Even though S&P and Spain both start with the same letters, today's markets were strange. Another US session rally, after rejecting a support line earlier. Technically S&P looks like it is "breaking up", perhaps anticipating a policy response from the FED. We are in "annoucement game"-regime (=range trading), both currency- and credit markets are in a risk-off-mood, but technically stock market looks like it is going to go higher. Mixed feelings...
The next big issue will be the Spanish bond auctions and the FED meeting. I will update the Calendar later today, and think of something interesting to say. For Greece, see the updated Greece
Election Results
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer
– alphaville / FT
Market
Commentary – A
View From My Screens
Tyler’s European Summary – ZH
What Do
FX And Bond Traders Know That Stocks Don't (Again)?
Tyler’s US Summary – ZH
Credit
Slumps But VIX Dump Drives Equity Pump
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
Deconstructing the Eurozone – David Kotok
/ The Big Picture
The vaunted international stock picker David
Herro is betting big on banks in France, Spain, and Italy. But he doesn't call
himself a risk-taker.
Euro Struggling, Deja Vu All Over Again,
Except... – Marc
to Market
EURO CRISIS: ECB
ECB battens down the hatches – MarketWatch
Amid the narrowest of victories for Greece’s New Democracy party
and ahead of much financial market nail-biting, the ECB is battening down the
hatches. All this is taking place as the ECB under new president Mario Draghi,
firmly but discreetly, is redrawing its contours of operation to adapt to a
new, unforgiving future.
The ECB’s Greek Bond Holdings and what the ECB
could do – TF
Market Advisors
Pimco’s Richard Clarida Says ECB to `Ease’ on
July 5 – BB (mp3)
EURO CRISIS: GERMANY
Spain May Not Be Uganda, But Germany Is Chile – ZH
Germany's credit risk has risen by almost 50% in the last 3 months to record highs
Germany's credit risk has risen by almost 50% in the last 3 months to record highs
The euro is in trouble and only Germany can fix it. That appears to be the consensus as Chancellor Merkel
attends this week's G-20 summit in Mexico. So far, she has
stubbornly opposed most crisis solution proposals coming from Brussels. But the risks are now
so great that she may soon have to backpedal.
Between two nightmares – The Economist
Angela Merkel is drawing the wrong lessons from
the chaos of German history
EURO CRISIS: SPATALY
Spanish "Litigation Arb" Trade Is The
New Killing It – ZH
sell the
domestic law, buy the foreign law.
market participants' view is that even though Italy has more debt to
roll, Spain's issues are more extreme - particularly the banking sector. The market
views the recent announcement of Eurozone's support for Spanish banks as
lacking in detail and insufficient in size. Many view Spain's property market
bubble as dwarfing that of Italy.
The Weekender: Enhancing the Spanish program -
A new Greek program
– bruegel
The main driver of the yield increase is the
increase in the absolute debt level due to the assumption of private sector
debt by the government.
OTHER
The Swiss franc: proving a fundamental
trilemma – alphaville
/ FT
Three Charts Your Stockbroker Won't Want You To
See – ZH
Dithering in the dark – The Economist
Quantifying the effect of political uncertainty
on the global economy
Finance blogger wisdom: a recap – Abnormal
Returns
In case you
missed these in my Weekender-post…
Emerging Markets Briefer - June 2012 – Danske
Bank (pdf)
FOMC preview: twist and shout – Danske
Bank (pdf)
Earlier on MoreLiver's: