EUROPE
Germany
and France Push for EU Competition Changes – BB
Call
comes after an intended tie-up between Siemens and Alstom was shot down earlier
this year.
Mifid
II: research, reductions and revolution – FT
The
unintended consequences are often what you least expect.
EU
Compromise Exposes Merkel’s Waning Influence – WSJ
Merkel
ceded ground to Macron in this week’s agreement to apportion the EU’s top jobs.
The deal exposed the chancellor’s shrinking influence on the international
stage while highlighting the French president’s ability to strike unconventional
alliances.
Lagarde’s
First Job as ECB Boss: Sway Germany – WSJ
Draghi’s
successor faces critical decisions about policies that have been unpopular in
Germany
Editorial:
A Politician for the European Central Bank – WSJ
Europe
reaches outside the monetary guild for its chief central banker.
ECB's
De Guindos praises Lagarde's nomination to be ECB chief – Reuters
For
The First Time Ever, German Yields Drop Below The ECB's Deposit Rate – ZH
German
Bund yield plumbs new low – FT
Investors
predict renewed stimulus from ECB under Christine Lagarde
Retail
sales drop again, pushing ECB closer to more stimulus – ING
UNITED STATES
The
Trump Federal Reserve 2.0 – WSJ
Two
nominations inject some much-needed intellectual diversity.
The
decline of US business dynamism – voxeu
The
US economy has witnessed a number of striking trends that indicate rising
market concentration and a slowdown in business dynamism in recent decades.
Why
I've Lost Faith in China's Private Sector – BB
With
corporate-governance scandals piling up, there's little to inspire confidence
as the economy weakens.
Tehran
fumes as Britain seizes Iranian oil tanker over Syria sanctions – Reuters
Iran
could consider talks with U.S. only if sanctions lifted, Khamenei permits – Reuters
Global
real rates: a secular approach – BIS
The
consumption-to-wealth ratio predicts future movements of the global real
risk-free rate. The roaring 1920s and exuberant 2000s were both marked by a
rapid decline in the consumption-to-wealth ratio, with both ending in a low
rate environment. This experience points to the role of the boom-bust
leveraging cycle during the two episodes. Empirical estimates forecast
persistently low or negative real global interest rates in the foreseeable
future.
Has
globalization changed the inflation process? – BIS
Although
results vary across individual countries, the role of these global factors in
explaining CPI inflation rates has increased over the last decade. These
results suggest that economists should not throw away the old models of
inflation, but add a more comprehensive treatment of international factors and
allow their role to vary over time.
IMF
Draghi
Should Replace Lagarde at the IMF – BB
The
IMF may well prefer to hire a non-European as its next boss, but no one is better
qualified than the departing ECB chief.
Europe
Set to Keep Hold of IMF Leadership as Lagarde Leaves – BB
Former
U.K. Chancellor Osborne considers aiming for role *Tradition allows European
governments to pick IMF Chief
Candidates
eye prospect of succeeding Lagarde at IMF – FT
Political
and economic heavyweights line up for job that usually goes to a European
REGULARS
Five
Things to Start Your Day Asia – BB
Eco
Day Asia
– BB
Trump
Targets FX, Jobs May Sway Fed, Lagarde World View * U.S. trade gap widens to
highest in 2019 as Trump policies hit * Scourge of ECB male oligarchy rejoices
as Lagarde era beckons
Five
Things to Start Your Day Europe – BB
EU
Open Rundown
– RANsquawk
FirstFT
Daily Briefing –
FT
Brussels
Briefing
– FT
Treading
the Leyen: Commanding a stable majority in the new parliament will be a far
harder task for the German nominee than her predecessors
Brussels
Edition
– BB
Von
der Leyen’s Test
Brussels
Playbook
– Politico
Brussels’
top Twitterati — Dawn of the age of Sassoli — Meet VDL
Danske
Daily
– Danske
Bank
US
markets closed for the 4 July * The spread compression between core-EU and
periphery government bonds continues * Tensions between Iran and US is rising
Eco
Day Europe
– BB
A
Lagarde ECB, Fresh U.S. Targets, U.S. Jobs and Fed * As IMF chief prepares for
new post, a dense record of stances * Slip in U.S. labor-market data could tip
Fed into July easing
US
Open
– ZH
S&P
Futures Celebrate July 4th Above 3,000 As Global Yields Tumble
Eco Day US – BB
A
Lagarde ECB, U.K.'s Negative Surprise, FX Threats * As IMF chief prepares for
new post, a dense record of stances * How the rise of populism impacts the
economy around the world
FINNISH
Aamukatsaus – Nordea
USA:n palvelusektori heikkeni kesäkuussa odotuksia
enemmän | Markkinat odottavat Lagarden jatkavan kevyttä rahapolitiikkaa EKP:n
johdossa | Julkistuksien osalta on luvassa hiljainen päivä kun USA:ssa
vietetään itsenäisyyspäivää