US Stocks Rally, Shrug Off Treasury Curve Crumble, Macro Data Dump
EcoWeek – BNP
PARIBAS
Ten
years after: The uncomfortable new normal
Week in Focus – Ransquawk
Monday:
EZ CPI * Wednesday: BoJ meeting, UK CPI * Thursday: SNB, Norges Bank meetings,
EU leaders discuss Brexit * Friday: EZ PMI
Weaker-than-anticipated
US core inflation and skyrocketing business confidence sound like a goldilocks
cocktail for US assets, but it will not last. Risks are still on the downside
in the business cycle and wage growth will continue north.
Weekly Focus:
Wanted – more US hands – Danske
Bank
We
look for more stabilisation in the Euro Flash PMI released on Friday * On the
trade war front, we wait to see whether the US and China re-enter talks or
whether Donald Trump implements of a 25% tariff on another USD200bn of imports
from China * Brexit is set to be in focus as EU leaders meet for an informal
Summit in Austria on Thursday-Friday * The Fed enters the blackout period ahead
of the FOMC meeting on 26 September.
Strategy: Is the
US economy running out of labour? – Danske
Bank
Tight
US labour market a rising risk to growth * US-China trade war set to escalate
further before deal is reached * Emerging market assets cheaper but still
short-term risks
Global Week Ahead – Scotiabank
US
aftermath of hurricane Florence, Fed blackout begins
Weekly Market
Outlook
– Moody’s
Middling
Ratio of Net Corporate Debt to GDP Disputes Record Ratio of Corporate Debt to
GDP
Macro Weekly – ABN
AMRO
Goldilocks
is back would be an overstatement, but: US moving in Goldilocks’ direction * Europe’s
growth stabilizing * China’s growth stable, though public investment weakens
Weekly Market
Comment
– Marc
Chandler
Near-Term
Dollar Outlook
Weekly
Macro Comment – Marc Chandler
FX
Weekly – Nordea
G10 FX week ahead:
Running repairs –
ING
Risk
markets will enter the week on a slightly better footing following rate hikes
in Turkey and Russia and hints of optimism over both US trade relations and
Brexit. There is still much that could go wrong, but for this week we think
risk assets could correct a little further and the dollar weaken. We'll also
see central bank meetings in Norway and Switzerland