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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
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 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.
Europe Back To Abnormal As Spanish Selling Resumes – ZH
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 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).
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.