Epstein Secrets

a, FL) August 31-Sep 1 - Fed's Annual Economic Policy Symposium in Jackson Hole, WY (Bernanke speaks Aug 31 @ 10am, Lagarde speaks Aug 31 @ 2:30pm, Draghi speaks Sep 1 @ 12:25pm) September 3-6 - Democrat National Convention (Charlotte, NC) September 6 - BOE/ECB rate announcements September 7 - Xstrat

outlook) (trading +1.5%) Marvell Q2 revs & eps missed (gross margins fell) (citing global eco weakness) (trading -10%) Merkel says Germany backs Draghi on the conditions for ECB help (in Canada yesterday) GM seen planning global reorganization tackling "fiefdoms" according to Bloomberg EU Commissi

ms" according to Bloomberg EU Commission to give ECB oversight over all important banks (Handelsblatt) Finland is preparing for the break-up of the Eurozone warns foreign minister (Telegraph<http://www.telegraph.co.uk/finance/financialcrisis/9480990/Finland-prepares-for- break-up-of-eurozone.html>) Vive

ce the central bank to revise its inflation projections down by at least 25/30 bps. This, in our view, combined with the very cautious message from Draghi. strengthens our call for a very slow pace of tapering from Jan18 onward, in contrast with investors' expectations (discussed last week and in the

ot affected the Euro much. First, the EUR weakened as the ECB statement kept the option to do more QE if necessary. Then, the EUR strengthened when Draghi avoided talking the EUR down when he was asked about its recent strength. However, the EUR continued strengthening during and after the press confe

ts may explain why Draghi gave up on the currency this week. But something has been lost in the process and the Euro could now appreciate freely if Eurozone data keeps improving. BoJ only dovish major central bank The BoJ left its policy unchanged this week and Governor Kuroda justified the current po

bama puts trade at heart of agenda FT • EU leaders seek seven-year budget deal FT • QE takes a toll on emerging economies FT • MPS bailout puts Draghi mission in focus FT • New aggression from the chancellor Lex • Great rotation: reasons not to believe Lex • The shadow of 1914 falls over the P

cing back up this morning as Services PMIs from several European countries hit, with Spain, Germany and UK beating expectations. Hollande out saying Eurozone needs an exchange rate policy and can't allow Euro to fluctuate as markets see fit. Dell Board planned to meet last night to vote on a —$24B offer (

ad | 16 November 2016 HOUSE_OVERSIGHT_014735 --- PAGE BREAK --- target. It is possible that Trump’s election could weaken fiscal discipline in the Eurozone over the medium term, but we are more concerned by the non-trivial risk that the ECB may disappoint in the December meeting by either not extending q

, such as relaxing the capital key or buying below the depo rate. QE tapering is therefore a risk and the market could start testing the ECB. Even if Draghi succeeds, the Euro could strengthen in the meantime. In contrast, the Bo)’s new framework should address the sustainability challenges that Kuroda fa