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EUROPE
German,
French and Dutch yields have been sliding for months as the eurozone recovery
wilts and several countries flirt with recession
While US growth and the Federal Reserve
meeting were big news yesterday, other less palatable developments could have a
bigger impact in the short term. Trust is becoming a scarce commodity in Europe.
Key
Banco Espirito Santo Takeaways as Shares Slump – WSJ
UKRAINE / RUSSIA
Sanctions
can help break the spiral of war – FT
MACRO NUMBERS
Euro area
annual inflation down to 0.4% - Eurostat
Euro
Inflation Slowed to 0.4% in July, Lowest Since 2009 – BB
Europe Won't Admit It's Spiraling Into
Deflation – BB
Another
month, another downside surprise on euro zone inflation – Reuters
Euro Zone
Struggles To Stave Off Deflation – WSJ
Euro area
staring at deflation as it waits for TLTRO – Sober
Look
Euro area
unemployment rate at 11.5% - Eurostat
UNITED STATES
Before
you get too excited about yesterday’s GDP report – WaPo
The Fed’s
Wage Watch – WSJ
What to
Watch for in Friday’s July Jobs Report – WSJ
Preview:
Employment Report for July – Calculated
Risk
Great
Graphic: Dissents at the Federal Reserve – Marc
to Market
MACRO NUMBERS
Employment
Costs Surge Most In 6 Years As Initial Claims Miss – ZH
Wage growth
improved in Q2, remains low – FT
Risk Off As
Employment Costs Surge – ZH
Jobless
Claims Slightly Higher Than Expected – Bespoke
Weekly Unemployment
Claims at 302K, Lowest since April 2006 – Calculated
Risk
ASIA
OTHER
A raft of
global economic data and news followed the U.S. Federal Reserve’s policy
decision yesterday. The Fed provided fodder for both hawks and doves, and thus
had little market impact. Nor did Argentina’s looming default. But both should
remind investors that the risk of losses hasn’t been outlawed by central bank
policy. And that risk ought to be compensated, as Banco Espirito Santo’s
beleaguered shareholders and bondholders have discovered after it reported
enormous losses for the second quarter. Elsewhere, Japanese wage growth lagged
inflation, putting the squeeze on domestic consumers. The euro zone edged
closer to deflation despite a modest improvement in unemployment. And the U.K. economy might be running out of
steam as consumers wake up to the fact that their incomes aren’t keeping up
with prices.
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Slow Progress Emerges on the Labor Utilization Front * Growth Rebound
Stokes Fed Debate * Euro-Zone Inflation, Jobless Rates Fall * IMF Warns China of Slower Growth Unless Beijing
Speeds Up Reforms * Japan’s Wage Growth Slows in June
Dollar
Remains Firm, Equities Slide – Marc
to Market
Monetary
policy: the first line of dissent? – TradingFloor
US running
annualised growth rate of 4% * German exports to Russia down 15% * GBP falters slightly on
FX markets
FINNISH
Suomi ja sen itäinen naapuri - ja elokuut 1991 ja 2014
– MTV
Venäläiset hävittäjät käyttivät Finnairin
matkustajakoneita maaleina – Jukka
Hankamäki
Kokoomus ja keskusta nousussa – SDP ja PS syöksyivät alas
– YLE
Kokoomus jatkaa suosituimpana puolueena. Yle Uutisten
heinäkuun mittauksessa kokoomuksen kannatus nousi 21,8 prosenttiin. Myös
keskusta käänsi suosionsa uudelleen nousuun ja keräsi 20,9 prosentin
kannatuksen.
Suurten yritysten liikevaihto kesäk. +2,3% YoY – Tilastokeskus