G20 has
provided nothing concrete. The Calendar has been
updated. Looking at it makes me think there will probably be no comprehensive
solutions or suggestions for now, as the ESM is still waiting for German approval –
both from the constitutional court and the parliament. FOMC meeting will be
running from Tuesday to Wednesday, and probably that is what is
keeping the stock markets levitating, against the bad news elsewhere. The
22-Jun “Big Four” (Germany, France, Italy, Spain) crisis meeting is the next
important event, and I would look for any subtle changes in leader’s rhetoric
after the event. For Greece, see the updated Greece
Election Results
News
roundup – Between
The Hedges
News
roundup – The
Trader
Emerging
Markets Headlines – beyondbrics
/ FT
The 6am Cut
London – alphaville
/ FT
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
Market Preview: BRICS boost IMF financial
firewall – Saxo
Bank
European markets are expected to open higher
following reports that emerging-market majors, including China and Russia, have announced
contributions to boost the IMF crisis firewall to counter the Euro debt crisis.
Danske Daily – Danske
Bank (pdf)
No big news from the G20 summit. Talks centre
on euro crisis response with no signs of Germany giving in to pressure. Merkel stays tough on Greece. Relief following the
Greek election was short-lived as focus
shifted to Spain where bond yields reached a 16-year high yesterday.US and German
equities closed higher yesterday while Southern Europe took a beating. Stock
markets are losing slightly in Asia. Focus today on G20 statement, Spanish bond markets and ZEW index.
Morning Briefing: Risky
Business – BNY
Mellon
After a hectic two weeks in the Euro-area it
makes sense to take a step back and consider where some of the risks lie in the
region over the next few months.