Here are the US Open regulars and select article links. EDIT: Surely everyone has noticed the real news of the day: Spanish yields back above 6%.
Frontrunning:
May 9 – ZH
The Lunch
Wrap – alphaville
/ FT
EM New York
headlines – beyondbrics
/ FT
Daily Press
Summary – Open
Europe
Greece’s second largest
party unlikely to succeed in bid for anti-bailout coalition; Germany’s ECB Board Member: “no alternative to austerity if Greece wants to remain a euro
member”
Morning
MarketBeat: What’s to Like About Stocks? – MarketBeat
/ WSJ
Broker Note
Briefing: Wednesday – WSJ
Morning
Take-Out – DealBook / NYT
AM Dear
Dairy: European CDS on the Rise – Macro
and Cheese
Pressure in
Europe Continues, Underpins Dollar and Yen – Marc
to Market (new!)
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
Europe Crisis Tracker – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Bond Yields and Spreads – MTS indices (new!)
EURO CRISIS: GENERAL
A tipping point in eurozone crisis talk – alphaville
/ FT
“Greece must be clear that it agreed to this rehabilitation program is no alternative, if it wants to remain a member of the Euro-zone,” As today’s FT notes, this was the first time the ECB had acknowledged in public the possibility of such an event.
“Greece must be clear that it agreed to this rehabilitation program is no alternative, if it wants to remain a member of the Euro-zone,” As today’s FT notes, this was the first time the ECB had acknowledged in public the possibility of such an event.
The promise and challenge of Francois Hollande – euobserver
The election of Francois Hollande as President
of France could be an important turning point for Europe, but only if he broadens his agenda
beyond the rhetoric of his campaign.
Ultimately the rebalancing will have to come
from a change in relative wages with wages growing below the average in the
South and above the average in Germany. This is the real challenge Europe faces and the elections may make
this happen by forcing German politics to change course on wages. Resisting
wage growth and a credit boom in Germany would be a mistake. The German political system has started to
understand that resisting symmetric adjustment will prove costly for Germany.
There is no doubt that history was made on Europe Day in 2012. It marked the first
time a direct, transnational and digital tool of formal citizen participation
came into operation.
Commission sets out state-aid overhaul to drive
growth – euobserver
The European Commission wants re-vamped state
aid rules to be part of Europe’s 2020 growth strategy, according to a paper released on Tuesday (8
May) by the EU executive.
EURO CRISIS: SPAIN
Bankia in the coalmine, looking like a dodo – alphaville
/ FT
As with Spain’s other banks, there are serious doubts as to whether anything like the appropriate level of provisioning has been done for problem loans.
As with Spain’s other banks, there are serious doubts as to whether anything like the appropriate level of provisioning has been done for problem loans.
Rajoy's rocky ride after 100 days in office – El Pais
The prime minister is famously averse to
change, but given the depth of the current crisis, he is having to constantly
shift
What the TF happened to Spanish Bonds? – TF
Market Advisors
A story of
how it could have happened in a dealing room.
EURO CRISIS: GREECE
German Lawmakers Prep For Greek Eurozone Exit –
Handelsblatt – ZH
Yesterday it was Fitch setting the groundwork. Today the natural escalation has arrived, with a Handelsblatt report that German coalition lawmakers saying they are open to a Greek farewell.
Yesterday it was Fitch setting the groundwork. Today the natural escalation has arrived, with a Handelsblatt report that German coalition lawmakers saying they are open to a Greek farewell.
In spite of all the rhetoric, Greece will make the May
payments. Whoever is in charge will get calls from Merkel, Lagarde, and Draghi
warning them of the global carnage that would ensue if they miss those
payments. I think in this case they are right. Missing €450 million of private
sector debt and €3 billion owned by the ECB would likely cause a global stock
market route of 5%