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Wednesday, September 12

12th Sep - Political games, USD-EUR war, US-China trade war




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EUROPE
Juncker Warns of ‘Knee-Jerk’ Nationalism in Last Big EU Speech – BB
EU Commission chief urges unity over migrants, euro, budget * Appeal for deeper integration in face of populist upswing

Juncker vows to turn euro into global reserve currency – FT
Plan comes amid international concern over Trump’s use of dollar as sanctions weapon

EU parliament backs overhaul of digital copyright rules – FT
Draft plans would force internet companies to pre-filter uploaded content

Merkel Says EU Elections to Be Ultimate Test of European Unity – BB
Migration is ‘much larger’ challenge than euro crisis * Chancellor says EU must demonstrate strength in euro, trade

EU parliament votes to rebuke Hungary – FT
Setback for Viktor Orban as political allies join MEPs in backing criticism of Budapest

Leonid Bershidsky: EU Sanction of Hungary Could Backfire – BB
Viktor Orban’s government is eroding the rule of law, but exclusion would empower the continent’s far right.

French and German advisers call for eurozone budget changes – FT
Economists call for more enforceable debt and deficit regime in break with crisis era

U.K. and EU Plan Special Summit to Sign Brexit Deal – BB
Mid-November leaders’ meeting could be announced within days * May faces challenge as Tory Brexit-backers plot to oust her3

ECB to Lower Euro-Area Growth Outlook on Global Demand – BB
Economic forecasts starting 2018 to be revised down slightly * Projections will be unveiled by President Draghi on Thursday

ECB To Cut Euro Area Growth Outlook In Latest Global Slowdown Warning – ZH


UNITED STATES
Ray Dalio Spells Out America’s Worst Nightmare – BB
The hedge fund titan warns the U.S. not to take its reserve currency for granted.

Leonid Bershidsky: The Euro Has the Power to Challenge the Dollar – BB
Growing U.S. unilateralism is an opportunity to end the greenback’s dominance.

There’s Never Been a President This Unpopular With an Economy This Good – BB
 ‘Circus in Washington’ seen drowning out good economic news * Trump’s unpopularity poses problems for Republican candidates

Trump signs order to impose sanctions for U.S. election meddling – Reuters
Trump signed an executive order to help protect U.S. elections from foreign interference by imposing sanctions on countries and other actors who seek to meddle


OTHER
China: Downgrading GDP growth rate – ING
China is once again using infrastructure investment to avoid an economic slowdown. Sound familiar? It doesn't matter. We're still downgrading our GDP growth rate for this year and next

Trade wars: China fears an emerging united front – FT
Beijing welcomed American disputes with Tokyo and Brussels but now faces isolation as G7 allies begin to co-ordinate policy

US trade deficit with China rises to fresh high – Pictet

WTO Reforms – Marc Chandler
The status quo may not have strong support, but there is little agreement on the alternative.   Numerous issues that need to be addressed, including digital trade, domestic regulation, subsidies, and investment, but there does not seem to be a consensus on how to proceed…If the US tactics do not change, the WTO will be paralyzed in a year as there will not be three panelists who are needed for decisions.

Budget Guide 2019: guide to corporate financial exposure in 2019 – Danske Bank


  CRISIS 10 YEARS
The Global Economy Is Still Feeling the Lehman Fallout 10 Years Later – BB

My naive part in Lehman’s downfall – FT
John Gapper: I was wrong to call for the bank to be allowed to fail

George Magnus: Remember how it all unravelled? – Prospect

For Hedge Fund Stars, Being Right in 2008 Proved to Be a Curse – BB
Einhorn, Paulson, and Howard made their names in the crisis, but they faded in the decade that followed.


REGULARS
EU Open Rundown – RANsquawk

Brussels Edition Daily – BB

FirstFT Daily Briefing – FT

WSJ City – WSJ
U.S. Business Lobbies Against Tariffs, China Is the New Hotspot for Products Behind the Crisis

WSJ Daily Economics – WSJ
U.S. Workers Are Quitting Jobs at the Fastest Rate In 17 Years

Danske Daily – Danske Bank
Trade war escalation fears persist

Daily Market Comment – Marc Chandler
Dollar Chops in Narrow Ranges

Brussels Playbook – Politico
Previewing Juncker — Making the euro great again — The Orbán show

Five Things You Need to Know to Start Your Day – BB

US Open – ZH
Asian Stocks Suffer Longest Selloff In 16 Years; US, Europe Mixed

US Open Rundown – RANsquawk

Aamukatsaus – Nordea
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