5th Aug - Trade war escalation #4153

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EUROPE
Wolfgang Münchau: Germany is replaying Britain’s Brexit debate – FT

Pro-Europeans should remember how the battle was lost in the UK

UNITED STATES

Trump's alternative monetary policy – Cityunslicker

Trump as trickster – Scott Sumner

Will Republicans Finally Face Up to Their Bigotry Problem? – BB

If the party doesn’t want its rhetoric turning up in murderers’ manifestos, it has a lot of work to do.

OTHER

Vacation Wrap-Up: Market themes over the past three weeks – Danske Bank

What is behind the decoupling of global activity and trade? – ECB

Services trade liberalisation and global imbalances – ECB

  TRADE WAR

China Hits Back at Trump With Weaker Yuan, Halt on Crop Imports – BB

Yuan plunges beyond 7 per dollar for first time since 2008 * Beijing asked state-owned firms to suspend U.S. crop purchases

Renminbi falls past Rmb7 per dollar for first time in 11 years – FT

China’s central bank blames tariffs and protectionism as previously defended floor gives way

Yuan at 7 Is China’s Warning Shot to Trump – BB

Beijing is showing it won’t be used as a pawn in the president’s campaign for lower rates and a weaker dollar.

China Is Playing Trump on Trade – BB

Holding off on big agricultural purchases now is a low-cost, high-opportunity strategy.

REGULARS

Five Things to Start Your Day Asia – BB

Eco Day Asia – BB

RBA Kicks Off Five Rate Decisions, The Other Fed Drama * Malaysia voices trust in South China Sea pact amid trade fears * S. Korea urges Japan to correct ‘reckless, risky’ export curb

Five Things to Start Your Day Europe – BB

EU Open Rundown – RANsquawk

FirstFT Daily Briefing – FT

Brussels Playbook – Politico

Bruno Le Maire’s missed meal — Auditioning for Ursula — Eurobarometer’s hot new numbers

Danske Daily – Danske Bank

Trade conflict escalates further over the weekend

Eco Day Europe – BB

China Hits Back, Ireland’s Brexit Woes, Indonesia Grows * U.K.’s construction sector has a lot to prepare for Brexit * Romania is set to prolong more than a year of steady rates

Daily Market Comment – Marc Chandler

China Strikes Back

Five Things to Start Your Day US – BB

US Open Rundown – RANsquawk

Eco Day US – BB

China Escalates, More Fed Drama, Builders’ Brexit Woe * China hits back at Trump by letting yuan tumble to decade-low * U.K. builders see brexit crisis when foreign labor disappears

FINNISH

Aamukatsaus – Nordea

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