Eurozone

Key Events In The Coming Week: All Eyes On The (Jackson) Hole

Absent any major geopolitical shocks, it is set to be a quiet summer week ahead with focus on the Jackson Hole conference. On the data front the key releases will be US durable goods and Eurozone PMIs, as well as Japan inflation & UK and Norway GDP.

"From Nukes To Terrorism": Battered Investors Flee Risk For Safety Of Bonds And Gold

"In a week where we started by worrying about nuclear war, markets have quickly moved on from this, with yesterday's weak session more of a response to fears that Mr Trump's strategy for the economy and business is falling apart and later the terrible terrorist attack in Barcelona," is how DB's Jim Reid summarized the week's psychedelic events.

S&P Futures, Euro, Stocks Fall After Fed's Low Inflation Warning

S&P futures, European stocks and bond yields all fell in early trade alongside oil and the euro after the latest Fed minutes expressed concern over weak U.S. inflation, while Asian equities rose overnight ahead of WalMart earnings and the latest ECB minutes

Global Stocks Rise Amid Unexpected ECB "Trial Balloon"; Dollar Flat Ahead Of Fed Minutes

European markets continued their risk-on trend in early trading, rising to the highest in over a week and rallying from the open led by mining stocks as industrial metals spike higher after zinc forwards hit highest level since 2007. The EUR sold off sharply, boosting local bond and risk prices after the previously discussed Reuters "trial balloon" report that Draghi's speech at Jackson Hole would not announce the start of the ECB's taper.

Euro Turmoils After ECB Walks Back Draghi Jackson Hole Appearance

The Euro whipsawed after Reuters "Trial ballooned" that contrary to a previous report by theWSJ, the ECB's Mario Draghi will not deliver a new policy message at the upcoming Jackson Hole conference, tempering expectations for the bank to start charting the course out of stimulus, and rallying European bonds as fears of an imminent taper have been pushed back once again.

Orwell Or Kafka - Ken Rogoff's Crusade Against Cash Continues

"Harvard professor and chess grandmaster Kenneth Rogoff has said some pretty out there stuff before, in his role as self-appointed crusader against cash, but apparently he’s not done yet. In fact, he might just be getting started..."

Key Events In The Coming Week: Fed Minutes, Retail Sales And, Of Course, Politics

In what should be a relatively quiet, mid-summer week if only on the global economic schedule even as geopolitical tensions continue to set the general risk tone on any given day, the focus over the next few days will be on US retail sales on Tuesday and Industria Production on Thursday, as well as on monetary meeting minutes from the Fed and the ECB.

VIX Tumbles, S&P Futures, Global Stocks Rebound Sharply As Korea Fears Fade

Global stocks and S&P futures rebounded sharply on Monday as tensions over an imminent conflict with Pyongyang receded after U.S. officials played down the likelihood of a nuclear conflict with North Korea, recovering from fears of a U.S.-North Korea nuclear standoff drove them to the biggest weekly losses of 2017, while the dollar too rose off four-month lows it had hit against the yen.

FX Week Ahead: Myopic Markets Hit USD On Inflation Miss

Once again, sluggish inflation takes a hammer to currency and we saw the USD turn back from a tentative recovery, which many still see as corrective against some of its major counterparts.  In comparative terms, we still feel the numbers out on Friday were not as bad as the pundits and markets perceived, but liquidity in the summer is not at its best.

The Secret History Of The Banking Crisis

"Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for?"