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Wednesday, August 8

8th Aug: US Close: Dull

Source: Zero Hedge
EURUSD acting weak, Spanish bond yields ticking up as the moods on the ECB's plan are now on the negative side. But SPX holding up still. Kind of dull, but luckily I've found some quality articles - and tons of sell-side research notes. I didn't remember how quiet the markets can get in August. Good that September is already looking like a month to remember. 

Previously on MoreLiver’s:

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Markets – Between The Hedges
The Closer – alphaville / FT
Market Commentary – A View From My Screens
Tyler’s European Summary – ZH
  Monti's Bluffing Unleashes Bull Market In Crude
Tyler’s US Summary – ZH
  Volumeless Equities Limp Along As Risky Debt Rolls Over For Fourth Day

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

September Will be a Doozy Again this YearEconomist Meg
For the second September in a row, developments in the EZ have the potential to be highly dramatic, and this time not just in the weaker, peripheral countries.

Is the Official Sector Initiative next for Greece?Sober Look
Instead, the official sector, which holds about three quarters of Greek debt, needs to participate in some fashion IF Greece's debt profile is going to change substantially. And the IMF appears to be reaching the point that Greece's debt profile must change substantially IF it is to continue to participate in assistance programs.

All eyes on asset encumbrance in Europealphaville / FT
Fitch: As a percentage of funded banking assets, encumbrance is highest in parts of the peripheral eurozone, Scandinavia and specialist property lenders. Across a sample of major European banks, Fitch estimates median encumbrance to be around 28% of funded banking assets.

Indicators of market segmentationECB (pdf)
media request following the ECB press conference on 2 August 2012 (4 pages)

Market has Now Fully Priced In Another 1 Trillion LTROZH
it appears inflation expectations have now priced in another EUR1 trillion worth of LTRO.
The Pace Of US Downward Revisions Is Picking UpZH
and both earnings and revenue growths are the lowest since the recession started.

Japan Update Marc to Market
three developments to note: political compromise over the retail sales tax hike, outcome of BOJ meeting and economic developments.

BNP Paribas: Japan's fiscal problems could be reaching a "critical mass"Sober Look
Japanese government bonds are becoming an increasing part of the private sector net worth. In fact the bulk of high private sector savings, which Japan is known for, now goes to finance the fiscal deficit. Government bonds are crowding out net private sector investments
Herding Cats and Credit Market “Weakness”TF Market Advisors
Spain is playing time, ECB’s plan shortens Spain’s debt maturity, still bullish but looking to buy puts

on message board (registration required)
European Equity – Bank of America (pdf)
European Equity – Credit Suisse (pdf)
Dividend – Deutsche Bank (pdf)
Equity Allocation – UBS (pdf)
European Equity Explorer – Barclays (pdf)
Equity Strategy – Nomura (pdf)

Economics – Exane (pdf)
Focus EuropeDeutsche Bank (pdf)
Global Risk Radar – UBS (pdf)

Global Rates & FX – Bank of America (pdf)
FX Weekly – Credit Suisse
Fixed Income Daily – Deutsche Bank (pdf)
FX Strategy – Deutsche Bank (pdf)
FX Perspective – UBS (pdf)