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Friday, August 3

3rd Aug - EU Open: A Quest for the Request

EURUSD not crashing
Markets are not behaving as risk-averse as many thought after ECB's Draghi "failed to deliver". Either the ECB's impasse was already priced in, or the plan is there, but early commentators just failed to see it. Bailouts and securities purchase yes - but only after an official request for help and succumbing to a Troika program? Spanish yields moving up this morning (10y, 2y)

SPX bounced
For full coverage of the ECB’s latest meeting, see my continuously updated ECB WATCH.

Yesterday on MoreLiver’s
SPX still in channel

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
Daily change in Spain’s yield curve Sober Look
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

Asia today: – Saxo Bank

Market Preview: US Nonfarm payrolls on tapSaxo Bank
European markets are expected to open mixed Friday ahead of the US nonfarm payrolls for July scheduled later in the day. Investor sentiment was dented yesterday after the ECB President, Mario Draghi, offered no hints for additional monetary easing.

Danske DailyDanske Bank (pdf)
Markets react with disappointment after Draghi fails to deliver immediate action. Focus on US data today – will the stalling jobs data force Bernanke into QE3?

Morning Briefing: Alas HellasBNY Mellon
The terms of Greece’s bailout demand cohesion from an inherently unstable coalition

In Finnish:
AamukatsausNordea (pdf)
EKP selvensi toimintasuunnitelmaansa – paine uudistuksille säilyi * BoE:lta odotetaan uusia toimia syksymmällä * EKP:n toimettomuus vahvisti turvasatamavirtoja korkomarkkinoilla

Aamukatsaus: EKP ei vielä sanoista tekoihin  Tapiola (pdf)
Draghi ei ilmoittanut uusista politiikkatoimenpiteistä, mikä oli markkinoille pettymys. Toimettomuudesta huolimatta Draghi kylvi useita mielenkiintoisia ajatuksia itämään jättäen odotuksia jatkoon.

Markkinakalenteri Nordnet