Google Analytics

Thursday, July 26

26th Jul - US Open: Super Mario

Mario surprised all with promises to do “anything it takes”. Good risk rally – or short squeeze going on. I had a chat with 'people' and one possibility is that as the summer holidays are now on and Spain's bailout is definitely not coming at the moment, they are intervening verbally. I don't see the ECB having "licence to print", but some SMP might come next if the markets start doubting Draghi's message. Is that a bazooka in your pocket or are you just happy to see my yields?

Quote of the Day: Draghi summarized - rating agencies wrong & markets wrong & negative comments wrong - only he & Juncker are right - sounds like a 5 year old – TF Market Advisor via twitter

Previously on MoreLiver’s:

Follow ‘MoreLiver’ on Twitter or Facebook

News & Recap – RanSquawk / ZH
Frontrunning – ZH
The Lunch Wrap – FT
Emerging N.Y. headlines – FT
Today’s front pagespresseurop
Daily press summary – Open Europe

Morning MarketBeat: Housing Stuck in Bumpy Recovery – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Fed Vigil; Draghi Weighs In – Macro and Cheese
Draghi Responds to my “How Dumb is Draghi?” Report – TF Market Advisors

Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney
Pre-Market – NASDAQ
US Equity Preview – Bloomberg
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

TV: Bloomberg, BBC
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

Follow ‘MoreLiver’ on Twitter or Facebook

The Euro as the SDR of EuropeCredit Writedowns
A step backwards by Europe from dystopian fantastical object of a single currency, to a mini-version of what Bretton Woods should have been, could thus be a workable way out of this crisis and towards the political dream of a non-fractious Europe.

ECB's Draghi Repeats The Party Line, Forces Another Brief EUR SqueezeZH

Draghi on *that* transmission mechanismalphaville / FT
How can the ECB support rates in Germany, when they have to depress rates in the periphery? It is for this reason we think that the Bundesbank has been holding back ever more bund supply at auction — since it must now act semi-independently to ease the squeeze in the bund market.

Draghi Says ECB to Do Whatever Needed as Yields Threaten EuropeBB
European Stocks Rally as Draghi Pledges to Preserve EuroBB
Stock Futures Jump on Draghi’s ‘Whatever It Takes’ CommentMarketBeat / WSJ

First Responses To Draghi's "Deliberately Ambiguous" Remarks Trickle InZH

And Here Is What Draghi CAN Do, In His Own WordsZH
Draghi’s Dec 2011 press conference: government financing a no-no, funding EFSF is just the same.

Emergency on funding costs for sovereigns, financial and non-financial corporationsbruegel
The funding cost of Spain and Italy are high and continue to rise. Yet, how does this increase in sovereign riskiness affect the riskiness of corporate bonds as measured by CDS? We look at the 5 largest financial and non-financial corporations in Italy, Spain, France and Germany.

Is Spain heading for a full bailout? Open Europe
11-page briefer on Spain, summary on landing page, full pdf here

Spain not mulling seeking further EU help: sourcesReuters

Buiter’s now predicting Grexit probability of 90%alphaville / FT
Onko eurokriisin vakavimmat vaikutukset taloudellisia vai poliittisia – eliitti ei ymmärrä mitä tekeeTyhmyri

Tuleeko EVM:stä Euroalueen keiretsu?Sami Miettinen / US Puheenvuoro

Hetemäki: Espanjan tuki EVM:stä vaatii eduskunnan päätöksenYLE
Valtiovarainministeriön alivaltiosihteeri Martti Hetemäki arvioi keskiviikkoiltana, että eduskunnalta tarvitaan uusi päätös, jos Espanjan lainaeriä maksetaan pysyvän kriisirahaston EVM:n kautta.

BNP Paribas'n ja Soininvaaran kuumat puheenaiheetHenri Myllyniemi / US Puheenvuoro

Europuolustus kilpikonnautuu, euroerokeskustelu alkakootHenri Myllyniemi / US Puheenvuoro

Urpilainen lupasi, " Palomuuriratkaisu ei kasvata Suomen vastuita"Ville Pihola / US Puheenvuoro