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Analysts at Rabobank suggest that the ECB representatives at Jackson Hole will be down in it as they think of swelling populism;  Italian Cabinet Undersecretary Giancarlo Giorgetti has just stated he hopes the ECB’s QE program will be extended  to help protect the country from financial speculators.

Key Quotes

“Meanwhile, not central-bank related but still down in a hole we see that Australia appears set for yet another bout of Prime Ministerial merry-go-round with talk of a  leadership challenge to Malcolm Turnbull.  Can he emerge unscathed? And will AUD react negatively if he can’t?”

“Data releases today are thin on the ground. The  UK Rightmove survey has already confirmed further weakness in house prices.   Listed property prices dropped 2.3% m/m in August, with a 3.1% m/m plunge in London leading the way.  German PPI inflation data registered an as expected 3.0% y/y increase.”

“The Fed’s Jackson Hole symposium will officially kick off on Friday morning with a speech from Fed Chair Powell.”