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EUROPE
Leonid Bershidsky:
Why Russia Should Buy Back Its Debt – BB
Bad-news
countries should try to keep their bonds out of foreign hands as much as
possible.
EU Countries Urged
to Unite Against Brexit Cherry-Picking – BB
Brexit
is not yet a done deal, France, Benelux leaders warn * Bettel, Macron, Michel,
Rutte speak after Luxembourg meeting
Measuring the risk
of a euro area breakup – voxeu
Investors
fret that Italy may exit the euro. One reason to worry is redenomination risk,
driven by the prospect of a country allowing a new currency to depreciate
against the euro. This column compares two types of Italian bond yield curves
to estimate such risk, and finds that the yield premium due to it peaked at 7%
during the sovereign debt crisis. Redenomination risk also affects interest
rates in strong economies, which implies a redistribution between savers and
borrowers throughout the euro area.
Italy's Populists
Begin Their Big Betrayal – BB
First
the euro, now the spending splurge. Five Star and the League are rowing back
furiously.
Riksbank: Another
delay, more SEK weakness – ING
Yet
again, Riksbank delayed the timing of its first interest rate increase. Despite
the new communication, we don’t look for a December hike and see the
probability of a February hike below 50%. We remain firmly bearish on the
Swedish krona and target EUR/SEK 11.00
UNITED STATES
U.S. Corporations'
Repatriation of Offshore Profits – FED
Insider
‘Resistance’ to the President Is Not a Crisis – BB
The
contempt for Trump revealed by an anonymous official is shocking, but it’s not
unusual for advisers to stonewall on policy.
An Insider’s
Lament About Trump Serves No Public Good – BB
A
senior official’s op-ed will change no one’s mind. But it will make the
president even less likely to listen.
OTHER
Global Financial
Cycles and risk premiums – Bank
Underground
Sideways: Dick
Fuld – my part in his downfall – Euromoney
As
the 10th anniversary of the failure of Lehman Brothers arrives, I have been
asked to share my reminiscences of when I realized a global credit crisis was
looming and why so many senior financial figures ignored my warnings.
China Vows To
Retaliate If US Imposes Additional Tariffs – ZH
China
vowed that it will respond and take necessary countermeasures to protect its
own economic interests as President Trump is expected to press on with a plan
to impose tariffs on an extra $200 billion in Chinese imports as soon as this
week.
REGULARS
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
WSJ City – WSJ
Social
Media Feels Heat in Washington and on Wall Street, FBI Probes AmEx Foreign
Exchange
WSJ Daily Economics – WSJ
There’s
a Lot More to Trade Flows Than Just Tariffs
Danske Daily – Danske
Bank
Riksbank
set to postpone rate hike to next year
Daily Market
Comment
– Marc
Chandler
Fragile
Calm Weighs on Greenback
Brussels Playbook – Politico
State
of the Union preview — EU election games begin — Who is Anonymous?
Five Things You
Need to Know to Start Your Day – BB
US Open – ZH
"They
Just Want To Get Out": Emerging Stocks On Verge Of Bear Market As New
Trade War Looms
US Open Rundown – RANsquawk
Riksbank kokoustaa tänään, inflaatiopaineet pysyneet
Riksbankin odotuksia matalampina | USA:n ja Kanadan Nafta-neuvottelut jatkuvat,
saadaanko tuloksia lähipäivinä? | Julkaisimme eilen Nordea Economic
Outlookin ja uudet talousennusteemme