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EUROPE
European leaders seem to determined to remake
the “global savings glut” on a massive scale – FT
Turns out that
mishandling a banking crisis and then systematically annihilating the supply of
local currency safe assets leads to sustained capital outflows.
EU Parliament legal service says ECB bad loan
plan beyond its competence
– Reuters
The legal service of the
European Parliament said on Wednesday that the ECB’s plan to force banks to set
aside more money for new loans that turn sour goes beyond the bank’s
competence, adding new criticism to the battered project.
The Eurosystem – Too opaque and costly? – Bruegel
The Eurosystem gets a
lot of attention from academics and the media, but they largely focus on its
statutory objective of maintaining price stability. There is much less interest
in its transparency and operational efficiency. We analyse these issues, and
find that the Eurosystem is less transparent and operates with significantly
higher costs and headcount than the US Federal Reserve System.
Europe Is Booming, Except It’s Not – Alhambra
UNITED STATES
Low loan demand: a bad omen for investment – Pictet
OTHER
Market Voice: Volatility Hiding In Plain Sight – Lipper
Alpha
We change our ECB call:
we now expect the ECB to extend QE once more and the first rate hike is not
seen until Q4 2019. We postpone the EUR/USD rebound in our forecast and revise
up the oil price forecast.
We have revised up our
oil price forecast to USD 55/barrel for 2017, USD 63/barrel for 2018 and USD
66/barrel for 2019 as the supply/demand balance has been tightening at a faster
pace and geopolitical risk has increased.
It's Not ETFs That Need Testing. It's Investors – BB
The notion that
investors will be stuck in the funds in times of turmoil when the rest of the
market is trading is false.
MIDDLE
EAST
Saudi Arabia: Where
Ambition and Geopolitics Align – Stratfor
Iran calls missile
attack targeting Riyadh 'reaction' to Saudi aggression – Reuters
EU, U.S. affirm Lebanon support, diverging from Saudi – Reuters
EU, U.S. affirm Lebanon support, diverging from Saudi – Reuters
White House condemns
missile attacks on Saudi by Yemen's Houthis – Reuters
Gulf Stocks Lose $6.8
Billion in 72 Hours Amid Saudi Crackdown – BB
Saudi Crackdown Targets
Up to $800 Billion in Assets – WSJ
Purging rivals is often bad,
but now may show an impatience to reform – BB
CHINA
China Warns on Debt, But
Bond Buyers Shrug – BB
China Traders Take on
Risk as Margin Debt Tops One Trillion Yuan – BB
REGULARS
Wall St’s Brexit warning, Syria signs Paris accord, lunch with Vogue’s
editor
Saudi Crackdown Targets $800 Billion in Assets, M&S Finance Chief to
Leave, Snap Plunges
Mr Trump goes to China * New financial forecasts, including ECB, EUR/USD
and oil * Bond yields continue lower
What a difference a day makes in equity markets. On Tuesday stocks
rallied in Tokyo Hong Kong and Sydney. But today the leading benchmark indices
ran out of steam. Australia's S&P/ASX200 managed to eke out a minor gain
while the Nikkei 225 and Hang Seng lost ground.
Car climate plan — Germany’s light greens — NATO ministerial meeting
Five Things You Need to
Know to Start Your Day – BB
US Open – ZH
Bank Stocks, Dollar Slide Hit By Fresh Tax Reform Doubts
Frontrunning – ZH
FINNISH
Trump matkaa
Kiinaan | Päivitimme korko- ja valuuttaennusteemme | Tälle päivälle ei ole
luvassa merkittäviä datajulkistuksia
Pitääkö
euromaille suunnitella mahdollisuus euro-jäsenyydestä eroamiseen? Ja onko
järkevää, että EU harjoittaa talouden ohjausta vai pitäisikö talouden antaa
ohjautua enemmän markkinavoimien avulla. Eli jos taloudenpito ei herätä
lainottajien luottamusta, niin maan lainojen korot nousisivat ja pakottaisivat
talouspolitiikan muutoksiin. Ja miten poliittinen on tällä hetkellä
epäpoliittiseksi elimeksi tarkoitettu EKP? Se työntää rahaa markkinoille ja
pitää lainojen korot alhaalla, mutta miksi se tekee niin ja mitä seurauksia sen
toiminnalla on.