The current
“dislocation” in the markets (EURUSD down, PIIGS yields up = risk-off but SPX
up = risk.on) is again haunting the markets. Either the stock market is just
slow to agree, like many times in the past. Or alternatively the stock market
is really strong, as it brushes aside bad news and bad price developments in
other assets. 
But…the divergences between the stock indices (S&P 500 up at top of range,
Russel horizontal, Nasdaq above its recent range and transports weak) suggest
to me that the market is overbought.
After the
strong performance since June, but directionless week, I expect a sell-off in the
stock markets today.
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
MORNING BRIEFINGS
Market Preview: French industrial output on tap – Saxo
Bank
European markets are likely to open lower
Friday, and market participants are keeping a close eye on French industrial
output data due today. Investor sentiment was bruised after data indicated the
Chinese trade surplus unexpectedly narrowed.
Danske Daily – Danske
Bank (pdf)
S&P500
in longest rally since March after a minor gain. Market sentiment worsens after
Chinese export collapsed in July. Japan’s industrial production dropped
1.5% y/y in June. No significant data releases today.
Morning Briefing: Under Pressure – BNY
Mellon
Japan's DPJ must impress the electorate without imperilling its credit
rating. What options does it have?
Aamukatsaus – Nordea
(pdf)
Kiinan talouden
elpyminen viivästyy * Maailmantalouden hidastuminen uhka USA:n viennille * Brent-öljyn
hinta nousi viidettä päivää, ero USA:n WTI-öljyyn vuoden huipputasolla
Aamukatsaus – Tapiola
(pdf)
Markkinat jatkoivat
eilen uneliasta etenemistään. Aamulla tunnelma muuttui negatiiviseksi Kiinan
kauppatilastojen myötä. Kiinan vienti- ja tuontitilastot antoivat selkeä
vahvistuksen siitä, että Kiinan talous on edelleen jatkanut hidastumistaan
heinäkuussa. Aamun 2Q12-tuloskommentit: Finnair, HKScan, Nordic Aluminium,
Stockmann, Stonesoft, Uponor, Wulff, YEI
Markkinakalenteri
– Nordnet
OTHER
Equity
volatility lower but tail-end risk protection still sought – Saxo
Bank
China’s trade data for July point to very
weak external and domestic demands – ASA
China Monetary Statistics for July 2012 –
ASA
New loans figures disappoint in July despite
policy easing.
IN FINNISH
Asumisen kustannukset todella ovat räjähtäneet käsiin – Tyhmyri
Katainen MTV3:lle: Rahoitusmarkkinaveroon tarvitaan myös
Ruotsi – TE
Asiantuntijat: Euro on turvallisuustekijä Suomelle – Taloussanomat
Jyrki Katainen: Tahdon uudenlaisen pankkivalvontaunionin – TE
Pankkivastainen puhuri tuntuu Suomessakin – HS