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From 1.00 FTE |
News (Wed morning) – BTH
News (Wed morning) – The Trader
Market Preview – Saxo Bank
Daily – Danske Bank (pdf)
Italian bond auction and EZ IP
Morning Preview – BNY Mellon
comments Europe and Iran
Live Blog: The OPEC meeting – The Source / WSJ
FX option vols – Saxo
Markets Live – alphaville FT
Debt crisis: live – The Telegraph
EZ crisis Live blog – The World / FT
Then to today's links:
EURO CRISIS
Taverna talk of fiscal union will remain just that – John Kay
The purpose of the planned mechanisms is to avoid a break-up of the eurozone and the measures will fail in their purpose if they do not offer a reassurance that no member will be allowed to fail. But the necessary consequence of providing that reassurance is that Europe loses its only effective leverage against recalcitrant members.
The purpose of the planned mechanisms is to avoid a break-up of the eurozone and the measures will fail in their purpose if they do not offer a reassurance that no member will be allowed to fail. But the necessary consequence of providing that reassurance is that Europe loses its only effective leverage against recalcitrant members.
Various bits of the market have been behaving in odd ways, that could have many different explanations in isolation. But when seen together, TMM reckon they have figured out what is going on.
CRISIS
Collateral crunch, commodity financing edition – alphaville / FT
Look at any financial market long enough and it starts to resemble the repo market. Conventional sales and buybacks. Islamic finance. Covered bonds. Commodity contango or backwardation trades. Most of them have some form of sale and later buyback of assets, inbuilt into the trade.
Look at any financial market long enough and it starts to resemble the repo market. Conventional sales and buybacks. Islamic finance. Covered bonds. Commodity contango or backwardation trades. Most of them have some form of sale and later buyback of assets, inbuilt into the trade.
The Book of Jobs – Joseph E. Stiglitz / Vanity Fair
Forget monetary policy. Re-examining the cause of the Great Depression—the revolution in agriculture that threw millions out of work—the author argues that the U.S. is now facing and must manage a similar shift in the “real” economy, from industry to service, or risk a tragic replay of 80 years ago.
CHINA
China Prepared to Let Housing Prices Sink in Spite of Economic Slowdown; Transition to New Regime Underway; Decoupling in Reverse – Mish’s
The above statements from China provide a big hint that China finally realizes its infrastructure/Real Estate/Export model is dead.
Chinese property: game over? – beyondbrics / FT
OTHER
Trade Ideas for 2012 – Global Macro Trading
Steve Cohen says insider trading rules are "vague" – Reuters
Deutsche On Five FX Lessons Learned in 2011 – ZH
1) High level of uncertainty does not mean large market moves. 2) Monetary policy no longer mattered for FX. 3) Best way to play the Euro-area crisis was not to use the euro. 4) There are no new safe havens. 5) There is no EM.
1) High level of uncertainty does not mean large market moves. 2) Monetary policy no longer mattered for FX. 3) Best way to play the Euro-area crisis was not to use the euro. 4) There are no new safe havens. 5) There is no EM.
At home with Ben – alphaville / FT
We learn of a quiet man that likes to shoot hoops and read Kindle books about Nazi Germany. A man who doesn’t do lunch with Ron Paul (who can blame him), steers clear of the Washington social scene but keeps a beady eye on his mortgage.
Physics Envy – WSJ
Book review: Emanuel Derman’s Models Behaving Badly.
Presenting The Three Unscripted Sentences That May Have Cost Jon Corzine His Freedom – ZH
Why did they not stay with the script?
DIVERSION
When Incentives Go Bad – The Psy-Fi Blog
Strings Attached: Untangling the Ethics of Incentives by Ruth W. Grant
What Facebook knows about you – TAZ
Austrian law student asked FB to send him all their data stored about him. He was sent a cd with 1222 PDF files. Notice the links at the bottom of the article. Also flowingdata.
Augmented Reality for Six-Year-Olds – technology review