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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:
US Close: Banging Lines (my comments)
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
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Blogs review: the ECB’s new doctrine of
explicit policy conditionality – bruegel
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.
Also, bad
macro keeps coming in.
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 dilemma – alphaville
/ 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).
OTHER
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 Baseline – Tim
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.