Today some
very nice articles on European situation, also added them to the Summit
post. Bad macro, doubts about the summit results. 'Risk off' coming up next?
Earlier on
MoreLiver’s:
Weekender: Weekly Support weekly roundups and calendars
EU Summit Special all the good ones I’ve found on the
summit
Weekender: Trading
& Markets quant
stuff, stock market views etc
Weekender: Off-Topic crime, psychology etc.
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
Euro
Bailout Fatigue
Worst
Volume In A Decade As Stocks Eke Out Small Gain
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
A real mess – Free exchange
/ The Economist
The recession in the euro zone is getting
worse. New data on manufacturing activity in June show a steady pace of decline
in that month.
The Spanish Bank Bailout: Separating the
Wheat from the Chaff
– TF
Market Advisors
EURO CRISIS: SUMMIT (see also this)
It’s an ESMergency – alphaville
/ FT
Finland and the Netherlands own around 1.8 per cent and 5.7 per cent of shares in the ESM according
to Annex II. It isn’t close to the more than 15 per cent stake which they’d
need to block ‘emergency’ bond-buying.
Euro Crisis: 366 Days Later – PragCap
A look back
at the “Greece is saved”, LTRO1, LTRO2 rallies: It is important to understand that the “agreement” reached last week
was nothing more than political posturing and is, as usual, long on hope and
short on details.
The Failure Of The Firewall – Mark Grant / ZH
Europe has placed its full concentration on the totally wrong aspect of the problem which has been to ward off the evil spirits of the bond vigilantes instead of on fixing the financial problems of the nations and so the problems continue and worsen…We also learned over the weekend that various takes on the Summit were not all the same as Ms. Merkel’s version differed significantly from the Spanish tale.
Europe has placed its full concentration on the totally wrong aspect of the problem which has been to ward off the evil spirits of the bond vigilantes instead of on fixing the financial problems of the nations and so the problems continue and worsen…We also learned over the weekend that various takes on the Summit were not all the same as Ms. Merkel’s version differed significantly from the Spanish tale.
The Terrible Cost of Inaction in Europe – PIIE
The European leaders this time have offered a more hopeful approach than in the past in both form and substance, but Europe could still be headed in the wrong direction unless the ECB builds an appropriate bridge on the structure of the decisions taken at the June summit and the political process implements those decisions comprehensively and expeditiously.
The European leaders this time have offered a more hopeful approach than in the past in both form and substance, but Europe could still be headed in the wrong direction unless the ECB builds an appropriate bridge on the structure of the decisions taken at the June summit and the political process implements those decisions comprehensively and expeditiously.
A Banking Union Baby Step – Project
Syndicate
Daniel
Gros: This incremental approach has
worked well in the past; indeed, today’s European Union resulted from it. But a
financial crisis does not give policymakers the time that they once had to
explain to voters why one step required another. They will have to walk much
more quickly to save the euro.
Europe’s bank recapitalisation: The creation of
a new stigma? – Saxo
Bank
Why the EU summit decisions may destabilise
government bond markets – voxeu.org
Paul De
Grauwe: Among the questions still
remaining since last week’s summit of European leaders is whether the new
measures will stabilise government bond markets. This column’s answer is ‘no’.
BAD MACRO
Euro Area Slowdown Is Beginning To Impact The
Rest Of The World –
ZH
OTHER
More on GS and the relevance of safe assets – alphaville
/ FT
Is The Swiss National Bank Faking It? – ZH
JPM: What we didn’t know is that
approximately half of this intervention was in fact sterilised. This is highly
significant and undermines the credibility of the SNB’s claim that it is willing to do
whatever it takes to hold EUR/CHF 1.20. For the floor to be credible the SNB needs to surrender control over the
Swiss monetary based, i.e. it has to be willing to deliver both unlimited and
unsterilised FX intervention. The intervention in May was certainly unlimited;
it most definitely was not unsterilised.