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EUROPE
Eurobarometer commentary – Danske
Bank
Unchanged support for
the euro before Brexit but optimism about EU’s future is lower
Most economists forecast
25bps rate cut to 0.25% on Aug. 4 * Majority see other measures but divided on
makeup of package
The European Commission
is quietly preparing to unleash a flood of policy initiatives to boost workers’
rights across the EU, rebooting plans by Jean-Claude Juncker that were kept
mostly out of sight during the Brexit debate.
EUROPEAN BANK STRESS TEST
EBA publishes 2016
EU-wide stress test results – EBA
Tests may be overlooking
the damage from negative yields – BB
EU banks get clean bill
of health – Politico
Monte Paschi Fails "
Test" Meant To Restore Confidence In Europe's Banks – ZH
Monte Paschi Capital
Wiped Out in European Bank Stress Test – BB
Deutsche Bank Fares
Better in EBA Stress Test Than in 2014 – BB
The Full Details Behind
Monte Paschi's €5 Billion Bail Out – ZH
Stress test results:
What did we learn? – ABN AMRO
Europe’s stress tests: 5
things we know – FT
Editorial: Europe's
Stress Tests Fail Again – View / BB
The EBA's stress tests
reveal their own lack of credibility – The
Guardian
Stress-Tests Results
Fail to Revive Faith as Europe Banks Fall – BB
Hardest Hit, Weakest
Capital: European Stress Tests in Charts – BB
UNITED STATES
OTHER
Discussing the BoJ’s alleged impotence… - FT
The second article in our series on seminal economic ideas looks at Hyman
Minsky’s hypothesis that booms sow the seeds of busts
Investors are shrugging
off growing political risks... for now * Eyes are on central banks, with more
easing expected in the UK and Turkey * Janet Yellen may offer clues to a
September rate hike at Jackson Hole event * US election campaigns gear up, with
outcome more unpredictable than ever * Poland's economy brightens, Finland
business confidence in perpetual gloom * Turkey's credit rating taking a
beating in aftermath of failed coup
REGULARS
Data in the driver seat, this week
BoE and US jobs report * Disappointing GDP sent rates lower across the globe,
BoE action to guide markets * JPY rose and USD dropped driven by monetary
policy expectations
This morning's array of figures and
market movements come in the wake of a plaintive new editorial from The
Economist claiming that globalisation is under threat from populism and
nationalism. Our question? What sort of macro data do the "open
society" need and just how far short are we falling?
Euro wrap-up
– Daiwa
Bunds made modest losses today as
the euro area manufacturing PMIs signalled ongoing expansion at the start of Q3
* Gilts made losses today despite a significant downside surprise to the UK
manufacturing PMIs.
Dog Days of August Begin
Ten fun facts about the European
bank stress tests
Daily Press Summary
– Open
Europe
Brussels Playbook
– Politico
Euro Stocks Reverse Early Gains
Dragged Lower By Slumping Banks; US Futures Flat; Crude Slides
Frontrunning
– ZH
The results of the latest stress
test on European banks were published after Friday's closing bell. They should
not make markets nervous today but rather provide some positive signals.
FINNISH
Englannin
keskuspankki yrittää paikata Brexitin vaurioita * Stressitestit eivät poista
stressiä * Euroopan pankkisektorilta l USA:n toisen neljänneksen BKT-kasvu jäi
selvästi odotuksista * Perjantaina julkaistaan USA:n työllisyysluvut