EURUSD continues drifting slowly lower after hitting the channel top around 1.26, with room left below. SPX seems to be settling into a horizontal range (my Sunday views and Monday's notes)
Yesterday
on MoreLiver’s:
Roundups
News
roundup – Between
The Hedges
The 6am Cut
London – alphaville
/ FT
Emerging
Markets Headlines – beyondbrics
/ FT
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
MORNING BRIEFINGS
Tight ranges from overnight ensured a steady
start to the Asian session but as the session wore on we felt a distinct bias
towards risk-off
The end of the dependency model in Latin America may signal a new age of investment
in emerging markets
Market Preview: German consumer confidence eyed – Saxo Bank
Market Preview: German consumer confidence eyed – Saxo Bank
European markets are expected to open lower
Tuesday ahead of German and US consumer confidence
data due later today. Meanwhile, concerns about the global economic slowdown
have resurfaced after Japan lowered its economic
assessment on the nation.
Danske Daily – Danske Bank (pdf)
Morning Briefing (EU/US): Get Back – BNY Mellon
Danske Daily – Danske Bank (pdf)
Morning Briefing (EU/US): Get Back – BNY Mellon
The end of last week provided a number of clues
as to what might happen next in the Euro-area crisis.
Aamukatsaus – Nordea (pdf)
Aamukatsaus – Nordea (pdf)
Saksa ja Ranska
etsivät yhdessä ratkaisua velkakriisille * Euroalueen kriisi painaa Saksan
taloutta * Lontoon vapaapäivä hillitsi kaupankäyntiä valuutta–, korko– ja
metallimarkkinoilla
Aamukatsaus – Tapiola (pdf)
Aamukatsaus – Tapiola (pdf)
Markkinan suunta: Osakkeet ja hyödykkeet liikkuivat jälleen
vaatimattomasti, kun markkinoilla odotetaan viikonlopun keskuspankkien
puheenvuoroja Saksan IFO-indeksi jäi jälleen odotuksista, tällä kertaa
odotuksia kuvaava komponentti petti. Osakefutuurit nyt aamulla miinuksella,
indikoiden laskuavausta. Fortum – Tapiola Pankin TOP 5 -osake: Osakekurssi
jäänyt sähkön hinnan palautumisesta. Kuinka monta Fortumin osaketta kotitalous
tarvitsee sähkölaskunsa suojaamiseen?
EUROPE
JP Morgan: It really can't do too much with Greece at this point, but
the central bank could focus on Portugal first. Portugal is supposedly on track with its fiscal plan (at least they have
satisfied the Troika requirements). Yet the low rate policy transmission is
broken, as short-term rates (as well as effective household borrowing rates)
remain stubbornly high.
Eurozone needs a German sovereign wealth fund – FT
Daniel Gros
& Thomas Mayer: Target 2 claims are
ultimately backed by the securities of banks in deficit countries delivered as
collateral for ECB credits under the various facilities. A large part of these securities
is probably of dubious quality…(with SWF) Imbalances would gradually disappear and German foreign assets would
move from zero interest nominal claims on the ECB to diversified real and
nominal claims on various private and public foreign entities in a variety of
asset classes.
ASIA
German Chancellor Angela Merkel’s second visit
to China in a year comes against the backdrop of dire forecasts of a difficult
September for the eurozone. Mindful of such concerns and persistent pessimism
in global financial markets, Merkel is now taking bold initiatives at home and
overseas, as her China trip demonstrates.
Morgan
Stanley sees weak demand and overproduction pushing prices lower
Managing property bubbles has become an
integral part of monetary policy in recent years as the excesses of extremely
easy money over the last few years come home to roost. Here’s a brief look at
how a few Asian central banks are tackling the issue and to what degree of
success.