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Thursday, August 2

2nd Aug - EU Open: Draghi's Turn

Time for this week’s main event: the dreaded ECB meeting. For full coverage, see my continuously updated specials ECB WATCH and FED WATCH.

Previously on MoreLiver’s:
Wed: US Close: Fed failed

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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

Asia today: – Saxo Bank
Market Preview: ECB Rate Decision on tapSaxo Bank
European markets are expected to open firmer Thursday amid expectations of further easing measures by the ECB to arrest the Eurozone debt crisis. Markets are keeping an eye on BoE rate decision, US jobless claims and factory orders data due today.

Danske DailyDanske Bank (pdf)
Fed stays on hold but strengthens the easing bias * Market reacted slightly disappointed after Fed’s announcement and US stock markets closed with losses * Focus today on ECB meeting. It remains relatively unclear what the ECB intends to do but unless today’s policy response is substantial, there is a risk of disappointment

Morning Briefing: ECB officials' views BNY Mellon
ECB officials' views ... continued BNY Mellon

In Finnish:
Aamukatsaus Nordea (pdf)
EKP:lta tulossa lupauksia valtionlainamarkkinoiden rauhoittamiseksi * USA:sta sekalaista talousdataa - Fed avoimempi elvytykselle * Öljyn hinta ui vastavirtaan USA:n öljyvarastojen äkillisen laskun saattelemana

Aamukatsaus  Tapiola(pdf)
Odotukset korkealla EKP:n korkokokouksen suhteen


* * *

ECB Will Build a Bridge…But to Where?Economist Meg
EZ policymakers have practically made an Olympic sport out of under-delivering throughout this crisis. Still, I think the ECB will succeed in sustaining the current market rally. The big question is whether EZ policymakers use the time lent to them by the ECB wisely, and on this I am highly skeptical.

Goldman's investor survey of ECB's decision tomorrowSober Look

Possible policy actions by the ECBSober Look

Previous ECB press conferencesECB

Speech by Mario Draghi at the Global Investment Conference in LondonECB
The one that built the great expectations

Press Conference WebcastECB

Markets are betting on US housing recoverySober Look
Stock sector and credit markets discount a turnaround already

July Employment Report PreviewA Dash of Insight
Whatever the ECB does, the Fed will look at this number.

Flash Comment US: Fed preparing to ease in SeptemberDanske Bank (pdf)

Japan: Selected IssuesIMF
Japan: Financial Sector Stability Assessment UpdateIMF
David Rosenberg On Headless Chickens, Topless Americans, And Bottomless EuropeansZH

Espanja ja Italia, mutta kummalle rahat riittävät?YLE

Asuntojen kysyntä murroksessaNordea

Mediassa: Kestävyysvajeen lisäksi on täytettävä tuottavuusvajeNordea

Suomen ulkomaankaupan suunta toukokuussaNordea (pdf)
Kauppatase lähes tasapainossa toukokuussa * Nettovienti tuki luultavasti kasvua Q2:lla * Sekä vienti että tuonti odotettua heikompia

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