Rangish-bearish
day, for more see today’s earlier EU Open: Conservation is just
conversation and
last night’s US Close: Everything, Squared. I will probably push out a special "summit watch" post tomorrow. Stay above the surface.
Joke of the Day: EU
member states on Monday (25 June) agreed
to create a European endowment for democracy aimed to encourage "deep and
sustainable" change in societies struggling under oppressive regimes. So
when are they going to address the undemocratic nature of the EU?
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
Moody’s
downgrades 28 Spanish banks; El Mundo: Spanish Economy Minister considering
asking for €50bn bailout package
Morning
MarketBeat: Stocks Still Rangebound – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
Marking
Time, Dollar Softer – Marc
to Market
The T
Report – TF Market Advisors
EZ remains
on hold – Kiron
Sarkar / The Big Picture
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
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
Waiting for the summit – MacroScope
/ Reuters
A strong signal of intent at the summit might
settle the markets, not least because it could be crucial in persuading the ECB
to hold the fort if needed, although its levers are not problem-free.
Towards a genuine economic and monetary union,
or something – alphaville
/ FT
The leaked draft from Monday, made by the eurocrats for the summit.
The leaked draft from Monday, made by the eurocrats for the summit.
EU hopes for 'big leap' with fiscal, political
union plan – euobserver
if you can’t
access, summary here
Pricing the German costs of a euro break-up – alphaville
/ FT
The German ministry of finance has done just
such an analysis, according to Der Spiegel, and found that the costs of such a
break-up and the re-introduction of the D-Mark would lead to an up to 10 per
cent fall in GDP in the first year. Unemployment would surge to its record high of over
5m.
BizDaily: Banking disunion – BBC
(mp3)
Why Finland plans to torpedo the latest proposal to solve the eurozone crisis:
banking union. In the second of Business Daily's series on the Knowledge
Economy, why one Italian university plans to teach all of its classes in English.
Plus, how fuel subsidies are as addictive as heroin - but mean you stay cool
even on the hottest days.
Five questions for eurozone politicians and economists – bruegel
1) Why are countries in a monetary union more
prone to sovereign debt crises than countries outside a monetary union? 2) How
to insure a burning house? 3) How to share liquidity risks and solvency risks
in a monetary union? 4) How to enforce prudent macro-economic policy in
individual countries 5) How to ensure the long-run political legitimacy of the
EMU?
It May Be Time To Say “Auf Wiedersehen” vs. Germany Has To Stay: A Riposte
Reservations Please: Merkel, Party Of
"Nein" – Mark
Grant / ZH
There are those that wait and hope and pray
that there will be Divine Intervention…normal European Union trick which we
have witnessed a number of times now where conclusions are made and paraded
around in the public which are based upon highly suspicious data and I am being
kind here.
Chancellor Merkel provided a concise rebuttal
of the mutualisation request…If we add the comments from Jens Weidmann…then we
begin to see a pattern emerging. Germany has concerns, issues or outright
objection to just about every measure that has been suggested which could
improve the situation in Europe. That continues to be a worry.
EURO CRISIS: PIIGS
The Spanish bank buy-back riddle – alphaville
/ FT
So, this is a bit odd. Why would some Spanish
banks, which have such high capital needs right now, have been engaged in
fairly significant share repurchases over the past few months?
Lucky Fools, ECB and the ISIN Switch – Alea
OTHER
Final rules on banks' disclosure of the
composition of their capital – BIS