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Friday, September 1

1st Sep - Bad jobs report, but ECB leak saves the day





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EUROPE
  EUROPEAN CENTRAL BANK
ECB preview: Decision in October, but hints next week – Nordea
ECB preview: Dovish stance due to strong euro – Danske Bank
Slow-motion exit from QE – Pictet
Euro Pumps'n'Dumps After ECB Signals Delay On QE Decision – ZH


UNITED STATES
  AUGUST JOBS REPORT
Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts – BB
U.S. job growth slows in August; wage growth retreats – Reuters
Payrolls Miss, Slide To 156K; Hourly Earnings Also Disappoint – ZH


US job creation is still healthy, but wage growth remains modest – Pictet
El-Erian: Short-Term Implications of the Jobs Report – BB
Comment: A Disappointing Employment Report – Bill McBride
Stubbornly weak wage growth is the key message in the August numbers – Nordea

OTHER
Looks Like Bond Traders Didn't Get the Memo – BB
Equity factor-based investing: A practitioner’s guide – Vanguard
Poor Jobs Data Pressures Dollar, Unsourced ECB Comment Brings it Back – Marc Chandler


REGULARS
Morning Report APACTF
The US dollar has lost ground impacting forex and commodities markets. Meanwhile the release of nonfarm jobs data later today will attract plenty of scrutiny.

FirstFT Daily BriefingFT
Houston’s poisoned waters, Kenya’s annulled election, 10 years after the crash

WSJ CityWSJ
Brexit Deadlock Deepens, U.S. to Unveil Tax Plan, Why the Dollar’s Giving the Money Illusion

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Eye-OpenerNordea
Solid US payrolls expected, but average earnings are key *10-year US Treasury yield at 2.13% * Solid risk appetite supports SEK and NOK

Morning MarketsTF
Asia-Pacific stock markets firmed modestly on Friday as investors cautiously awaited the release of US August nonfarm payrolls data later today.

From the FloorTF
The devastation wrought by Hurricane Harvey has spiked gasoline prices, with the pipeline between Texas' Gulf Coast and New York harbour currently halted. Oil is seeing some upside as a result, with the dollar and likely gold awaiting the August nonfarm payrolls numbers from the US at 1230 GMT.

Daily Market Comment Marc Chandler
Manufacturing PMIs, US Jobs, and Implications of Harvey

Brussels PlaybookPolitico
Brexit, bloody Brexit — Juncker to fast-track trade deals

US PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US OpenZH
All Eyes On August Payrolls, As Global Stocks Rise In Bullish September Start; Yuan Surge Continues

FrontrunningZH

FX UpdateTF
The close of trading this week may tell us whether the US dollar is the main theme now or whether the leading role belongs to a weaker euro as the market has got ahead of itself on ECB tightening potential or both — or neither if the US data surprises to the downside today.


FINNISH
AamukatsausNordea
Tänään julkaistaan USA:n työmarkkinaraportti | Tulossa myös Suomen 2. neljänneksen BKT-luvut | Euroalueen inflaatio kiihtyi elokuussa 1,5 prosenttiin

Syyskuun talouskatsaus: Suomen talous kasvaa, vienti kirittää investointeja Suomen Pankki