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MORNING DIGEST: July 15, 2016

Summary:
At least 84 people were killed in Nice as a truck plowed into crowds gathered on the Promenade des Anglais to celebrate Bastille Day. French police shot the driver dead and found grenades and guns inside the truck, the BBC reported.

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At least 84 people were killed in Nice as a truck plowed into crowds gathered on the Promenade des Anglais to celebrate Bastille Day. French police shot the driver dead and found grenades and guns inside the truck, the BBC reported.

President Francois Hollande said the attack was of a “terrorist nature” and announced the that the country’s state of emergency would be extended  for another three months. Hollande also called on “operational reserves” to be deployed to support the security forces across the country.

European leaders, including European Commission President Jean-Claude Juncker and German Chancellor Angela Merkel condemned the attacks and pledged solidarity with France.

Italian authorities, meanwhile, have announced increased security measures because of the potential for terrorist attacks, Ansa reported. Angelino Alfano, Italy’s Minister of Interior, said Thursday there had been a “resurgence of jihadist threats” and that the new measures were preventive. http://goo.gl/eWlrLu

INVESTORS WILL BE INVOLVED IN SOLUTION FOR ITALIAN BANKS: As Euro insight reported Thursday, it is increasingly likely that investors will have to participate in the recapitalization process of Italian banks. In Brussels, officials said a possible solution could follow Spain’s bank bailout, where banks converted junior debt into equity and raised €13.6bn in capital on the market. https://goo.gl/vsH1Be

HILL ANNOUNCES VENTURE CAPITAL PROPOSAL: Outgoing European Commissioner for financial services Lord Hill presented a proposal Thursday to make it easier for venture capital funds to do business in the single market, by cutting national fees and other cross-boarding investment hurdles, the Financial Times reported. The proposal could give the Commission a chance to remove barriers to much-needed investment in the region. The initiative was Hill’s last before stepping down at the end of the month.  http://goo.gl/CkKSN6

UK PM MAY TO TRAVEL TO SCOTLAND: Prime Minister Theresa May is travelling to Scotland on Friday – her first trip since moving to 10 Downing Street.  According to Reuters, May will discuss the implications of the Brexit vote with Scotland’s First Minister Nicola Sturgeon. May has said she is determined to keep the United Kingdom intact despite opposing views towards the EU. http://goo.gl/ukznDt

NEW UK FOREIGN SECRETARY IS A “LIAR”: French Foreign Minister Jean-Marc Ayrault said his new British counterpart was a “liar” with “his back against the wall,” the BBC reported. Ayrault said Boris Johnson, Britain’s new Foreign Secretary, lied to the British people during the EU referendum campaign and would now be under pressure to “defend his country.”  http://goo.gl/cBz1Ui

According to Reuters, Frank-Walter Steinmeier, Germany’s Foreign Minister, said Johnson’s appointment was a clear sign that the British government would indeed work towards leaving the European Union. http://goo.gl/IoJtma

SLOVENIAN FINANCE MINISTER RESIGNS AMID BANK INVESTIGATION: Dusan Mramor, Slovenia’s Finance Minister, stepped down after a police raid on the central bank at the start of the month. Investigators are looking into how an assessment of a bailed-in bank missed €257mn of subordinated bonds and debt, the Financial Times reported. http://goo.gl/yJryAD

COMMISSION ANNOUNCES NEW ANTI-TRUST PROBES INTO GOOGLE: EU Competition Commissioner Margrethe Vestager has announced new complaints against Google, the Financial Times reported. In two extra sets of charges, the EU argued that Google was abusing its search clout to support its own online advertising. The move escalates the case against the US internet giant at a time when the Commission could be considering infringement decisions and possible fines against the company. http://goo.gl/8dc0Lp

CALENDAR:

-- MADRID: The Spanish service sector survey and the May industrial orders data will be released at 0700GMT.

-- LONDON: The UK will see the release of the May construction output data at 0830GMT.

-- EUROZONE: The euro area June final HICP data and the latest trade figures will be published at 0900GMT

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MNI Euro Insight
MNI Euro Insight is an invaluable resource for financial professionals who are responsible for researching and developing investment strategy. Drawing on MNI’s extensive network of contacts and relationships with senior European policy makers - in Brussels, at the ECB, and Eurozone national capitals - Euro Insight is relied on by economists, strategists and fund managers for its unique and dependable analysis.

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