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Tuesday, July 17

17th Jul - US Close: Later, we guess?

Markets came in expecting QE-signaling, sold off after not getting any (both EUR and SPX), then figuring that maybe the QE will come later, and going back up.

Quote of the Day: Bernanke thinks the Europeans have the tools to resolve their crisis.  This is true.  But they don’t have the political will to resolve the currency crisis – a true resolution would involve a full break-up or full unity.  I still don’t see signs that they’re resolving that issue.  Rather, they seem to just keep kicking the can.  I don’t know why Bernanke isn’t more critical here.  This ridiculous crisis never ends.  And he’s just fine letting it persist – or so it seems. – Cullen Roche / PragCap
Previously on MoreLiver’s:

Markets – Between The Hedges
The Closer – alphaville / FT
Market Commentary – A View From My Screens
Tyler’s US Summary – ZH

  Stocks Drink Gold's Kool Aid Milkshake
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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Recent Euro Area Developments Clarify the Road AheadPIIE
Several other aspects of the euro area crisis remain in flux, however. These include the state of the banking union, Germany’s Constitutional Court ruling on the European Stability Mechanism (ESM), and the situation in Spain.

Building deeper economic union: what to do and what to avoidECB
Speech by Jörg Asmussen, Member of the Executive Board of the ECB, Policy Briefing at the European Policy Centre, Brussels, 17 July 2012

Spain's internal version of "Stability Bond"Sober Look
Spain just announced a program (see attached) to centralize the issuance by the regions. Participation would be voluntary although most regions will have little choice but to join.

Finland’s Spanish seguridad, some detailsalphaville / FT

Portugal on Target to Reform EconomyIMF
Portuguese reforms on track, risks remain from low growth, euro zone crisis - Exports lead the way for economic recovery - Strong policies needed in fight against unemployment

Portugal: Fourth ReviewIMF

Bernanke: Fed Not Planning Further ActionWonkblog / WP

Goldman's Take On Bernanke: "Noncomittal"ZH
Goldman: Chairman Bernanke does not break new ground relative to previous FOMC communication in his prepared remarks to Congress.

Stocks Drop After Bernanke’s Bleak Economic AssessmentMarketBeat / WSJ
Stocks Rally, Figure Bernanke Willl Bring the QE3 Soon EnoughMarketBeat / WSJ

Bernanke: The 2 Big Risks We Won’t ResolvePragCap
I don’t understand why he isn’t more direct and specific in these testimonies.  It’s one of the few times where he gets to be face to face with the lawyers running this country and cue them in on a few things that matter on the economic side.

Transcript of a Press Conference on Updates of the World Economic Outlook, Global Financial Stability Report and Fiscal MonetaryIMF

ValuationDr. Ed’s Blog

Whither China?Econbrowser
Recent economic reports from China are, at the least, mixed. The responses to Friday’s GDP report are illustrative.

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