Previously
on MoreLiver’s:
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
Trade data was the focus during today’s Asian
session with both NZ and Japan reporting June
numbers. Australia’s all-important Q2 CPI followed shortly after. Headline data was below forecast but RBA’s favoured trimmed mean measurement
was mixed.
Market Preview: Corporate earnings reports
ahead – Saxo
Bank
European markets are expected to open lower
Wednesday amid concerns about the Eurozone debt crisis following the lowering
of EFSF's credit rating outlook. Meanwhile, markets are looking forward to a
series of corporate Q2 earnings results today.
Danske Daily – Danske
Bank (pdf)
Focus today will continue to centre on the situation in Spain. Spanish yields hit new
highs yesterday with the 10Y closing around 7.5%. Speculation on how far we are
from EFSF/ESM or ECB intervention is likely to continue. Today the Spanish finance
minister will meet with his French counterpart in Paris.
Morning Briefing: “Everybody's got their dues
in life to pay” – BNY
Mellon
Are the UK government’s fiscal
plans a pipe dream?
EURO CRISIS
I didn't think it was possible, but my
confidence in the ability of European policymakers to pull the Continent out of
crisis continues to fall. This is saying
a lot because I had virtually no confidence to begin with.
(humor) Celebrity Death Swaps – Macro Man
USA / QE
QE3 feels near but here’s two reasons why it’s
different this time
– Economic
Musings
Limited
impact on mortgages, yields already low
The Tipping Point – Surly Trader
The equity market expects QE 3, but the equity
market will not get QE 3 until Mr. Bernanke gets deflation – which would imply
lower levels on the S&P 500 as one measure and at the very least lower
measures on breakeven inflation rates