UBS: Research Expresso - Your daily European Summary

Der UBS Research Espresso stellt für Sie ausgewählte Beiträge zu aktuellen wirtschaftlichen Themen zusammen. Heute im Fokus: Chinas Credit Ranking, der russische Rubel, Emerging Markets und die US-Wirtschaft.

Today's must read

 
When, where, how to tighten? (Paul Donovan) Audio Comment
One of the credit rating agencies – no one cares which one – lowered China's credit rating from something to something else – no one cares what. There was a flicker of interest in Asian markets (an unusual reaction to a credit rating agency move), but there is no real new information.

Russia: More in reserves? (Anna Zadornova) Full Report
Will a strong RUB and inflation falling to the 4% target prompt the Russian Central Bank to buy FX into reserves again? We outline what to watch.

After Brazil, why has EM held up so well? (Geoff Dennis) Full Report
Why have EM equities held up so well to the sudden Brazil crisis? The answers are here: bonds, dollar, oil, CNY, EPS growth and flows. EM should run on further.

What's in a name?  Our Hawk-Dove scale (Seth Carpenter) Full Report
We have revised our FOMC Hawk-Dove scale. The recent turnover on the Committee made it timely to update, however many more changes are on the way.

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