Another dull day - EURUSD was weak, but SPX failed to follow. God I wish we were already in the end game of the euro crisis. My guess is September will be decisive no more muddling through.
Previously on MoreLiver’s:
News – Between The Hedges
Markets – Between The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
Market Commentary – A View From My Screens
Tyler’s US Summary – ZH
Stocks.Must.Close.Green. Lowest 4-Day Volume in 5 Years
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
ECB's Greek Fudge: Nutty and Stale? – Marc to Market
The ECB has made some decisions regarding Greece that clearly indicate it does not want to push Greece out of monetary union. It has gone so far as to essentially allow the Bank of Greece to fund the Greek government.
Tempted, Angela? – The Economist
A controlled break-up of the euro would be hugely risky and expensive. So is waiting for a solution to turn up
Breaking up the euro area: The Merkel memorandum – The Economist
Angela Merkel, the German chancellor—and also, in effect, the euro area’s boss—has always insisted that she wants to preserve the euro area in its current form.
Draghi’s plan – The Economist
A lot of things have to go right for the ECB’s bond-buying plan to succeed
It starts: first Asian bank mulls British exit from the EU – The Telegraph
So we have a new term: BRIXIT. Japan's biggest bank Nomura has issued an 11-page study evaluating the likelihood that the UK will leave the European Union entirely or partly.
The choice facing Europe: Conformity or Diversity? – Open Europe
This op-ed from Berthold Kohler - one of FAZ’s editors-in-chief - is definitely worth a read. We've translated the key bits below.
Increased financial fragmentation is making the goal of stronger Eurozone integration elusive – Sober Look
Quick version from the ECB’s report I posted earlier today.
Greek Parliament Speaker Hires His Daughter During His Only Day On The Job – ZH
Your Complete Guide To The Coming Fiscal Cliff – ZH
Goldman Sachs’ research report
Goldman Sachs’ research report
Forget The Fiscal Cliff, Here Comes The Corporate Bond Maturity Wall – ZH
next few years show a rather dramatic wall of corporate bond maturities that will need to be refinanced (or paid down). Is it any wonder that corporations are keeping their cash-piles high and not just hose-piping it out to shareholders or M&A?
The “What if” Games Begin – TF Market Advisors
For myself, I still think 1,425 is a good target, but above 1,410 I start selling again. I think the “what if” analysis is what will push us to those targets.
The power of faith – The Economist
Equity markets are rallying again on hopes of central-bank action
Air cargo volume indicator points to weakening of industrial activities – ASA
Nomura’s chart of manufacturing activity vs. air cargo. Cargo leads and industrial production is about to tumble?
EMEA Weekly, Week 33 – Danske Bank (pdf)