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Wednesday, August 8

8th Aug - US Open: Correcting

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Spanish yields still moving up, stock markets and EURUSD have reached the first support levels. This correction ain't over yet. 

Previously on MoreLiver’s:

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US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics /FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  Greek leaders still unable to agree on composition of latest €11.5bn cuts package; WSJ: IMF floats proposal for ECB taking losses on Greek bonds

Morning MarketBeat: No, Really, Don’t Fight the Fed – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Thin Air – Macro and Cheese
Redenomination Genie Remains Out of the Bottle – Marc to Market
Vanishing Spanish Yields and Resistance – TF Market Advisors

Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney
Pre-Market – NASDAQ
US Equity Preview – Bloomberg
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

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

Blogs review: the ECB’s new doctrine of explicit policy conditionalitybruegel
a precise idea about what commentators had previously referred as “a grand master plan” or “the two-pronged approach” where ECB intervention on the secondary market would be conditioned on countries making first a request to the EFSF and accepting the strict conditions and supervision attached to it.

Europe Back To Abnormal As Spanish Selling ResumesZH
Also, bad macro keeps coming in.

Finland and Italy: Enemies, a love story?Brussels blog / FT
But are there suddenly signs of a thaw – or even an alliance? First, Berlusconi’s successor, Mario Monti, last week decided to visit Helsinki for meetings with Jyrki Katainen, Finland’s prime minister. Now, top officials from Berlisconi’s centre-right party appear to be adopting a Finnish plan to help lower Italian borrowing costs.

Norges Bank’s curious dilemmaalphaville / FT
What it boils down to is that Norway has lots of things lots of people want. Namely oil, currency and houses. The result is a growing property bubble alongside a fast appreciating currency, which the central bank is struggling to control due to a catch-22 associated with hiking interest rates — (higher rates help to curb the property boom but only exacerbate the currency appreciation problem).

And You Thought Q2 Earnings Were Bad?Goldman Sachs / ZH
In spite of all the focus on Q2 earnings, we remind investors that Q3 and Q4 will also see significant currency headwinds - an impact we (and Goldman) believes is far from priced in for many companies in the market - a total top-line drag of over 5% YoY.

US BaselineTim Duy’s Fed Watch
Every couple of months I revisit my set of baseline expectations for the US economy.  This helps me gauge the importance of incoming data and events.

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