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Friday, August 24

24th Aug - US Open

Quiet Friday on the blogs...better start writing the Weekender posts, then..

Earlier on MoreLiver’s:
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Roundups & Commentary
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
  France and Germany stress Greece must stick to its commitments; FTD: German Finance Ministry running working group looking at Greek euro exit

Morning MarketBeat: Is a Correction Looming? – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Home Stretch – Macro and Cheese

US session ahead
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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Is Germany heading towards a referendum?bruegel
The question of the compatibility of the German constitution (officially known as the Basic Law), with further European integration is at the origin of current debates in Germany. The Federal Constitutional Court (FCC) will decide in September on whether the European Stability Mechanism (ESM) exceeds the limits of the Basic Law. Meanwhile, a debate on holding a referendum in Germany on the future of the EU and new EU treaties emerges.

Samaras in Berlin visit amid reports of 'Grexit' working groupeuobserver
QE from the Fed? Don't count on it as long as markets are strongSaxo Bank
As long as the financial markets are strong, quantitative easing from the US Federal Reserve is unlikely. The Fed is also likely to play a waiting game ahead of the November 6 U.S. presidential election.

CDS end-users, a bit like unicornsalphaville / FT
Whenever we come across a really real example of an actual client in the credit default swap market, it can be a little too exciting. Especially if they actually talk! 
Selling love and buying panicalphaville / FT
BNP Paribas regularly compile a contrarian indicator called the “Love-Panic” index. They have one for Europe and one for the US.

The Only Way Out for ChinaAndy Xie / The Big Picture
Most discussions on the economic and social issues frame China’s problems as similar to other countries. They miss the point and mislead. China’s economic problems originate from government intervention in the market. Real reforms must involve changing the role of the government. Any reform that doesn’t focus on this is bound to fail.

The policy tool PBOC has when China’s economy gets really badASA

Triangular debt: an unknown that Chinese government seems to worry aboutASA