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Thursday, August 30

30th Aug - EU Open

Very nice short notes from the big banks in this post - also see yesterday's US Close for plenty of European thoughts.

Previously on MoreLiver’s:

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Thursday Watch – 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: Oz Q2 capital expenditure firm, but AUD stuck at lowsSaxo Bank
Once again, Asia started today’s session in a positive mood with the spillover from better US data encouraging risk appetite. It didn’t last, however, and currency pairs were slumped at the bottom of the day’s (albeit narrow) range by lunch.

Morning Briefing (Asia): Economic Releases Overshadowed by Policy/PoliticsBNY Mellon
Today we return to the issue of the decline in reserve growth in China.

Market Preview: Eyes on EU confidence indicesSaxo Bank
European stocks are expected to open in the red Thursday as investors remain cautious ahead of Ben Bernanke's speech at Jackson Hole tomorrow. Markets are keeping an eye on Eurozone confidence indicators and US consumer spending data due later today.

Danske DailyDanske Bank (pdf)
Stocks markets lower on concerns about global growth * Japan’s weak retail sales suggest GDP could contract in Q3. Fed’s Beige Book was mixed but overall sees ‘gradual’ expansion * ECB could have a draft for its bond purchases ready as soon as this weekend * Waiting for Bernanke’s speech tomorrow. Focus today on Italian bond auction, German unemployment, euro area confidence indicators and US spending data

Morning Briefing (EU/US): SeptemberBNY Mellon
The next two weeks could prove decisive for Spain

AamukatsausNordea (pdf)
Draghi hakee saksalaisten tukea valtionlainojen osto-ohjelmalle * USA:n talouden hidas kasvu kasvattaa odotuksia lisäelvytyksestä * Isaac-myrskystä Meksikonlahden öljyntuotannolle aiheutuva uhka väistymässä

AamukatsausTapiola (pdf)
Tuottohakuisen korkosijoittajan vaihtoehdot yrityslainoissa ovat joko riskin kasvattaminen maturiteettia pidentämällä (= inflaatioriski) tai siirtyminen korkeamman riskin HY-lainoihin. Markkinan suunta: Odotettu talousdata ja FED:n Beige Book eivät liikutelleet markkinaa. Draghi jatkoi saksalaislehdessä puhumista poikkeuksellisten rahapolitiikkatoimenpiteiden puolesta.
Osakefutuurit nyt marginaalisesti negatiiviset, indikoiden laskuavausta. Samsung esitteli Win8 puhelimensa ennen Nokiaa. Efore teki 0-tuloksen 3Q12:lla.


Citigroup Has The Best Summary Of Europe's Fiasco Yet: "Losses Are Unquantifiable"ZH
Matt King’s “Passing the potato”-headlined report.

Draghi’s Master Plan MatrixZH
Morgan Stanley’s thoughts with charts

The Complete 'Ranked' World Calendar Of Events To The End Of The YearZH
UBS’s list of events with estimated levels of market impact included.

Will The Current Market Distortions Last?ZH
'scarcity factor' has suspended normal market relationships. The question is, across a variety of scenarios, which recent market trends are more vulnerable than others.

EM FX Monocle – Test timeNordea (pdf)
15 pages of emerging currencies