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
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
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
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.
USA
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.
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.