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GlaxoSmithKline: Announces Positive Headline Results From Pivotal Dream-2 Study For Multiple Myeloma (1hrs ) like | retweet
RT @IGSquawk: European Opening Calls: #FTSE 7157 +0.40% #DAX 11803 +0.47% #CAC 5416 +0.51% #MIB 20932 +0.55% #IBEX 8765 +0.56% #STOXX 3392… (1hrs ) like | retweet
Italy's Di Maio, Asked About Democratic Party's Proposal To Cut Number Of Lawmakers As Part Of Wider Parliamentary… https://t.co/g8044GZozw (1hrs ) like | retweet
RT @FT: Tensions rise between Facebook and its Libra founding partners https://t.co/unJGfnqA7H (2hrs ) like | retweet
Fed's Kaplan: Risks From Global Growth, Trade Uncertainty Could Mean Rate Cut – WSJ https://t.co/xHz0LGBQMx (5hrs ) like | retweet
PBOC Sets Yuan Mid-Point At 7.0572 / Dlr Vs Last Close 7.0830 (5hrs ) like | retweet
Japan Econmin Motegi: Trump And Abe May Discuss Results Of My Trade Talks On Sidelines Of G7 (6hrs ) like | retweet
Japan EconMin Motegi: To Resume Ministerial Talks Tomorrow With Us On Trade (6hrs ) like | retweet
RBNZ Orr: Unconventional Policy Is Far From Our Central Scenario (7hrs ) like | retweet
- Japan National CPI (Y/Y) Jul: 0.5% (est 0.6%, prev 0.7%) - Japan National CPI Ex Fresh Food (Y/Y) Jul: 0.6% (est… https://t.co/yDhP5MQSiZ (7hrs ) like | retweet
today’s featured stories
US Refiners Limit Crude Processing Amid Slack Fuel Demand: Kemp
 U.S. refineries have cut the volume of crude processed so far this year, but stocks of gasoline and distillates remain ample, highlighting the slack demand for transportation fuels. Fuel consumption has stalled, part of a worldwide slowdown in oil demand associated with the slackening of...
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 U.S. refineries have cut the volume of crude processed so far this year, but stocks of gasoline and distillates remain ample, highlighting the slack demand for transportation fuels.

 

Fuel consumption has stalled, part of a worldwide slowdown in oil demand associated with the slackening of manufacturing and freight activity.

(RTRS-Continue Reading)

Bond Plumbing May Be What Spurs Fed Cuts Rather Than Economy
The Federal Reserve should cut interest rates more quickly than the market expects, not to address U.S. economic conditions but because of looming risks to the financial plumbing, according to Credit Suisse Group AG analyst Zoltan Pozsar. Fed funds futures are pricing in about 100 basis points...
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The Federal Reserve should cut interest rates more quickly than the market expects, not to address U.S. economic conditions but because of looming risks to the financial plumbing, according to Credit Suisse Group AG analyst Zoltan Pozsar.

 

Fed funds futures are pricing in about 100 basis points of interest-rate cuts by September 2020, though three Fed policy makers -- two of whom dissented from the July 31 cut -- this week said there’s no urgency to move again. By contrast, Pozsar says the cuts are needed now to restore a positive slope to the hedging curve before the next deluge of Treasury debt issuance exacerbates stresses in the funding markets.

(BBG-Continue Reading)

European Officials Draft Radical Plan To Take On Trump And US Tech Companies
European Union officials have drawn up an aggressive 173-page plan to counter both President Donald Trump’s trade moves and American tech giants including Google, Apple, Amazon, Microsoft and Facebook. According to a document obtained by POLITICO, European Commission officials are pushing...
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European Union officials have drawn up an aggressive 173-page plan to counter both President Donald Trump’s trade moves and American tech giants including Google, Apple, Amazon, Microsoft and Facebook.

 

According to a document obtained by POLITICO, European Commission officials are pushing their president-elect, Ursula von der Leyen, to set up a European Future Fund that would invest more than $100 billion in equity stakes in high-potential European companies.

(Politico-Continue Reading)

Is The US Economy Sinking Or The Strongest Ever? For The Fed No, Clear Answer
The U.S. Federal Reserve is under pressure from President Donald Trump to cut interest rates. Investors expect the Fed to cut, perhaps by a lot. What’s the hold up? Perhaps more than at any time in the last few years, the data flowing into the Fed isn’t telling a clear story, partly...
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The U.S. Federal Reserve is under pressure from President Donald Trump to cut interest rates. Investors expect the Fed to cut, perhaps by a lot.

 

What’s the hold up? Perhaps more than at any time in the last few years, the data flowing into the Fed isn’t telling a clear story, partly because of contradictory signals - rising employment but slowing factory output, for example - but also because everything may be clouded by a trade war that shows no signs of ending.

(RTRS-Continue Reading)

German Companies Signal Looming Recession After Demand Plunges
German manufacturers are reinforcing concern that Europe’s largest economy is headed into a recession. A nationwide gauge showed orders at factories and services companies are dropping at the fastest pace in six years, and more companies now expect output to fall than rise over the next 12...
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German manufacturers are reinforcing concern that Europe’s largest economy is headed into a recession. A nationwide gauge showed orders at factories and services companies are dropping at the fastest pace in six years, and more companies now expect output to fall than rise over the next 12 months. That’s the first time that’s happened since 2014, according to the Purchasing Managers’ Index from IHS Markit.

 

The peek into the engine room of European industry provides a damning snapshot of the economy, which shrank in the second quarter. The persistent weakness -- driven by mounting global trade tensions, car industry woes and slowing demand in China -- doesn’t bode well for the broader euro area.

 

European Central Bank policy makers have already started laying the groundwork to add monetary stimulus and are expected to cut interest rates at their next meeting in three weeks. In Germany, the government has made only tentative steps toward a fiscal stimulus program aimed at supporting growth. (BBG – Continue Reading)

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