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Tuesday, June 5

5th Jun - US Open: Spain Asking For It?

Looks more likely that Spain is about to come out of the closet with the official bailout request.

Daily US Opening – RanSquawk / ZH
Frontrunning – ZH
The Lunch Wrap – FT
EM New York headlines – FT
Overnight Summary – Goldman Sachs / ZH
Today’s Front Pages – presseurop
Daily Press Summary – Open Europe

Morning MarketBeat: No Time Left for Misplaced Trust – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Pause – Macro and Cheese
US Open: Economic Data Saps Euro Strength – Marc to Market

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
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

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More Economic DetEUROrationGoldman Sachs / ZH
Goldman Sachs on recent European macro data

Why the Euro Zone Could Unravel Shockingly FastTIME
 I asked why Europe today needed anything more than a free trade zone, easy terms for people traveling and working in other countries, a European military entity within NATO and some multinational bodies to co-ordinate foreign and economic policy. No one had an answer.

Deleveraging and the creation of the Eurozone KeiretsuBetting the Business
A few large corporations are going beyond that and creating their own banks to make up for the vacuum created by the banks disappearing from the funding scene. Having a bank allows these corporations direct access to funds from the ECB, and enables them to store their excess liquidity in-house, instead of in deposits at outside banks that may be vulnerable to runs.

SocGen’s Galy Says Euro Will Continue to WeakenBB (mp3)

ECB Under Pressure to Ride to the Euro's RescueNYT
While the situation in the euro zone appears bad now, it could get much worse… The ECB may decide it needs to keep some firepower in reserve, to address even more serious circumstances and to keep the heat on political leaders.

ECB and FOMC focus: Reform or not? C'mon!Saxo Bank
Steen Jakobsen: It may not be politically acceptable, but Germany is right, and involuntarily so. This week and the next will tells us whether the ECB goes for reform or not. If Draghi does anything then talk of reforms needs to stop – and Europe is worse off. If Draghi waits (until June 17 and the next EU Summit), then at least he tried.

ECB and euro governments play chickenHugo Dixon / Reuters
The euro zone crisis is a multi-dimensional game of chicken. There isn’t just a standoff between the zone’s core and its periphery; there is also one between the ECB and the euro zone governments over who should rescue the single currency. In such games somebody usually blinks. But if nobody does, the consequences will be terrible.

Spain says markets are closing to it as G7 confersReuters
Spain said on Tuesday that credit markets were closing to the euro zone's fourth biggest economy as finance chiefs of the Group of Seven major economies were to hold emergency talks on the currency bloc's worsening debt crisis.

Spain Caves, Admits It Needs European Bailout ZH

The Reign In Spain Is OverMark Grant / ZH
Jakobsen Says Spain Uncompetitive at All LevelsBB (mp3)

Global Value: Weak performance continued in May Saxo Bank
Saxo’s model portfolio

The SNB against everybody elseLighthouse
Central banks have tried to “manage” currencies in the past. Sooner or later, market forces win. As all other major central banks keep printing additional Euros, Dollars, Yen etc., the SNB looks prone to lose this game.

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