Bloomberg:
- Draghi's Drama-Free Jackson Hole Message Reaffirms Slow QE Exit. Mario Draghi’s message in Jackson Hole may not have been dramatic as three years ago but was clear nonetheless: the European Central Bank will go extremely slowly about removing its monetary stimulus. While the ECB president startled investors in 2014 by laying the groundwork for quantitative easing, his published remarks at the Federal Reserve symposium in Wyoming on Friday included nothing on policy makers’ deliberations scheduled for Sept. 7 or on their concerns over the euro’s appreciation. In response to his silence, the single currency jumped to the highest level in more than two and a half years against the dollar.
- Draghi Says Slow Inflation Progress Means Accommodation Needed. (video) Mario Draghi reaffirmed the need for caution before the European Central Bank can remove euro-area monetary stimulus, saying inflation still has a way to go. “We haven’t seen yet that self-sustained convergence of inflation toward our objective, our medium-term objective,” the ECB president said at the U.S. Federal Reserve’s Jackson Hole symposium in Wyoming on Friday. “On one hand, we are confident that as the output gap closes, inflation will continue to converge to its objective over the medium term. On the other, we have to be very patient” and “a significant degree of monetary accommodation is still warranted.”
- Kuroda Vows to Maintain Very Accommodative Policy for Some Time. Bank of Japan Governor Haruhiko Kuroda said the recent pace of growth in the world’s third-largest economy is probably unsustainable and pledged to continue with very accommodative monetary policy “for some time” because the BOJ is far from its inflation target. “I think 4 percent growth is excellent but we don’t think 4 percent growth can be sustained. Around 2 percent growth is likely,” Kuroda said in an interview on Bloomberg Television recorded on Friday in Jackson Hole, Wyoming. “I think for some time we have to continue this extremely accommodative monetary policy.”
- Small-Cap Stocks Make a Comeback. A month-long selloff in small-cap stocks ended this week in a reversal that investors attributed to the same force that triggered the drop: President Donald Trump. The Russell 2000 Index, made up of stocks closely tied to the president’s growth agenda, gained 1.4 percent, the biggest weekly advance since early June. The turnaround came a week after market were roiled by Trump’s political travails.
Wall Street Journal:
- Janet Yellen and Mario Draghi Warn Against Regulatory Cuts, Trade Moves. Central bankers defend financial regulations, urge against protectionist trade measures.
- Brazil’s Woes Multiply as Manufacturers Move to Paraguay. Brazilian companies say they are shifting operations next door to reduce taxes and red tape.
Barron's:
- Had bullish commentary on (VSAT), (MDT), (PYPL), (AVGO), (BA), (LMT), (VNO), (SLG) and (OA).
- Had bearish commentary on (CTC).
Fox News:
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