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Thursday, August 30

30th Aug - US Close

Source: Reuters by Flasseur & Donovan
Perfect chart to show how the markets in Europe have become 'renationalized'.

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

EZ confidence declines further – Kiron Sarkar / The Big Picture
Bernanke to Preach not Print Tomorrow – TF Market Advisors
Is this the Price Signal We have been Waiting For? – Marc to Market
Tyler’s European Summary – ZH
  Spanish Bonds Slump Most In A Month As Europe Turns Red
Tyler’s US Summary – ZH

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

Morgan Stanley: Concerns about the German Constitutional Court? ZH
40% Chance German Court Does Not Ratify ESM

Europe’s Crisis Goes to CourtProject Syndicate
Economists almost everywhere are debating potential solutions to the euro crisis, while failing to account for one crucial element of any resolution: the German Constitutional Court. But, given that no solution can be implemented without the court's approval, debates that disregard it are meaningless.

EU commission gears up for banking union legislationeuobserver
Legislation to establish a banking union for the eurozone will be tabled on 12 September, European Commission President Jose Barroso said Thursday.

Germany: Backed Into the Corner Mark Grant / ZH
In Germany, once thought to be almost invincible and somehow outside the recession that is raging in Europe, the crisis is just beginning

Portugal and a second bailoutalphaville / FT
A second bailout may well be on the cards if the Troika is genuinely convinced that the government cannot do more to reach the agreed targets and that further austerity measures will just exacerbate the recession.

Another southern front The Economist
As Greece fights to stay in the euro, Spain moves closer to a bail-out

Goldman Sachs: Three Rationales For Sovereign Debt PurchasesZH
As a flexible and immediately available source of sovereign funding, central bank financing is a powerful tool to deal with crisis situations. But it lacks political legitimacy and can blunt the incentives for more fundamental consolidation and reform to take place, helping to transform a crisis into a chronic problem.

High gloom The Economist
Don’t expect the ECB single-handedly to save the euro

Eurozone Retail Sales Decline 15th Month, Plunge Led by Italy, France; German Sales Contract SlightlyMish’s

One More Bear Market, PleaseThe Short Side of the Long
I plan to respect both the time and inflation adjusted price of the current equity bear market. Relative to previous historical patterns, my secular bear market model shows that an expected bottom should be somewhere in the middle part of this decade.

China is one of the drivers behind Germany's stance on periphery bailoutsSober Look
There is a great deal at stake as German trade deficit with China has basically disappeared this year - for the first time since the 90s. Germany can not afford to jeopardize its sales to China which have been a key driver of Germany's export growth.

[China myths] The rapid march towards urbanizationalphaville / FT
Chan’s analysis suggests that those big arguments over how China defines “cities” are missing the a key point. It’s how you define urban people that matters…research suggests China’s urbanisation to date hasn’t created a booming middle class

EMEA Weekly: Week 36Danske Bank (pdf)

Commodities Forecast UpdateDanske Bank (pdf)
On track for a decent H2 - but still waiting for China

Rakentajien hintaodotukset laskussaeuroetana

Irlannin asuntomarkkina kolkuttelee pohjaaeuroetana

EU:n komission ehdotus luottolaitosten ja sijoituspalveluyritysten elvytys- ja kriisinratkaisudirektiiviksi eduskunnalleValtiovarainministeriö

Hallituksen vuoden 2013 talousarvioesityksen tunnuslukuja ja katsaus talousnäkymiinValtiovarainministeriö

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