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Wednesday, August 23

23rd Aug - Pre-Jackson Hole jitters



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EUROPE
CEPR’s “Europe's Trust Deficit: Causes and Remedies” – vox
Mario Draghi: The interdependence of research and policymaking – ECB
Draghi Urges Open-Minded Central Banking as Economy Changes – BB

Euro zone August business growth keeps up solid pace – Reuters
Business survey points to continued euro area strength – Pictet
Eurozone Composite PMI – Markit
Germany Composite PMI – Markit
France Composite PMI – Markit


UNITED STATES
Trump Threatens Government Shutdown Over Border Wall Funding – BB
Big U.S. Banks Could See Profit Jump 20% With Trump Deregulation – BB
The Shape of the Phillips Curve Should Worry Markets – BB
US Composite PMI – Markit


OTHER
Jackson Hole Previews from the banks – ZH
The Daily Prophet: Bull Market In Stocks Is Dependent on CEOs – BB
Alberto Gallo: Central Banks Need to End QE for the Sake of Markets – BB
Wall Street Banks Warn Downturn is Coming – BB
Math Geeks Behind ETFs Scramble to Defend $1 Billion Bonanza – BB
The next quant meltdown – Institutional Investor


REGULARS
Morning Report APACTF
Stocks are heading higher across Asia in early trading thanks to Wall St. Easing geopolitical tensions and tax reform hopes lifted US stocks on Tuesday. Japan's benchmark Nikkei 225 in particular has bounced back following three days of declines.

FirstFT Daily BriefingFT
Trump threatens government shutdown, Brexit backtrack, returning to work

WSJ CityWSJ
How the EU Might Influence British Law After Brexit, Miners Are Flush With Cash Again

Danske DailyDanske Bank

Eye-OpenerNordea
Focus on US and European PMI’s, Draghi speaks in Lindau * Italian yields jump – the curve steepening on supply expectations * The USD strengthens as the EURUSD falling back below 1.18

Morning MarketsTF
Asian shares rallied on Wednesday when Japan's Nikkei rebounded from three days of losses with a boost from Tuesday's gains on Wall Street as US political tensions took a back seat for a change. The US dollar firmed against Asia-Pacific currencies with markets keenly awaiting the Fed's August 24-26 Jackson Hole gathering of central bankers.

From the FloorTF
US stocks led Asia higher overnight as investors revived dimming hopes of Trump-led tax reform in the US. Meanwhile, markets are subdued ahead of the Jackson Hole summit with the bias being towards no new hawkish comments.

Daily Market CommentMarc Chandler
How will Yellen Address Fostering a Dynamic Global Economy?

Brussels PlaybookPolitico
UK’s big Brexit push continues — Spanish unity in face of terror (for now)

US PlaybookPolitico

Five Things You Need to Know to Start Your Day BB

10 things you need to know before the opening bellBI

US OpenZH
Stocks Slide After Trump Threatens Government Shutdown Over Wall Funding, Killing NAFTA

Frontrunning ZH

FX UpdateTF
New hopes that US president Donald Trump can move forward with policy helped engineer a significant recovery in US equities yesterday with the US dollar also firm though traders remain wary of an upcoming budget ceiling showdown.


FINNISH
AamukatsausNordea
Jackson Hole liikuttaa markkinoita * Euroalueen reuna-alueiden korot nousivat eilen Italian johdolla * USD vahvistui muita päävaluuttoja vastaan * Suomen työttömyysasteen trendi kääntyi laskuun

Suomi luopui omasta järjestelmästä: eroaminen eurosta vaikeutui huomattavasti – TalSa
How to leave the Eurozone: The case of Finland – EuroThinkTank
How to leave the Eurozone: The case of Finland – HuffPost