The August liquidity siesta
In much of Europe, mid-August is when the tempo drops. Offices empty, emails slow to a trickle, and for a few languid days you can drive across Rome or Paris with barely a touch on the brake. The workers’ day off on 15 August — or Ferragosto, to give it its Latin name — is not just a public holiday; it’s shorthand for the deep summer pause across much of the continent. Even financial markets, those famously restless barometers of