Here are
the US open regulars and few article links. For my
own recent commentary, see how charts tell about a crisis pause, how
to play announcement games, and when
Spain requests the bailout.
Daily US Opening – RanSquawk / ZH
Frontrunning
– ZH
The Lunch
Wrap – FT
EM New York
headlines – FT
Overnight
Summary – Bank
of America / ZH
Today’s
Front Pages – presseurop
Daily Press
Summary – Open
Europe
EC
recommends giving Spain an extra year to cut
deficit
Morning
MarketBeat: Summer Blues Loom – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Steady – Macro
and Cheese
US Open: Month-End
Adjustment Gives Brief Reprieve – Marc
to Market
The T
Report: – TF Market Advisors
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
Germany not Spain needs infrastructure
investment – The
World / FT
The beauty of infrastructure spending in Germany is that it would cost the EU nothing…Germany enjoys close to full employment, so a dose of infrastructure investment might even suck in imports and unemployed workers from southern Europe.
The beauty of infrastructure spending in Germany is that it would cost the EU nothing…Germany enjoys close to full employment, so a dose of infrastructure investment might even suck in imports and unemployed workers from southern Europe.
As part of this week's series of interviews
with the founding fathers of the Eurozone, we speak to one of the project's
main cheerleaders in the 1990s, European Commissioner for Monetary Affairs,
Yves Thibault de Silguy. We have a working guide to competitiveness from
Stephane Garelli, author of the IMD Global Competitiveness Index. And we hear
from the BBC's Steve Vickers in Harare on why they're running out of coins in Zimbabwe.
Press release ECB publishes TARGET Annual
Report 2011 – ECB
“the system functioned smoothly and registered
a higher turnover" full
pdf
Time to dust off the golden rule of this crisis
– dramatic decisions are taken only when the bloc is staring right into the
abyss. We’re not quite there yet, though not far off, so there has to be a
chance of something seismic resulting from the end-June EU summit
Frogger: Eurozone Crisis Edition – alphaville
/ FT
BNP: At any moment we can expect any number of policy decisions that could dramatically change the investment environment… What is perhaps most under priced by markets is that these events all turn out to be less extreme than we think now…chance that they have too little upside exposure.
BNP: At any moment we can expect any number of policy decisions that could dramatically change the investment environment… What is perhaps most under priced by markets is that these events all turn out to be less extreme than we think now…chance that they have too little upside exposure.
Strategic Briefing: Will Spain Leave The Euro? – The
Capital Spectator
Summaries
and links to recent articles.
Under the plan, “the senior ‘Blue’ tranche of
up to 60 percent of GDP,would be pooled among participating countries and jointly and severally
guaranteed.” In contrast, “the junior ‘Red’ tranche, would keep debt in excess
of 60 percent of GDP as a purely national responsibility.”
Eurozone Retail Sales Crash – Mish’s
Record declines in France and Italy, overall revenues drop
at near record pace. This should bury the notion the eurozone recession will be
short and shallow.
OTHER
keeping the Swiss franc structurally
undervalued against the euro is becoming costlier than ever. The act of having
to put its money where its mouth is — via that permanent 1.20 bid — has not
only reduced Switzerland to “currency manipulator” status, but also into one of
the biggest acquirers of euro-denominated assets in the world.
OK - so they are starting to lose confidence in
China's long-term growth outlook. What are they doing about it?... To be
sure, I may have just misinterpreted the data and wrongly concluded that
capital flight is occurring. Another explanation is that this episode of
capital flight is just a momentary flash of panic, created by the uncertainty
that accompanies a change in leadership.
Secular Lows – World Beta
Belgium, Netherlands, France, Spain, Russia, and Italy are all trading at CAPEs below 10. Generational buying opportunity or prelude to
more pain?