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
Market Preview: ECB and BoE meetings to drive
mkts – Saxo
Bank
Central banks will no doubt drive equity
markets Thursday given there are rate announcements from both the BOE and ECB.
There will be a slightly negative start for indices given the event risk. Also,
keep an eye on the Spanish long-term debt auction.
Danske Daily – Danske
Bank (pdf)
With US markets closed for Independence Day
yesterday there have been only modest market movements since market close in Europe. The sentiment in the stock market
is moderately negative ahead of today’s ECB meeting and the important labour
market report in the US tomorrow. Asian stock
markets are slightly lower this morning.
Morning Briefing: Summer Days, Drifting Away – BNY
Mellon
Greece still remains a factor over the summer months
EURO CRISIS
EU summit provided Europe with some political success but
actual deliverables are some time off… In the meantime the implementation of
austerity policy across the periphery, and now France it seems, continues
to lead to a slowing economy across the monetary union.
Lowballing German growth – A Fistful of
Euros
The most striking thing, at least for those who
don’t follow the German real economy closely, is the estimate of the economy’s
potential growth rate: 1.25%.
The Crises of Summer – Project
Syndicate
What has produced the populist backlash is the
spectacle of political authorities devising technically complicated solutions
that lack credibility. Simply put, the experts need to stop treating Europe’s citizens as if they were stupid.
EURO CRISIS: ECB
Will ECB come to post-summit party? – MacroScope
/ Reuters
ECB may surprise and do nothing; BOE will
extend QE – Saxo
Bank
ECB's balance sheet hits €3.1 trillion; nearly
half the assets are loans to banks – Sober
Look
Nice “before
and after” charts
ECB preview: Time for ECB to deliver rate cut – Danske
Bank (pdf)
OTHER
The Ultimate History-Of-Markets Chartbook – ZH
Bank of America / Merril Lynch’s 102-page giant (full pdf here)
Bank of America / Merril Lynch’s 102-page giant (full pdf here)
Is The Equity Market Topping? – The
Short Side of The Long
Narrowing
breadth speaks of an equity market top - Narrow trading range for Long Bond
Treasury prices - Silver finds itself at a major technical decision point
The Fed and LIBOR – TF
Market Advisors
The Fed does everything it can to keep Libor low
RCS Investments Macro Outlook (Mid-2012) – RCS
‘Not on my watch’: applies to banks and the
navy – John
Kay
It happened
on my watch. John draws lessons from the navy, and the management and
regulation of casinos, for the banking sector.
BizDaily: The end of Libor? – BBC
(mp3)
Market rigging isn't the only problem with
Libor. We speak to the man who led the Barclay's investigation on the problems
with how the Libor rate is set. Plus, Barclay's bank hasn't only come in for
criticism about its attempt to rig interest rates. It also came under fire from
the British government for its plans to offer a very aggressive tax avoidance
schemes which it subsequently decided to withdraw.
Nobody in their right mind would consider joing
the EU – Swiss Minister – Kiron
Sarkar / The Big Picture
Markets
& news roundup and commentary.