Both the EURUSD and S&P index are sitting near or at support levels and do seem to be okay buys - but where's the bounce, or what could be the catalyst for the bounce? The longer the market sits at the support levels, the more probable it will be that those levels will be broken and we will see a worsening picture. Still in a buy on dips, keep stops close and take profits early-mood.
News &
Recap – RanSquawk
/ ZH
Frontrunning
– ZH
Overnight
Summary – BofA
/ ZH
The Lunch
Wrap – FT
EM New York
headlines – FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
Morning
MarketBeat: Stocks Hover in Technical Danger Zone – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
Euro Drifts
Lower, Yen Higher; Aussie Spanked – Marc
to Market
– TF Market
Advisors
AM Dear
Dairy: Steadyish – Macro
and Cheese
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
Capital flight in the Euro area: from bad to
worse – bruegel
The sudden stops are concentrated in three
waves (figure 1): the global financial crisis in 2008/09; spring 2010 in
correspondence to the Greek Programme and summer 2011. Updated figures show
that the latest wave of sudden stops is still ongoing, with the reversal of
capital flows affecting especially Italy and Spain.
BizDaily: A new northern euro? – BBC
(mp3)
We look at going it alone. Why Germany can't pay, won't pay, and needs - according to the former President of
the Federal Association of German Industries, Professor Hans-Olef Henkel - to
go its own way.
Of baby steps and EBA bank recaps – alphaville
/ FT
the general and very realistic uncertainty in
European banking, which is exacerbated by the aggregate nature of this report.
We have no new insight and fears about what may lie-beneath still linger.
EU keen to see budget fraudsters in jail – euobserver
Time for EU to shed light on Big Corporate – euobserver
The euro bailout fund: A democratic 'black
box'? – euobserver
EURO CRISIS: ECB
Monthly Bulletin, July 2012 – ECB (pdf)
Statistics Pocket Book Statistics Pocket Book,
July 2012 – ECB (pdf)
Another ECB muddle – alphaville
/ FT
Apparent hopes that the ECB’s decision to
reduce the rate paid on funds in its deposit facility from 0.25 per cent to
zero will magically move money from hoarding banks to the real economy feel
premature.
Full Frontal Of ECB's ZIRP: Record €484 Billion
Drop In Overnight Deposits – ZH
EURO CRISIS: SPAIN
The memorandum fails to understand or
acknowledge the link between the macroeconomic policies being pursued by Spain, for example on
cutting its fiscal deficit, and the stability of the financial sector. In fact,
many of the new austerity measures adopted by Spain will undermine the
objectives of its bank bailout program. It also fails on take note of the
social and political realities. Crucially, it makes no reference whatsoever to
the direct injection of equity by the European crisis funds, now or in the
future.
The logical path, and the one the Troika is
pushing, would be to wipe out equity and haircut sub debt and if need be, the
next senior layer of bondholders. But depositors were pressured into buying
preference shares and subordinated debt. Reuters reported that62% of bank
subordinated debt investors are depositors at the same institution.
CHINA
OTHER
EMEA Weekly, Week 29 – Danske
Bank (pdf)
we expect the BoJ to expand the target for its
asset purchases by at least JPY10trn before end-2012. Following a resilient H1
12, growth is poised to slow and we believe
the BoJ will have to revise its
inflation forecast lower in H2 12
Swiss 2 Year: -0.52% – ZH