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Wednesday, August 16

16th Aug - Hawkish minutes, No ECB news at J-hole






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EUROPE
ECB's Draghi will not deliver fresh policy steer at Jackson Hole: sourcesReuters
Euro Turmoils After ECB Walks Back Draghi Jackson Hole Appearance – ZH
Paris suburb reveals the fragility of Macron’s victory – FT


UNITED STATES
Trump’s Business Councils Disband After CEOs Defect – WSJ
Trump's business councils are disbanded after CEOs quit in protest – Reuters


  FEDERAL RESERVE
Fed’s Fischer attacks moves to unwind regulations – FT
FOMC Minutes – FED
Balance Sheet Normalization Begins In September, Most Saw Inflation-Pick UpZH
Stocks, Dollar, & Bond Yields Sink After Fed Warns "Tighter Policy Warranted" – ZH


OTHER
IMF warns China over ‘dangerous’ levels of debt – FT
Rogoff: Prepare for negative interest rates in the next recession – The Telegraph

  MARKETS
Red-Hot Tech Stocks Lose Some Big Supporters – BB
There’s a Reason People Are Worried About Low Volatility – BB
FX: Taking a breather before next leg of ‘central-bank exit pricing’ – Danske Bank


REGULARS
Morning Report APACTF
The US dollar made gains overnight on upbeat domestic economic data. The rise in the greenback impacted metals and other commodities including copper prices. Meanwhile crude prices have managed to creep higher.

FirstFT Daily BriefingFT
Trump rift with CEOs deepens, Irish border opposition, world’s best superyachts

WSJ City WSJ
U.K. Rules Out Irish Border Posts, CEOs Rethink Ties With Trump’s White House


Danske Daily Danske Bank

Eye-OpenerNordea
Strong US and German numbers * Stronger SEK after high inflation reading * Fed minutes today * Yields rise on falling geopolitical risks * USD strengthens on solid numbers

Morning MarketsTF
The journalistic hand-wringing surrounding US president Donald Trump's reaction to the violent protest in Charlottesville is apparently in USD terms relatively meaningless compared to the (now receding) threat of war with North Korea.

From the FloorTF
Risk appetite has recovered further in financial markets after last week's flight to safety triggered by the fiery exchange of words between Donald Trump's US and North Korea. Core bonds have slipped, and demand for safe-haven gold has cooled.

Daily Market CommentMarc Chandler
Swiss Franc and Yen Remain Heavy as New Distractions Replace DPRK

Brussels PlaybookPolitico
The Russians aren’t coming (yet) — Brexit customs red tape — Italy confronts fascism

US PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US OpenZH
Global Stocks Rise Amid Unexpected ECB "Trial Balloon"; Dollar Flat Ahead Of Fed Minutes

FrontrunningZH

FX Update TF
US retail sales were far stronger than expected in July and the June data were revised higher but the USD rally on the back of this development was muted as USD traders look toward this evening’s FOMC minutes release.


FINNISH
AamukatsausNordea
Jaksaako Suomi globaalin kasvun peesissä? * Iso-Britannian inflaatio odotuksia heikompaa * USA:ssa vähittäismyynti vahvassa nousussa * Fedin pöytäkirjalta odotetaan lisätietoja koronnostoista