Here are
the morning links, some UBS equity research, usual euro crisis and IMF. For
more, see the unusually nice US Close: IMF "bad cops"
ECB from last
night.
News
roundup – Between
The Hedges
The 6am Cut
London – alphaville
/ FT
Emerging
Markets Headlines – beyondbrics
/ FT
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
RBA minutes were the highlight of a slightly busier Asian session today. We
also had comments from Japanese FinMin Azumi following USDJPY's slide through
79.0 overnight. Focus now remains on Ben Bernanke's testimony and any hints of
more QE.
Market Preview: Bernanke's testimony in focus – Saxo
Bank
European markets are expected to open higher
Tuesday amid speculation that the US Federal Reserve will
resort to further easing to spur economic growth in the nation. Fed Chairman
Ben Bernanke will testify before the Senate later today.
Danske Daily – Danske
Bank (pdf)
Disappointing US retail sales fuelled negative
sentiment in the US session…Moody’s cut the rating of 13 Italian banks by one to two
notches, as a follow-up on the sovereign downgrade last week… Focus today will
be on Fed Chairman Bernanke’s semi-annual testimony on monetary policy to the US senate.
Have the past 12 months seen a change in the pattern of reserve growth in China?
EURO CRISIS
German Justices Already Buckled Under Political
Pressure – Testosterone
Pit
Deutsche
Bank’s research note
Current Account Imbalances and the Euro Crisis
Part 2 – EconoMonitor
If the EMU had been designed properly, it would
not matter whether some member nations ran current account deficits—much as
many US states run current account deficits. Instead, the problem is that the
EMU separated the currency from fiscal policy—all the members adopted the Euro,
but each was separately responsible for its own fiscal policy. Further, and
this is the point to be explored in detail here, each was responsible for
dealing with its own banks should a financial crisis hit. (here’s part
1)
USA
A Slap in The Face – Tim
Duy’s Fed Watch
The retail sales number should be a slap in the
face for any FOMC members sitting on the fence.
US Equity Strategy (registration req.) – Longroom
/ FT (pdf)
ASIA
Hong Kong-listed companies issue profit
warnings at a rate close to 2008/09 – ASA
IMF
IMF’s Dismal Outlook – Surly Trader
very nice summary (for more IMF, see last night’s
post)
IMF Says World Economy Getting Worse – beyondbrics
/ Forbes