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Livesquawk - European Briefing - Thursday 22.07
European Briefing - Thursday 22.07
Headlines
  • Fed’s Powell Has Support Among Biden Aides For New Term
  • GOP Senators Block Infrastructure Bill But Talks To Continue
  • Biden Rejects Inflation Worries, Warns On Hiring Difficulties
  • Senior Diplomat Sherman To Visit China Amid Strained Ties
  • US-China Goods Trade Booms As If Tariffs Never Happened
  • US Treasury’s Debt-Limit Measures May Run Out, CBO Says
  • US Officials Debates Masking Push As Covid Infections Spike
  • ECB Set To Promise Even Longer Support To Boost Inflation
  • EU’s Refusal To Reopen Brexit Deal Spells Fresh UK Collision
  • Oil Steadies Near $70, Investors Size Up Consumption, Virus
  • Bitcoin Hangs Around $32,000 After Aid From Tesla’s Musk
  • Tesla Strikes Deal With Top Miner BHP Over Nickel Supplies
Commentary
Infrastructure Vote Fails As Senators Try Save Bipartisan Deal

Senate Republicans blocked moving forward on a bipartisan infrastructure bill that’s still being negotiated on Wednesday. Surprisingly, members of the group insist they're unbothered.

 

The vote amounted to a setback to a key priority of Biden, although both parties expect at least one more try in coming days. GOP centrists may be willing to provide the votes as early as Monday, when they think discussions will conclude over a bill expected to provide nearly $600 billion.

 

Schumer voted against advancing the proposal, allowing him to bring it up quickly whenever the group clinches a deal. Schumer carefully trying to give the group a chance to finally clinch its legislation, ensuring doesn’t alienate moderate Democrats needs to advance the rest of priorities. (Politico – Continue Reading)

Minerd Sees US Stocks Plunging 15% In ‘Very Rough’ Autumn

US stocks could tumble 15% or more by the end of October in a challenging period for markets, said Scott Minerd, chairman and chief investment officer of Guggenheim Investments.

 

“September and October are likely to be very rough this year” for stocks, Minerd said in a Bloomberg Television interview Wednesday. “Maybe a pullback of 15% or slightly more. But once the Dodgers are at the opening game of the World Series, I think you’ll be able to buy.”

 

A faster-than-expected tapering of asset purchases from the Federal Reserve and the increasing spread of the delta variant are both major risk factors for stocks, Minerd said. (BBG – Continue Reading)

With ECB Likely On Rate Hold, Focus Turns To Inflation Target

The meeting of Eurozone central bankers on Wednesday and Thursday is likely to be fractious as the hawks and doves square off over forward guidance after this month’s adjustment of the inflation target.

 

Following the lead of the US Federal Reserve, the European Central Bank raised its target for consumer price growth. For the Frankfurt-based bank, the increase was a product a strategic review, its first in 18 years.

 

The ECB decided to lift its inflation goal to 2% from near but below that mark. A number of analysts say the policy change fell short of the shift at it US counterpart, which announced in August of last year a willingness to permit inflation that exceeds 2% without raising interest rates. (LiveSquawk – Continue Reading)

Files & Links
DATA
APAC GOVERNMENT/CENTRAL BANKS
EUROPEAN/AMERICAS GOVERNMENT/CENTRAL BANKS
FX
FIXED INCOME
COMMODITIES/ENERGY
APAC EQUITIES
EUROPEAN/US EQUITIES