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Wednesday, July 4

4th Jul - "US Open": Closed

The US Open report is a bit strange idea for a trading session that does not exist. But some of the articles were so good that I just had to post this ;)

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Frontrunning – ZH
The Lunch Wrap – FT
EM New York headlines – FT
Today’s front pages – presseurop
Daily press summary – Open Europe

Morning MarketBeat: ECB, Jobs on Tap – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
Higgs Boson and FX: What MattersMarc to Market
The T Report: La Eu et Le ECB sont รก Faire la LessiveTF Market Advisors

Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney          
Pre-Market – NASDAQ
US Equity Preview – Bloomberg
Earnings & Events – The Street
MarketCurrents – Seeking Alpha
 
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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EURO CRISIS
 'Fear and Uncertainty': The Euro Endangers German EconomySpiegel
The common currency union was supposed to benefit the economy of the entire European Union. Now that the euro is struggling, however, it is bringing growth down with it. Germany's economy, once seemingly immune to the crisis, is now facing mounting difficulties.

Europe’s Winners and LosersProject Syndicate
Joschka Fischer: Both sides will have to decide whether or not they want Europe – that is, full economic and political integration. Economically, they must choose either joint liability and a transfer union or monetary re-nationalization. Politically, the choice is whether to empower a common government and parliament or return to full sovereignty.

Richard Koo’s semi-successful attempt to persuade Germans about balance sheet recessionalphaville / FT
Koo: To sum up my impressions of Berlin, German politicians are starting to question the strongly held beliefs that have brought them this far…But at the same time they lack their American and British counterparts’ understanding of balance sheet recessions, and rectifying this will take time.

The Post EU-Summit Reality ReversionZH
Italian and Spanish sovereign bond spreads are 15-20bps wider from their open today and have retraced over 40% of the spread compression post the EU-Summit now.

Germany Backtracks On Last Week's SummitZH
Wonder why PIIGS yields are moving up again?