yellen Markets
Once Knew Returns – BB
OTHER
Of currency markets and
central banks – Mark
Dow
Macro and Credit - Bond
ruck – Macronomics
The Daily Prophet: Can't
Complain About a Lack of Volatility Now – BB
Perspectives Aug-Sep
2017 – Pictet
Why recessions followed
by austerity can have a persistent impact – Simon
Wren-Lewis
REGULARS
Morning Report APAC – TF
Asian
markets were lower and the US dollar slipped 0.2% against the yen following the
release of an email chain which could provide evidence of Trump campaign
collusion with Russia.
FirstFT Daily Briefing – FT
Trump Jr speaks out, 2024 Olympics face-off, Dolce & Gabbana
unfiltered
WSJ City – WSJ
Trump Jr. Email Casts Cloud Over Policy; U.K. Creditworthiness ‘Under
Pressure’
“Best of the web” daily charts – Lukas
Daalder
Danske Daily – Danske
Bank
Eye-Opener – Nordea
Trump Jr. spooks markets, Brainard cautious on further hikes * Yellen to
take centre stage * EUR supply expectations drives yields, as Brainard pushes
US yields lower * Trump Jr. email release pushes EURUSD to ytd high
Morning Markets – TF
The US dollar stayed soft overnight on worries sparked by the US
president's eldest son Donald Trump Jr's release of emails on Tuesday that some
news reports said could be a "smoking gun" for the special counsel
investigating allegations of the Trump campaign's collusion with Russia. Asian
stock markets were mixed while gold and oil prices firmed.
From the Floor – TF
Shares of social media giant Snap Inc. fell 9% to new lows below
$16/share as the firm's own underwriter, Morgan Stanley, issued a downgrade and
as competition from the likes of Instagram complicates its outlook. Meanwhile,
oil prices are shooting higher and USD is weaker across the board.
Daily Market Comment – Marc Chandler
Currencies Stabilize, but Yen Strengthens
Brussels Playbook – Politico
Parliament’s €6M dream house — Two alphas in Paris — Brexatom storm
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
All Eyes On Yellen As Dollar Slumps On Trump Revelations, Stocks Rebound
Frontrunning – ZH
FX Update – TF
Stops were triggered in EURUSD above 1.1450 on the reaction to political
revelations about the Trump campaign yesterday but we’re unsure of the quality
of that break until we get a look at Fed chief Janet Yellen’s testimony today.
The market remains remarkably complacent on the risk of Fed hawkishness.
FINNISH
Aamukatsaus – Nordea
USA:n pienyritysten luottamus korkealla | Yellen
kongressin kuultavana | Poliittinen epävarmuus liikautti markkinoita