External broker reports(aggregated public sources), Nordea

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External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>The ECB expectedly left rates unchanged and commented thatthe incoming information broadly supports the Governing Council’s previous assessment of the medium-term inflation outlook.</li><li>We continue to think that the next step will be another 25bp rate cut at the next meeting on 12 September.</li><li>The monetary policy statement noted thatdomestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above the target well into next year, butthe inflationary impact of high wage growth has been buffered by profits.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The ECB expectedly left rates unchanged and commented thatthe incoming information broadly supports the Governing Council’s previous assessment of the medium-term inflation outlook.We continue to think that the next step will be another 25bp rate cut at the next meeting on 12 September.The monetary policy statement noted thatdomestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above the target well into next year, butthe inflationary impact of high wage growth has been buffered by profits.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>When the ECBcut ratesat the June meeting, the signals about future steps were almost totally absent.</li><li>Only a few members have taken a stronger stance on the schedule of further moves.</li><li>Italy’s Panetta, one of the most dovish members of the Governing Council, has continued to make the case for further cuts, while Slovakia’s Kažimír has suggested that only one further rate cut could be expected this year.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

When the ECBcut ratesat the June meeting, the signals about future steps were almost totally absent.Only a few members have taken a stronger stance on the schedule of further moves.Italy’s Panetta, one of the most dovish members of the Governing Council, has continued to make the case for further cuts, while Slovakia’s Kažimír has suggested that only one further rate cut could be expected this year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>China’s outlook in shortChina’s GDP growth slowed down to 4.7% in Q2.</li><li>Growth relies much on fixed asset investment in manufacturing and infrastructure while consumer confidence remains low and the downturn in the housing market continues.</li><li>The outlook is further challenged by the increasing number of trade restrictions both from the US and the EU on China.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s outlook in shortChina’s GDP growth slowed down to 4.7% in Q2.Growth relies much on fixed asset investment in manufacturing and infrastructure while consumer confidence remains low and the downturn in the housing market continues.The outlook is further challenged by the increasing number of trade restrictions both from the US and the EU on China.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China: Uncertain economic environment overshadows the party plenum

<ul><li>CPIF ex energycame out at 2.3% y/y in June, 0.7 point lower than in May.</li><li>We and the Riksbank saw CPIF ex energy at 2.5%.Seasonally adjusted, the monthly change in core inflation came down substantially after the elevated May reading.</li><li>Electricity pricesrose by 3.0% m/m, in line with our call (3.1%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CPIF ex energycame out at 2.3% y/y in June, 0.7 point lower than in May.We and the Riksbank saw CPIF ex energy at 2.5%.Seasonally adjusted, the monthly change in core inflation came down substantially after the elevated May reading.Electricity pricesrose by 3.0% m/m, in line with our call (3.1%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish June inflation review:  Well below target

<ul><li>With the first half of the year done and dusted, it’s time for a recap of market and macro developments before turning the focus to the second half of the year and the watchlist for macro backdrop changes that could prompt new trade ideas.</li><li>Today's note is a recap of EUR rates and Euro-area macro in the first half of the year as well as a look at the watchlist for potential macro backdrop changes for the second half of the year.</li><li>Until the macro backdrop changes, the same trade ideas that worked in H1 could continue to work well in H2. We have no new trade ideas at this point, though</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the first half of the year done and dusted, it’s time for a recap of market and macro developments before turning the focus to the second half of the year and the watchlist for macro backdrop changes that could prompt new trade ideas.Today's note is a recap of EUR rates and Euro-area macro in the first half of the year as well as a look at the watchlist for potential macro backdrop changes for the second half of the year.Until the macro backdrop changes, the same trade ideas that worked in H1 could continue to work well in H2. We have no new trade ideas at this point, thoughContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.