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Wednesday, June 6

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 AwaitedMarc 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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CLSA gives Europe 10 lessons from AsiaASA
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 facilitySpringerlink
The seminal paper by Hans-Werner Sinn and TimoWollmershäuser has been updated recently.

A Playbill for this Morning’s Central Bank TheaterTF Market Advisors

Spain calls for bank aidMacroScope / 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
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 problemThe 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 debtalphaville / FT
How and when would the Italian debt be restructured.

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