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Friday, September 22

22nd Sep - Quiet





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EUROPE
Editorial: Portugal's Comeback Is Only a Start – BB
The use of local currencies in EU candidate and potential candidate countries – ECB
Euro area, revisiting the past once again – Pictet
Euro-area PMIs exceeded expectations – Nordea
Euro area cyclical inflation is on the rise – Pictet
Six Things To Know About The German Election – WSJ


UNITED STATES
  FEDERAL RESERVE
El-Erian: Eight Takeaways From This Week’s Fed Meeting – BB
The Fed Buys into Secular Stagnation – PIIE
Yellen, Warsh Grab Top Spots in Fed Chair Sweepstakes – BB
The New Fed Team Will Inherit Inflation Miss That’s Mystifying Yellen – BB


OTHER
BofA Flows: Second Largest Week Of Tech Inflows Ever – ZH
Macroprudential Policy and Financial Vulnerabilities – IMF

  FOR WEEKEND
There and Back AgainThe Atlantic
What J.R.R. Tolkien’s classic The Hobbit still has to offer, 80 years after its publication

Matt Levine: SEC Hacking and Secret AccountsBB
Also Equifax options, AIG SIFIness, Valu, unicorns, Trix and Braden's proxy fight.

Spies Like Us: A Conversation With John le Carré and Ben MacintyreNYT

Fiction: The science in Sherlock HolmesNature

Nestlé Makes Billions Bottling Water It Pays Nearly Nothing ForBloomberg
The company’s operation in Michigan reveals how it’s dominated the industry by going into economically depressed areas with lax water laws.

Mark Zuckerberg’s Fake News Problem Isn’t Going AwayBloomberg
Facebook has 2 billion users, record profits, vast influence, and big problems in Washington.

Snopes and the Search for Facts in a Post-Fact WorldWired

The EU Suppressed a 300-Page Study That Found Piracy Doesn’t Harm SalesGizmodo

The teaching of economics gets an overdue overhaulThe Economist
Students are forced to grapple with the real world from the very beginning of their courses

Read Playboy … for the InterviewsSlate
Six great conversations from the magazine’s archives.


REGULARS
Morning Report APACTF
Asian markets opened mixed as investors absorbed the prospect of an additional rate rise in the US this year. Meanwhile Donald Trump ordered new sanctions on anyone doing business with North Korea.

FirstFT Daily BriefingFT
May en Florence, N Korea threatens H-bomb, Goldman’s ranking drop

WSJ CityWSJ
North Korea Threatens H-Bomb, EU Urges End to Brexit Stalemate

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Eye-OpenerNordea
North Korean threats and stronger JPY as May and PMI awaits * Norges Bank turning more hawkish while Riksbank remains dovish * Euro Area PMI and UK PM May’s Brexit speech today’s main events * Is Swedish PMI a canary in a European coalmine?

Morning MarketsTF
Most major Asia-Pacific stock markets fell on Friday, and the US dollar retreated further after a bump following Wednesday's Fed meeting. Asian markets were rattled by a threat from North Korea's foreign minster that the North could test a hydrogen bomb on the Pacific Ocean.

From the FloorTF
Despite the FOMC's hawkish outing Wednesday, the USD rally has failed to find purchase in the major pairs. Today, news of a possible North Korean H-bomb test has markets on edge with gold finding strong support, yields wilting, and UK PM May preparing to talk Brexit in Florence.

Daily Market CommentMarc Chandler
Markets Limp into the Weekend

Brussels PlaybookPolitico
May in Florence — Germany votes — Ferber latest

Five Things You Need to Know to Start Your Day BB

US OpenZH
Global Markets Spooked By North Korea H-Bomb Threat; Focus Turns To Brexit Speech

FrontrunningZH

FX UpdateTF
Yesterday and overnight we saw the US dollar rally entirely failing to follow through on the initial reaction to Wednesday's FOMC meeting which keeps the tactical outlook cloudy. Elsewhere the euro and kiwi are eyeing German and New Zealand elections over the weekend.

FINNISH
AamukatsausNordea
Tänään julkaistaan ostopäällikköindeksejä sekä euroalueelta että Yhdysvalloista | Ison-Britannian pääministeri Theresa May pitää puheen Brexitistä | Euro teki korjausliikkeen suhteessa dollariin