20th Jun - US Open - Waiting for 'The Beard'

See my long post Announcement Games...  from last night for articles and my comments. The FED Watch and Calendar have been updated.

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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

  Large-scale bond purchases by euro bailout funds discussed at the G20; Germany seeks to play down expectations

Morning MarketBeat: Bulls Hope Bernanke Delivers, Again – WSJ

Broker Note Briefing – WSJ

Morning Take-Out – NYT

AM Dear Dairy: Pre-Fed Edition – Macro and Cheese

Marking Time Ahead FOMC – Marc to Market

Long and Prepared to React – 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

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

The Euro Crisis Blog – WSJ

Tracking Europe’s Debt Crisis – NYT

FX Options Analytics – Saxo Bank

European 10yr Yields and Spreads – MTS indices

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EURO CRISIS

Mr Barroso, Europe’s crisis has nothing to do with America – The Telegraph

The Eurozone’s May 2010 strategy is a disaster: Time to pay up and end this crisis – voxeu.org

Charles Wyplosz: failed to restore debt sustainability, avoid contagion, or reduce moral hazard. This column argues that a volte face is needed. The debt of Greece, Portugal and Italy – and perhaps Ireland, Spain and France as well – must be restructured to restore growth and end the crisis. All EZ nations should pay since their leaders’ decision to violate the Maastricht Treaty’s no-bail out clause is what brought us here.

That balance sheet recession in Germany – ASA

Richard Koo wrote yesterday that basically you really can’t blame countries like Greece for their own competitiveness problem.  It was all ECB’s fault.

The Consequences Of The Rise Of European Nationalism – ZH

EUREPO Curve Inversion Signals Major European Funding Stress – ZH

François Hollande on Collision Course with ... France – Testosterone Pit

The Germans will pay – Buttonwood’s / The Economist

The Euro Crisis: Why Greece’s Election Doesn’t Matter – TIME

Despite all of the attention focused on Greece’s latest election, the results won’t alter the course of Europe’s widening debt crisis.

EURO CRISIS: ECB

Discussion of Target2 and the ELA – Mish’s

ECB lending hits €1.2 trillion, a new record – Sober Look

Eurozone policy actions vs. the iTraxx spread – Sober Look

EURO CRISIS: PIIGS

Spanish Banking Audits Delayed Until September, Another €50 Billion Likely Needed – Mish’s

LCH has raised margins on Spanish government debt – alphaville / FT

As Italy Comes Begging, Germany Says Non-Semi Nein – ZH

G-20

Statement by Lagarde on the G-20 Summit – IMF

Lagarde Welcomes Additional Pledges to Increase IMF Resources, Bringing Total Commitments to US$456 Billion – IMF

Glacial progress flagged at G20 – MacroScope / Reuters

Perils of a half-baked rescue for Spain and Italy – The Telegraph

Germany and France are doubling up on a high-risk gamble. The tentative deal at the G20 summit to mobilise the EU's rescue machinery to douse the raging fire in Spain and Italy comes in the nick of time, but is fraught with fresh dangers.

U.S.

Flirtin’ with Disaster – John Mauldin / The Big Picture

Expect Fed to Twist and keep its big guns silent – Saxo Bank

The outcome of this week's FOMC meeting is more difficult to call than most, but my baseline would be for more Operation Twist. Quantitative Easing would be more politically divisive, giving anti-Fed Senators ammunition to spread scare stories.

Is Merkel misinterpreted? Will the FOMC move decisively? – Saxo Bank

OTHER

Australia’s inverted yield curve points to recession – ASA

If We’re Heading Towards a 1930s-Style Depression, Why Is the Stock Market So Bullish? – EconoMonitor

Is it a case of short-term delusions, leading to later major stock market debacles? If so — is it time to go short? Or does the market know something we don’t?