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Monday, August 27

27th Aug - US Open


Another Monday, another US open.

Previously 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

Morning MarketBeat: Traders Eye Bernanke – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Quiet on All Fronts – Macro and Cheese
Market Summary – Kiron Sarkar / The Big Picture

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

Reference
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

EUROPE
The ECB must still do its bit to help solve the crisis – Wolfgan Münchau / FT
The eurozone crisis may look less acute once the bond purchases start but we have been through phases in the past where the crisis appeared to be receding, only to come back a few weeks later. Unless the programme is accompanied by a swift move towards banking and fiscal union, it will not make a difference. And that means it probably won’t.

Merkel tries to calm storms over Greece, ECB policy – Reuters
Angela Merkel tried to calm a growing storm over euro zone crisis strategy on Sunday after the Bundesbank likened ECB bond-buying plans to a dangerous drug and a conservative ally of the German leader said Greece should leave the currency bloc by next year.

Merkel wants EU treaty convention by end of year – euobserver

Germany’s IFO
German IFO business confidence came in weak for August – ASA
Germany Loses Confidence For The Fourth Month In A Row – ZH
Drop in German confidence implies big challenges remain – Nordea
  Today’s German Ifo index was a small disappointment, supporting the picture that the German economy cannot escape the problems currently troubling the Euro zone.

USA
The US: Perfect storm of fiscal chaos? – Nordea
Three US fiscal issues pose a threat to the US economic outlook: 1) The “fiscal cliff” – almost USD 700bn in tax increases and spending cuts that will occur on 1 January 2013, should Congress not act 2) The need to raise the Treasury debt ceiling again 3) The need to restore longer-term fiscal sustainability

S&P500: Sector winners, losers in a potential market decline – Saxo Bank
Given that markets could become weaker – last week was the first negative week on S&P500 after six positive weeks – then what sector winners and losers could we expect to come out of a declining market?

CHINA
Chinese corporate earnings have been destroyed – ASA

China Stocks Drop To Fresh Post-2009 Lows Following Company Profits – ZH

Gloomy chart of the day: China industrial profits – beyondbrics / FT

People’s Bank of China may inject liquidity this week via reverse repo again – ASA

Sweet & Sour Channel Stuffing and the Shanghai Swan Dive – Global Macro Monitor

China announces £800bn stimulus to boost confidence – The Telegraph
China has announced a total of 8 trillion yuan (£800bn) of "stimulus projects" to try to boost confidence in an economy that appears to be cooling faster than expected.

OTHER
Equity Review: STOXX snaps its 20 week winning streak – Saxo Bank

One-firm economies: The Nokia effect – The Economist
Finland’s fortunes are affected by one firm. What about other countries?

Golden Instability – Krugman / NYT
The truth is that returning to gold is an almost comically (and cosmically) bad idea.

IN FINNISH
Luottamusindikaattorit laskussa – EK
Elinkeinoelämän luottamusindikaattorit laskivat kaikilla toimialoilla elokuussa. "Suhdannetilanne on painunut keskimääräistä heikommaksi. Erityisesti vähittäiskaupan ja muiden palvelualojen luottamus on synkentynyt kesän aikana", EK:n johtava ekonomisti Penna Urrila toteaa.

Pääkirjoitus: Teknologiateollisuus antoi kriisihälytyksen – IS

Uusia kuiskailuja EKP:n setelipainosuunnitelmista - aiemmin salaisia tietoja julki? – TE

Kuluttajaluottamus ennallaan elokuussa – AP
Kuluttajien usko omaan talouteen horjuu – YLE

Suomen virkamiesjohto lähdössä neuvomaan Italiaa – YLE

Vyönkiristys tarttuu – Henri Myllyniemi / US Puheenvuoro

Espanjan budjetista paljastui uusi miljardiaukko - "he yrittävät salata jotakin" – TE

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