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
Spain could request a bailout for its banks this weekend; IMF expected to put Spanish bank recapitalisation needs at €40bn
Morning MarketBeat: Rally Loses Momentum – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: TGIF – Macro and Cheese
US Open: Bernanke and Europe Boost Dollar – Marc to Market
The T Report – TF Market Advisors
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
Spain To Officially Request Bank Bailout For The First Time... Again – ZH
Four senior EU officials said finance ministers of the 17-nation single currency area would hold a conference call on Saturday to discuss a Spanish request for an aid package, although no figure had yet been set.
Spain to request EU bank aid on Saturday-sources – Reuters
More Thoughts on Spain-Lite – Marc to Market
Spain has also hired private auditors to examine the banks' books. Their report is due before the end of the month. Fitch estimated Spain's banks need 60-100 bln euros. S&P's estimate is 80-112 bln euros for 2012-2013. The Center for European Policy Studies says Spanish banks need 270 bln euros to cover what it projects to be as much as 380 bln euro in losses. Moody's estimate bank losses at 306 bln euros.
Angela Merkel, swimming instructor – The Economist
When it comes to the euro, the German chancellor prefers self-help to help—but she can be more flexible than she seems
My big fat Greek divorce – The Economist
How and whether Greece might exit is the biggest and fattest uncertainty of all
Slouching towards a banking union – The Economist
The prospects of big bank bail-outs are intensifying calls for a central fund
Chart of the week: Intra-euro rebalancing has started – bruegel
Since 2007 intra-euro trade balances have adjusted significantly: Spain’s deficit and Germany’s surplus with the rest of the euro-area have declined substantially toward zero. Yet Spain’s overall trade deficit remained sizeable, about 5 percent of GDP.
Blogs review: The bumpy road to a banking union – bruegel
The revival of the Spanish crisis and the chorus of support from academics have made the establishment of a EU-wide banking union – with euro-wide deposit insurance, bank oversight and joint means for the recapitalization or resolution of failing banks – a centerpiece of the upcoming European Summit on June 28-29.
Monopoly Money vs. Bernanke Money, is there a Difference? – Mish’s
For now, attitudes, deleveraging, demographics, and the destruction of the value of credit on the balance sheets of banks absolutely and without a doubt overwhelm Bernanke's ability to do anything meaningful about it.
US economic update. Everything that follows is a result of what you see here. – Fabius Maximus
This cycle (a series of crisis, response, euphoria, repeat) has lasted so long that it’s easy to forget the larger dynamics at work. The forest is more than the trees. Here we briefly review what’s happened, what’s happening, what might happen — focusing on the US.