EUROPE
ECB's QE Questioned by
German Judges Asking for EU Review – BB
UNITED
KINGDOM
Real thing or just
'fantasy'? Britain proposes new EU customs deal – Reuters
U.K. Business Faces More
Red Tape Under Brexit Customs Plans – BB
The Case for Bank of
England Rate Hikes Is Weakening – BB
UNITED STATES
The initial effects from
a shrinking Fed balance sheet should be modest. Excess liquidity will however
collapse in 2018, and then as a result of a much smaller balance sheet. The
coming unwind is unprecedented, suggesting it will be hard to price-in.
Tim Duy: Fed Shouldn't View Productivity as an
Exogenous Factor – BB
The current
low-inflation environment offers the perfect opportunity to test whether looser
monetary policy can boost productivity growth.
Broad-Based Advance in
U.S. Retail Sales Shows Solid Spending – BB
Retail Sales Rebound In
July – ZH
Retail Sales increased
0.6% in July – Bill McBride
OTHER
With
Next Recession Looming, Central Banks Better Make Peace With Negative Rates – BB
CRISIS 10 YEAR ANNIVERSARY
MARKETS
When Risk-Off Dominates
Markets, Economies Usually Suffer – BB
Record Number Of Fund
Managers Say "Stocks Are Overvalued" – ZH
Range trading in yields
to continue for now, but asymmetric risks – Danske
Bank
NORTH
KOREA
Moon Vents Korea
Frustration by Asserting Right to Veto U.S. War – BB
South Korea to Prevent War
at All Costs, President Moon Says – BB
It’s ‘Game On’ for War
If North Korea Strikes Guam, Mattis Warns – BB
The Sane Way to Live
With North Korea's Nukes – BB
REGULARS
Asian markets followed the global lead higher – Japan's Nikkei 225 up
more than 1% – as the greenback strengthened against the yen.
Brexit transition deal, Intel CEO quits Trump council, India at 70
U.K. Open to Temporary Customs Union, North Korea Backs Off Guam Threat
Risk is on again! * Focus on inflation again * CHF and JPY weakens again
* Core rates rebound
Investors swung back into risk-on mode on Tuesday snapping up
Asia-Pacific equities and lightening their holdings of perceived safe havens
including gold and the Japanese yen as fears of a conflict between the US and
North Korea receded further. The rally followed higher closes for US stocks
overnight.
Volatility has spiked sharply lower, leaving equity bulls free to run...
but why are the unpredictable messages out of Pyongyang able to spark such
significant price movements?
Greenback Firms, Encouraged by Dudley and Ebbing of Tensions
UK lays out customs plan — Anti-competitive ice skaters — German
electioneering
VIX Tumbles, Global Stocks And Dollar Rally As Korea Tensions Ease
North Korea’s leadership has finally blinked leading to a recovery of
risk appetite across markets and return of JPY sellers. Meanwhile USD shorts
continued to get squeezed and could be in for further discomfort on today’s US
July retail sales if the numbers rebound from June’s weak reading.
FINNISH
Saksa vahvassa kasvussa * Ison-Britannian inflaatio pysyy
korkealla vielä pitkään * USA:ssa vähittäismyynnin odotetaan ponnahtaneen
nousuun * Öljyn hinta laski alle 51 dollarin