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Friday, August 24

24th Aug - EU Open

I included my updated views in last night's post - take a look, click the charts for larger versions and comments appreciated, as always...

Earlier on MoreLiver’s:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT

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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Morning Briefing (Asia) BNY Mellon
Romney Opposes QEIII and Bernanke's Reappointment: Today we take an in depth look at the question of whether Greece will get the next tranche of aid from the Troika

Market Preview: Merkel-Samaras meeting in focusSaxo Bank
European markets are expected to open lower Friday ahead of a meeting between Merkel and Samaras today. Expectations are waning amongst investors for further stimulus in the US to boost growth, following hawkish comments by a Federal Reserve member.

Danske DailyDanske Bank (pdf)

Morning Briefing (Europe/USA): Eight Days A WeekBNY Mellon
We look ahead to the key events between now and the Presidential Election in November.

AamukatsausNordea (pdf)
Luottamusluvut vahvistavat euroalueen taantuman – Kreikkakeskusteluja seurataan * Teollisuuden luottamuksessa ja asuntomarkkinoilla pientä piristymistä USA:ssa * Euroopan huolet yhdistettynä vaisuun Kiina-dataan painoivat Saksan korkoja 

AamukatsausTapiola (pdf)
Osakemarkkinat laskivat , kun makrodata jäi hieman odotuksia heikommaksi. Euro jatkoi edelleen vahvistumistaan suhteessa dollariin ja jalometallit nousuaan, joten elvytystä odotetaan yhä.  Markkinoilla hermoiltiin pienestä pehmeydestä makrodatan osalta. Huhut Espanjan pelastamistoimenpiteiden valmisteluista eivät riittäneet innostamaan markkinaa.
Osakefutuurit nyt aamulla flättina, markkinat odottavalla kannalla. Suomiyhtiöiden loppukysyntä ja kilpailuasema: Kuluttajavetoisuus ja vahva kilpailuasema suojaa kysyntä riskeiltä.


Minutes minutiae and open(-ended) questionsalphaville / FT
The participants noted that the Fed staff had presented an analysis showing “substantial capacity for additional purchases without disrupting market functioning”. But the staff part of the minutes offered no details of this analysis.

Dueling Fed PresidentsTim Duy’s Fed Watch
Two Fed presidents at opposite ends of the spectrum.  I tend to think that the middle ground will be pulled by recent data in the direction of Bullard, which is why I see QE3 as less of a slam-dunk than the minutes seemed to imply.

Cooler heads at the FOMC should prevail, avoiding QE3Sober Look
Gasoline prices have risen considerably already and food prices will rise as drought driven spike in agricultural commodities makes its way through the system. More QE will increase these prices further and aggravate an already difficult situation. Risks of such a program far outweigh the benefits.

Treasury Yields Reverse Directionsdshort

China's slowdown can no longer be masked by cooked economic dataSober Look

China’s slowdown is worse than official data suggest (part 965327)ASA

China Confronts Mounting Piles of Unsold GoodsNYT

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