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Hot air for a hot summer?
Lothar is on holiday – Jim Kean, Head of Investment, writes from New York:
The summer holidays are underway and the silly season (that period where newspaper editors are away and the interns and apprentices are in charge but only allowed to write about pets and the weather) begins next week.

Japan’s yield curve dilemma
Bank of Japan (BoJ) governors meet next week, amid reports that they are considering changing certain key aspects of their monetary policy. Since 2013, the bank has used a host of unconventional measures to spur inflation to the 2% target – to little avail. Inflation in Japan hasn’t met the 2% level since 2015, and has largely been at or around the zero mark for the past few years.

What (or who) is driving cars?
The US S&P Auto Sector fell to 13-month lows (equalling May 2017) on Wednesday, after General Motors’ results highlighted the cost to US manufacturing of the current state of Trump’s tariffs. This despite Trump’s comments (before his Juncker meeting) that he would impose a further 25% tariff on $200 billion of car imports in order to encourage people to buy US-made cars.

China rolls out stimulus
China unveiled both fiscal and financial measures this week in order to ease the current deleveraging pain. The government politburo proposed a tax cut aimed at fostering research, special bonds for infrastructure investment and a “more proactive fiscal policy”, all announced after a meeting of the state council on Monday. The central bank continued to pump liquidity and ease bank capital requirements.

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