Spain has a 12.9bn issue coming due on 7/30. At this rate, it will be difficult for Spain to roll it over. If so, the EFSF will have to intervene, or the ECB may have to activate the SMP again… – Global Macro Trading
Previously
on MoreLiver’s:
Weekender: Trading & Markets (trading, economics, regulation...)
Weekender: Euro Crisis (that never ends, until it’s over)
Weekender: Weekly Support (weekly reviews and previews,
updated!)
Weekender: Best of The Week (from past week’s posts)
News –
Between The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer
– alphaville
/ FT
Market
Commentary – A View from My Screens
Tyler’s European Summary – ZH
European
Bloodbath Continues As Spanish 2Y Is Crushed To Record High Spreads
Tyler’s US Summary – ZH
Same
Old Same Old As VIX Dips, EUR Rips, And Equities BTFDs
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS (ONLY THAT TODAY)
All The World's A
Stage – Mark Grant / ZH
The night has been long and the hour is late
but one by one the masks are being removed and the characters are seen for what
they are; a less than pretty sight.
The euro is no longer a "risk-on"
asset – Sober Look
The euro has completely decoupled from other
financial instruments that would be classified as "risk-on" assets.
Politicians are ignoring the costs of departure…the
insistence on moral hazard over renegotiation ignores the immense hazard of
exit…hard for markets to distinguish between political posturing by less
influential politicians, and substantive points of negotiation by politicians
that carry more weight.
the differential between UK- and non-UK-law
bonds has been crushed and is absolutely on a path to repeat the Greek PSI experience.
Very good
comments from Moody’s – read it. If short on time, alphaville
/ FT has a shorter summary.
LCH Adds Margin Call To Injury, Hikes Spanish,
Italian Bond Margins
– ZH
Reading the news today brings to mind the great
question — why does each step in the disintegration of Europe surprise so many people? For those
that would like to see the story, without the obscuring fog, here is a recap of
the posts about Europe from the FM website. With some descriptive graphics.
A brief update on the euro crisis – ASA
Strategic Briefing: The Spanish Risk Factor – The
Capital Spectator
Spanish panic – Free
exchange / The Economist
If Spain fails, yet another
new plan for the euro zone will be needed, as Spain’s woes means three
sets of existing ideas have been exhausted.
5-year Swiss rate goes negative – Sober Look
Nouriel Roubini’s Euro-Zone ‘Endgame’ Scenario – MarketBeat
/ WSJ
Europe’s House on Fire – MarketBeat
/ WSJ
The market has regained its composure the way it always does. You don’t have to say it, we all know what it is. The market expects a savior. The Fed, or the ECB, or the conclusion of yet another summit.
The market has regained its composure the way it always does. You don’t have to say it, we all know what it is. The market expects a savior. The Fed, or the ECB, or the conclusion of yet another summit.
Short-Selling Bans ‘Reeks of Desperation’ – MarketBeat
/ WSJ
Spain and Italy take gold for flailing, banning short-selling – alphaville / FT
Spain and Italy take gold for flailing, banning short-selling – alphaville / FT
The summer of tail risk: How we're playing FX,
bonds, commodities –
Saxo
Bank
European
crisis is not over until the heavy-weights sit down and agree on the future.