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EUROPE
Olivier
Blanchard: Europe Must Fix Its Fiscal Rules – Project
Syndicate
In
an environment of persistently low interest rates and below-potential output,
economic policymakers must rethink the prevailing approach to public debt. For
the eurozone, this means creating a common budget, or at least overhauling the
fiscal rules that have tied member-state governments' hands for no good reason.
ECB
Floats Rate Cut Trial Balloon, Is "Open" To Cutting Rates – ZH
ITALY
Italy
can no longer afford to play games with Brussels – FT
A
commission that feels it met Rome halfway last time will not want to show
leniency now
Punishing
Italy plays right into the populists’ hands.
Parliament’s
proposals on so-called mini-BOTs aren’t really a credible threat to the euro,
but you can see why they make investors anxious.
UNITED STATES
Auch.
Pressure on the Fed after the May Labour Market report showed big disappointment.
While
we were expecting jobs growth to slow down this time, few could have predicted
such weak payroll numbers. The poor reading only cements market expectations
for Fed rate cuts ahead
OTHER
I
believe the Fed will cut rates soon - likely by 25bp in July and a few more
times during the autumn. In my view, it is dangerous for the ECB not to react
to inflation expectations collapsing, which reflects that the market questions
the lack of ability and willingness from the ECB to act.
World
trade heading for the worst year since 2009 – ING
The
strong setback to world trade growth at the end of 2018 and the damage from the
trade war will make 2019 the worst year for trade since the financial crisis,
with only 0.4% growth. 2020 is likely to show growth around 2%, but that
improvement could vanish if the trade war drags on in 2020
The
Beyond Carbon initiative sets ambitious goals for switching to clean energy,
and for building the political coalition necessary to do so.
We
can’t just wait for 2021 and hope the best.
The
Big Picture: Shadow Over Global Economy – Danske
Bank
Re-escalation
of the trade war between China and the US is weighing on global economic
outlook. We have lowered our projections for global growth to 3.2% in 2019 and
3.4% in 2020
G-20
As
central banks show increasing alarm about the world economy and a willingness to
increase stimulus, finance ministers from the Group of 20 nations made little
progress in curing the main threat of deepening trade tensions.
Trade
tensions and slowing economic growth dominated a gathering of global finance
chiefs. That’s put the onus on central banks to act, even amid concerns their
monetary policy arsenal has been worn thin.
Officials
repeat past commitments on foreign exchange policies * Mnuchin and Yi Gang have
‘candid’ talks on trade issues
Trump
says new China tariffs will kick in on Xi G20 no-show – FT
US
president threatens immediate imposition of trade levies on $300bn of
additional imports
REGULARS
Five
Things to Start Your Day Asia – BB
Five
Things to Start Your Day Europe – BB
EU
Open Rundown
– RANsquawk
FirstFT
Daily Briefing –
FT
Brussels
Playbook
– Politico
Time
to say goodbye — Team France fizzles — Blondes have more fun
Eco
Day Europe
– BB
Little
Progress From G-20, ECB's Fears, BOJ's Arsenal * G-20 finance ministers agree
on method to tax tech giants * Interest rate cuts by the Federal Reserve look
more likely
Daily
Market Comment
– Marc
Chandler
Collective
Sigh of Relief Lifts Equities, Yields, and the Dollar
Five
Things to Start Your Day US – BB
US
Open Rundown
– RANsquawk
US Open – ZH
Global
Stocks Race Higher On Trade Deal, Rate Cut Hopes As Yuan Tumbles, UK Economy
Implodes
FINNISH
USA:ssa selkeä pettymys työmarkkinoilta perjantaina,
markkinat hinnoittelevat entistä enemmän Fedin koronlaskuja | Tällä viikolla
julkaistaan useita inflaatiolukuja | USA ja Meksiko pääsivät sopimukseen
laittoman maahanmuuton suhteen
Helpon lainanoton riskeistä – Peter
Nyberg