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EUROPE
UK EMPLOYMENT REPORT
UK:
Labour market report as expected - focus now on inflation – Danske
Bank
Jobs
figures raise UK productivity hopes as pay climbs solidly – FT
UK
jobs and wage data: economists react – FT
UNITED STATES
PBoC increases
risk but September rate hike still on – Danske
Bank
Dollar Tumbles As
Fed Rate Hike Looking Uncertain To GS, BoA – ZH
ASIA
CHINA’S DEVALUATION
Chinese Yuan
Finally Allowed To Compete With Weak Yen – Alpha
Now
Global
FX Heatmap Bloodbath, PBOC Intervention – ZH
China
Learns What Happens When You Listen to the Market – WSJ
Gavyn
Davies: Has China just pressed the escape button? – FT
China
seeks to allay fears as renminbi fall continues – FT
OTHER
Steen Jakobsen: Macro
Digest: Is a paradigm shift sparking risk-off? – TF
Gold
rebounds despite China woes and Greek deal * Equities sink to lows unseen since
October 2014 * Europe will soon catch up with the US
New financial
forecasts
– Nordea
The
themes have shifted during the summer. The risk of an imminent Grexit has
disappeared, worries about China’s economic performance have increased and the
prospect of oil prices returning to USD 90-100 has been pushed further into the
future.
OIL
Monthly
Oil Market Report – IEA
Oil
Demand Growing at Fastest Pace in Five Years, Says IEA – WSJ
At
A Glance: The Oil Slump is Here to Stay – WSJ
The
New Oil Order: in charts – FT
Global
oil supply grows at ‘breakneck speed’, says IEA – FT
One oil chart that says it all, plus some others – FT
Is Oil Below $25 a Barrel? – Marc Chandler
REGULARS
Morning MoneyBeat Asia – WSJ
U.S. Stocks Hit Hard by
Yuan Devaluation
Morning MoneyBeat Europe – WSJ
It’s Getting Ugly Out
There
Morning MoneyBeat US – WSJ
What the 200-Day Moving Average Says
About a Correction
Danske Daily – Danske
Bank
Euro rates update – Nordea
Eye-Opener – Nordea
China devaluation sparks fears in
equity markets, US yields dive * New financial forecasts
Euro-area yield curves in harmonised
flattening *Currencies adjusted after CNY devaluation
Morning Markets – TF
China's yuan has slid 4% overnight
and that is causing carnage across all asset classes with commodities in
particular taking the full brunt of it.
Daily FX Comment – Marc
Chandler
China, UK Wages, and
Greece: Today's Focus
Daily Shot – TF
After the second
renminbi devaluation, the impact on other markets is becoming more pronounced.
The Indonesian rupiah is in free fall. The Australian dollar hit fresh
post-2009 lows. And the South African rand has touched record lows.
Daily Press Summary – Open
Europe
Greece searches for
political agreement on bailout in face of German and Finnish skepticism *
Ruparel: UK could limit
EU migrants’ access to benefits via domestic changes but the point is that it
shouldn’t have to * New poll shows divergences among EU countries over need for
‘ever closer union’ * Violence erupts between police and migrants on the Greek
islands as new poll shows half of Europeans in favour of refugee quota system
FX Update
– TF
The Peoples' Bank of China has set
the CNY significantly lower again, causing widespread disquiet and extending
the risk-off move that is punishing the USD, especially on the perceived
implications for US Fed policy on China’s move to devalue.
Brussels Playbook – Politico
Greek progress — Airport
scam — EU leaders panned — Alphabet's appropriate address
US Open – ZH
Equity Futures Tumble
Again, S&P To Open Under 200DMA, 10Y Yield Approaches 1-Handle
Frontrunning – ZH
From the Floor – TF
China's central bank has roiled global financial markets for a
second day running as it again slashed its daily yuan fix, sending the currency
to a fresh 4-year low against the dollar. The fallout is immense. Risk appetite
is down, Asian currencies are in turmoil, bond yields are sinking and
commodities are taking a pounding. Worse, the move has also punctured hopes of
an imminent US rate hike.
FINNISH
Aamukatsaus – Nordea
Kiina
toisti eilisen temppunsa * NOK ja SEK – heikkoja molemmat * Korot painuivat
eilen * EURUSD kohosi jo viidettä päivää putkeen
Jan
Hurri: Viis hinnasta, Kreikka-draama jatkuu –
TalSa
Kreikan kolmas "pelastuspaketti" on kuin
kaksi edellistä: se paisuttaa Kreikan velkataakkaa ja pahentaa maan
talousahdinkoa eikä ratkaise kriisiä. Samoin Suomen Kreikka-riski kasvaa eikä
kutistu. Sata miljardia sinne tai tänne, kunhan Kreikka-draama jatkuu.
”Suomen
käy varmuudella huonosti” – Helsingin
Uutiset
Paavo Väyrynen perustelee euro-aloitettaan
Suomen
ja Ruotsin kasvuero – Roger Wessman