6th Jun - US Open: Great Expectations

I’m again off on errands so I will update this post later. I expect no (or little) action from ECB and stick to my original view that the risk-on shall soon reverse for the rest of the week.

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

Morning MarketBeat: ECB Shouldn’t Blink – WSJ

Broker Note Briefing – WSJ

Morning Take-Out – NYT

AM Dear Dairy: Bounce – Macro and Cheese

US Open: Dollar Eases, Australia Surprises, ECB Awaited – 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

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

CLSA gives Europe 10 lessons from Asia – ASA
They looked back to 1997 and the subsequent years when Asia was suffering the the crisis and the aftermath of it.

Target loans, current account balances and capital flows: the ECB’s rescue facility – Springerlink

The seminal paper by Hans-Werner Sinn and TimoWollmershäuser has been updated recently.

A Playbill for this Morning’s Central Bank Theater – TF Market Advisors

Spain calls for bank aid – MacroScope / Reuters

short euro crisis summary

The Fate of Europe has become visible. Only how and when the break comes remains uncertain. – Fabius Maximus

The last act of the EMU’s death throes has begun. We already knew the two possible endings: further unification or fragmentation.  Now we can see far enough to guess about when and how it will end.  Probably in a crisis, in which the odds of policy errors will be high — and the odds of unification are low.

Cleaning up the mess: Bank resolution in a systemic crisis – voxeu.org

In Greece, the problem is an insolvent government bringing down the banks. In Spain, the problem is now insolvent banks bringing down the government. This column argues that despite their differences, the potential costs to the rest of Europe mean that both problems require a European solution.

Europe’s corruption problem – The World / FT

The report makes a good point when it says that, even in rich countries, there is often a close connection between unpunished corruption and disorderly public finances. Greece is Europe’s supreme example.

How to think about… reprofiling Italian debt – alphaville / FT

How and when would the Italian debt be restructured.

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