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  • Editor’s Picks / 1 hour ago

    Why Italy is most likely to leave the euro

    The Sydney Morning Herald
    Italy has only grown by 4.6% – in total – since it joined the euro. It's hard to say what went wrong with Italy. Nothing ever went right. Unlike Greece, there was never much of a boom there – only a bust. Part of the problem is that Italy, as the IMF points out, has structural problems. It's hard to start a business and hard to fire people, which makes employers wary about hiring. It is a small business dystopia. And part of the problem is the euro itself. It's too expensive for Italian exporters, and too restrictive for the government that's had to cut its budget even more than it otherwise would have.
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  • Editor’s Picks / 2 hours ago

    Japan's CPI barely budges as households keep wallets shut

    The Bank of Japan's efforts to reach its 2% inflation target didn't get much of a boost from the latest data, with the country's core consumer price index for June barely budging and as households unexpectedly snapped their wallets shut. Leslie Shaffer writes Japan's core CPI, which excludes fresh food, rose 0.1% on-year in June, a tad above the 0.0% forecast in a Reuters poll. The "core-core" CPI, which excludes both food and energy prices, rose 0.6% from a year earlier. But household spending unexpectedly fell 2.0% on-year in June, sharply underperforming expectations for a 1.7% rise.
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  • Article / 4 hours ago

    Morning Report APAC: Expectations rise for September rate hike

    APAC Sales Trading Desk / Saxo Capital Markets
    Morning Report APAC: Expectations rise for September rate hike
    The US GDP came in weaker than expected but core PCE came in stronger than expected, raising hopes for a September rate rise. With the rally of the USD overnight and bigger volatility in the data coming ahead in the US, the market has bought back some gamma and is getting ready for the NFP numbers coming in one week.
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  • Editor’s Picks / Yesterday at 22:56 GMT

    China's leaders committed to stabilising stock market

    Nikkei Asian Review
    Top Communist Party leaders have reaffirmed Beijing's commitment to continue taking action needed to stabilise the Chinese financial market and underpin the economy. Masahiro Okoshi writes the party's Politburo – the steering committee comprising President Xi Jinping, Premier Li Keqiang and other key members – met Thursday, reiterating its priority of curbing China's economic slowdown and citing its fresh focus on preventing and eliminating "systemic risks". Beijing will respond to a crisis, raise awareness of risk management and quickly identify potential inconsistencies and risks to take decisive action, the leaders agreed.
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  • Editor’s Picks / Yesterday at 16:45 GMT

    Best approach? Ignore the Fed

    There is only one phrase that matters to markets as far as the US Federal Reserve and its intentions towards the inevitable interest-rate hike are concerned and that's "data-dependent". The rest is all noise and you would do well to take the regular Fed briefings with a pinch of salt, says Barry Ritholtz. The Fed has only two concerns - keeping employment and inflation in check and with both of those under control, "the data remain far stronger than anyone in the midst of the financial crisis would have imagined," he says, and that means normalisation of interest rates before Christmas.
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