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Sunday, September 22

22nd Sep - Weekly Previews #4169


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Economy WeeklyBB
Central Bankers Hit Speaking Circuit Amid Splits: Fed’s Williams, ECB’s Draghi, BOJ’s Kuroda among the speakers

Take Five: World markets themes for the week aheadReuters
U.S. money market ruckus - one-off or warning? * Fed’s “insurance” rate cut – no more cuts? * Britain’s supreme court’s ruling on suspending parliament * PMI data * Australia and New Zealand cutting rates

Key events in developed markets next weekING
Several Fed officials are scheduled to speak over the next week, but we're keen to hear what James Bullard will have to say. Expect more Brexit-deal chatter, though we think it is unlikely the PM will get a revised deal with the EU this week. In our opinion, a deal hinges more heavily on UK parliamentary arithmetic

EcoWeekBNP PARIBAS
The Federal Reserve and the ECB are in very different positions: the former has more room to ease policy and it is also closer to its policy targets.  The ECB has limited remaining policy leeway but is confronted with an inflation shortfall versus its aim and a risk that this gap would increase, rather than narrow.

Global Week AheadScotiabank
Europe: PMIs, Brexit, CPI inflation * US: Fed-speak, PCE inflation, durable goods orders. Senate vote on a continuing resolution to fund the US government until Nov-21 instead of facing a funding crunch on Oct-1.

Week AheadNordea
Tailwinds for equities, and headwinds for bonds – for now * Disastrous Swedish labour market figures add pressure on the Riksbank to ease * EA PMI likely to remain in easing territory for the ECB

Weekly FocusDanske Bank
After two weeks of central bank action, focus will likely turn to the real economy, where we will start to get PMI data for September. * If there is no increase in PMIs in the US, this will indicate that Q3 showed the weakest growth since 2009 * In Europe, it will be interesting to see if the service sector can continue to support growth despite the weakness in manufacturing. * A trade deal between the US and Japan could be signed and there could be news about the US-China trade war, with high-level talks expected in early October.

Macro WeeklyABN AMRO
Fed cuts rates, but three FOMC members dissent. Supplies temporary liquidity to the US money market * Drone attack on Saudi oil complex has limited price impact * Eurozone banks take up only small amounts of the new TLTRO III * Some optimism on Brexit and US-China talks

China WeeklyDanske Bank
Lower-level officials meet in Washington. Small interim deal a possibility in October but real break-through is hard to envision at this stage. * CNY strengthens ahead of trade talks where currency is likely to be on the agenda. * Huawei offers to sell its 5G technology to Western companies.

Weekly Market CommentMarc Chandler
Central banks may be data dependent, whatever that means, but investors aren't