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This wasn't the main focus of BIS annual report - but it contained an eye-catching warning that commercial property owners are keeping valuations artificially high due to an “extend and pretend” strategy to avoid crystallising losses. tinyurl.com/57m2hsay with Sam Fleming (FT)

The market's verdict on the French election result: Could have been worse. he spread between French and German borrowing costs is narrowing this morning...

Scoop: Portugal to reintroduce tax breaks for skilled foreigners as part of measures to stimulate growth, stirring fears about rising house prices and the budget balance ft.com/content/4e7fac… via Financial Times with Claire Jones and Barney Jopson

My take on this year's Sintra event - European central bankers warn of risks to region’s economy. ECB policymakers view French elections as sign of a broader shift in a more populist, protectionist and turbulent direction ft.com/content/a12511… via @ft

Scoop! Portugal plans to reintroduce controversial tax breaks for skilled foreigners - but it will ensure wealthy pensioners cannot benefit from the perk. From ⁦Martin Arnold⁩ ⁦Claire Jones⁩ & me ⁦Financial Times⁩ on.ft.com/3VIwuAM

Pick-up in wage growth raises doubts over scale of ECB rate cuts, by Martin Arnold Closely watched tracker from Indeed website hits 4.2%, up from 3.5% ft.com/content/a4cfef… @ft

Hello Robin Brooks - What false narrative do you think I fell into? I presume you mean fiscal dominance? That would mean ECB having to cut rates due to high government debt. I have written about ECB hesitancy to cut rates due to lavish government spending fuelling inflation!

Bank of Spain vacancy leaves ECB missing a rate-setter. Central bankers will meet for the first time to decide policy on Thursday without a Spanish governor in office due to political divisions in Madrid. by me & ⁦Martin Arnold⁩ ⁦Financial Times⁩ on.ft.com/4cFYqMQ

Ouch. ASML shares are now down -10% on the day. Europe’s second most valuable company loses ~€35bn in value in a single day.

"The time to repeal the absurd “debt brake” in the constitution is now." ft.com/content/2135f8… via @ft

On balance, I think this probably increases concerns about downside risks to Eurozone growth and therefore makes an ECB rate cut in September more likely.

Climate activists step up direct action at European airports: 140 flights were cancelled this morning in Frankfurt and protesters have also targeted airports in the UK, Norway, Austria, Switzerland, Spain and Finland in recent days. ft.com/content/110f48… via @ft

The European Central Bank is preparing to withdraw the operating licence for Banque Havilland, the Luxembourg-based lender owned by Prince Andrew’s longtime financial adviser David Rowland and his family. ft.com/content/09638a… via Financial Times

I started a new job today as the FT's financial regulation editor in London - on the hunt for the next big financial crisis or scandal. Great to feel the buzz of a global city as I walked to work this morning, even if I will miss much about Frankfurt and covering the ECB.

A global retreat is underway among the financial system’s top cops after pushback from the very institutions they oversee. The US reproposal unveiled Tuesday was a “capitulation to the banks”, says Jeremy Kress. ft.com/content/3c6e14… w/ Martin Arnold Joshua Franklin Stephen Gandel

Since July 3, EU law means all drinks bottles of up to 3 litres sold there have to come with caps attached. It doesn’t make sense to supply different designs within the European market, so Brits get the new caps too. Doesn’t freedom taste sweet? ft.com/content/e43c70… via Financial Times

The inner-city alleys being turned into paradise passages ft.com/content/6a93f5… via @ft

How annoying is the US Embassy in London? If they must ban laptops at visa application appointments, the least they could do is tell us beforehand. But they don't even offer to store it for you. Instead they point you to a nearby café that charges £6! Come on Uncle Sam!

Scoop: Whistleblower demands apology from FCA over ‘inaccurate’ report - the watchdog keeps stumbling over this issue and upsetting rather than helping those blowing the whistle on.ft.com/3BxYXml via @ft

Last weeks Car Finance misselling court case results feels bigger each time I go through it. It possibly shakes up the whole of consumer lending, I've written an explanation of it, and what it means, that'll go in tonight's MSE weekly email