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Monday, June 25

25th Jun - EU Open: BIS, Soros + research

The morning links plus some links to articles that were published on Sunday (The BIS came out with their annual report, and as they are the Capo di tutti capi it is interesting to check at least summaries behind their thinking. Also, at the end are links to couple of sell-side research articles.

Earlier on MoreLiver’s Daily:
Weekender: Off-Topic: Alan Turing’s 100th birthday
Weekender: Trading & Markets: one’s profit is other’s mistake
Weekender: Euro Crisis: everything ’at play’
Weekender: Weekly Support: weekly reviews and previews, just updated!

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News roundup – Between The Hedges
News roundup – The Trader
Emerging Markets Headlines – beyondbrics / FT
The 6am Cut London – alphaville / FT
Press digests by Reuters: FT, WSJ, NYT

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

Market Preview: Spain likely to request more aidSaxo Bank
European markets are likely to open mostly lower Monday. Investors are cautious ahead of the EU summit scheduled for later this week and as Spain is expected to formally ask Eurozone members for additional financial aid to recapitalise its banks.

Danske DailyDanske Bank (pdf)
BIS is concerned that central banks’ remaining options to aid the economic recovery are limited. BIS also calls for a pan-European banking system. Greece is aiming for a two-year extension of the EU/IMF deficit targets. Market attention is likely to centre on speculation about the potential outcome of the EU Summit on Thursday/Friday. The main release today is US new home sales.

Morning Briefing: Decision or collisionBNY Mellon
Will Mr Noda be rewarded with an enviable legacy for his efforts to raise the sales tax?

George Soros: How Europe Can Rescue EuropeProject Syndicate

When A New LTRO In The Elimination Stages Of Euro 2012 Just May Not Be EnoughZH

Bundesbank Swipes at Draghi as European Fault Lines DeepenBB

Greece Seeks at Least Two-Year Extension to Bailout GoalsBB

Can Mario Monti save Italy — and the euro?Wonkblog / WP

Revenge of the Optimum Currency AreaKrugman / NYT

Capital Controls Hit Spain: Government Laws Prohibit Cash Transactions Over €2,500; Minimum Fine of €10,000 for Failure to Report Foreign AccountsMish’s

Mutualising Eurozone sovereign bonds? First of all, tame the
Many view Eurobonds as the silver bullet to end the Eurozone’s crisis. But this column argues that Eurozone debt tail risks are worryingly high, with those of bailout countries rising despite the rescue packages. It urges Europe’s leaders to be cautious when pooling debt to create a Eurobond – adding that it is only advisable once tail risks are tamed.

The 82nd Annual General MeetingBIS
Links to press release, annual report, speeches

Breaching the AAA bubble, charts du jouralphaville / FT

“Banks themselves have lost confidence in their peers”Alea

Demands on bank assets pose "vicious cycle" dangerReuters
Banks are in danger of a "vicious cycle" from the need to pledge more of their best quality assets as protection to central banks and other creditors, which could hinder the banking system's ability to absorb shocks.

Amid Debt Crisis, Banks Confronted by Familiar ProblemsDealBook / NYT
The report said that to win back investor confidence, financial institutions should write down their underperforming assets and increase their cash reserves.

The Bank for International Settlements Calls QE a PalliativeThe Daily Capitalist
Central bank policy “buys time” in the short term for banks and governments to tackle debt overhangs, the BIS said.

Debt service ratios by country, according to BISASA

Can you play the stock market just based on knowledge of human behavior?Bakadesuyo
Very nice quick collection.

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Two major events can change sentiment: Firstly, the Troika mission will land in Athens on Monday. The assessment of the Greek economy will determine the extent to which Greece can get easier terms. We expect a compromise. Secondly, the EU Summit

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