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Wednesday, August 15

15th Aug - US Open

Previously on MoreLiver’s:
Wed: EU Open (morning briefings)
Tue: US Close (plenty of articles+pics)
US Open: Bored (slightly less articles)

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Weekly News Briefing (Aug 8–14) – qfinance
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics /FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  Greece to renew push for two year delay to austerity programme

Morning MarketBeat: Maybe Economy Doesn’t Need QE3 – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
Overnight Summary – BofA / ZH
AM Dear Dairy: All Red – Macro and Cheese
Narrow Ranges on End of Bretton Woods Anniversary – Marc to Market
The T 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

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German Bailout Rebellion: “We Have Euro-Anarchy” – Testosterone Pit

Against Quantitative Easing by the ECBCFA Institute
the central bank’s traditional function as lender of last resort to the banking system is meant to support banks that are illiquid, not those that are insolvent. Presumably, the ECB would likewise be a lender of last resort to governments that are illiquid—for example, because adverse market conditions prevent them from refinancing upcoming debt maturities, which is a routine procedure under more normal market conditions. The intent is presumably not for the ECB to act as a lender of last resort to governments that are insolvent

Eurozone crisis: Time to tax the rich?
The European debt crisis drags on, dragging Europe down with it. This column argues that one-off capital levies – taxes on the rich – is one way of financing debt reduction. This could be an important step towards deleveraging public budgets without severely damaging the economy.

Spanish banks increasingly dependent on ECB dripalphaville / FT

Europe returns to recessionMacrobusiness
Eurozone GDP Falls In Q2The Daily Capitalist
GDP / PMI comparisons

Italy’s 'this time it’s different' moment: Reaction to
Charles Wyplosz: Some maintain that Italy and Spain risk losing market access for their sovereign bonds despite drops in yields. A recent Vox column by Francesco Giavazzi suggested that Italy could and should avoid a bailout. This column argues that in spite of all its admirable human and economic assets, Italy has moved to a bad equilibrium from which it is most unlikely to escape.

Goldman Pulls The Plug On More QE In 2012ZH
…our call remains that the return to QE will not happen until late 2012/early 2013, and at the margin the recent data have made us a bit more confident.

(podcast 17 min) BizDaily: US property market BBC (mp3)
The American property market shows some tentative signs of life, but even if it really is recovering, the human misery caused by the crash will last for years. And the reputation of credit rating agencies has been damaged by the crises in US housing and the Eurozone - is it time for a publicly funded body to do the job?

OECD leading indicator is showing no bottoming for China’s economyASA
People’s Bank of China may buy government bonds eventually to inject liquidityASA

Japan's catch-22Sober Look

Global Scenarios: Stuck in the mud Danske Bank (pdf)
Once again the recovery has been derailed and the outlook remains subdued * Many roadblocks to be passed before euro crisis tapers off * Tight financial and fiscal conditions keep euro area in recession * High uncertainty to keep US growth below trend despite better fundamentals * China has room to manoeuvre, policy stimulus to lift growth by year-end * Policymakers digging deeper in toolboxes – central banks to ease further

Yield Forecast Update Danske Bank (pdf)

The folly of assumptions about EM equities growthalphaville / FT
The broad assumption that GDP growth equals a good equities opportunity is wrong, according to Morgan Stanley.

Keskuspankkien itsenäisyys – onko itsenäisyydelle todellisia perusteita?tyhmyri

Palkkakehityksestä, kuluttajahinnoista ja elämisen kustannuksistatyhmyri

Halvan koron kallis hintaMS

Näin Suomen Pankki joutuisi pulittamaan muiden keskuspankkien tappioitaTalsa

Uudet rumat luvut Suomesta: ”Veroja kiristetään” – US

Mikä maa, mikä valuutta?Sami Miettinen / US Puheenvuoro