EURUSD
continues grinding down towards the next support levels, while SPX is reluctant
to follow. ECB's monthly bulletin was published and the section on renationalization of monetary policy and banking in Europe is worthy of your time. In other developments, more soft-print-SMP-speak from ECB, a classic verbal intervention. Given the rise in Spanish bond yields during the past couple of days, an understandable timing.
Previously
on MoreLiver’s:
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
WSJ:
Talks over disbursement of new tranche of Greek bailout delayed until October
Morning
MarketBeat: Jobless Claims to Keep Fed on Watch – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Dead Markets – Macro
and Cheese
Game
Changers – Marc
to Market
Rock-a-bye
Baby – 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
French court to decide on EU fiscal treaty – euobserver
A verdict by French jurists, expected on
Thursday or Friday, risks dealing another political blow to the EU's fiscal
discipline treaty.
Euro-architect hints at Greek exit – euobserver
Former ECB chief economist and German central
banker Otmar Issing has warned that the eurozone may split up - another voice
in the chorus talking about a Greek exit from the common currency.
Monthly Bulletin Monthly Bulletin, August 2012 – ECB (pdf)
Statistics Pocket Book Statistics Pocket Book,
August 2012 – ECB (pdf)
Heterogeneity in euro area financial
conditions and policy implications – ECB
(pdf)
Assessing the financial conditions of the euro
area private sector during the sovereign debt crisis – ECB
(pdf)
USA
Looking down the fiscal cliff – ASA
On 1 January 2013, the United States could be looking down the fiscal cliff of about US$600 billion of tax increases and spending cuts. That is, if the congress fails to reach any compromise. (also two good charts from Goldman Sachs)
On 1 January 2013, the United States could be looking down the fiscal cliff of about US$600 billion of tax increases and spending cuts. That is, if the congress fails to reach any compromise. (also two good charts from Goldman Sachs)
A Bipartisan Proposal for More Equity in Big
Banks – Economix
/ NYT
Simon Johnson: Highly leveraged financial institutions do not have the incentive to be careful; their executives get the upside when things go well, and the downside is someone else’s problem. Executives and traders in megabanks are paid based on their return on equity unadjusted for risk.
Simon Johnson: Highly leveraged financial institutions do not have the incentive to be careful; their executives get the upside when things go well, and the downside is someone else’s problem. Executives and traders in megabanks are paid based on their return on equity unadjusted for risk.
FINANCIAL CRISIS TURNS 5
Much has changed since the credit crisis, but a
lack of confidence remains – The
Telegraph
It was on this day five years ago that “the
world changed”, according to Adam Applegarth.
Reflections on the crisis soundtrack of our
lives – alphaville
/ FT
Deutsche
Bank: It’s hard to believe that its 5
years ago today that the financial world started to appreciate the magnitude of
the problems that would be the soundtrack to our lives over the last 5 years.
FOOD
(audio
17min) BizDaily: Biofuels and hunger
– BBC
(mp3)
Are the makers of Biofuels undermining that
most crucial resource: the global food supply? We debate the issues. And a
Chinese internet company seeking global recognition via its Olympics coverage.
And our regular Kenyan commentator looks at how the rising trade between Africa and China has also spurred the
increased illegal smuggling in animal parts, like rhino and elephant horns.
The index jumped by 6.1 percent to 213.15
points following record rallies in key crops like corn, soybeans, wheat and
sugar. The severe drought in the US and other parts of
the world especially played havoc with the two sub indices sugar and cereals.
OTHER
"RBS Algo Went Berserk" – ZH
EURCHF
peaked to a 5-month high of 1.20928 from the peg on Monday.
EM hard currency bonds: new highs – beyondbrics
/ FT
“Valuation is a relative concept. Yields on EM hard currency bonds at at record lows. But if you compare that to the alternative available – where else could you invest?”
“Valuation is a relative concept. Yields on EM hard currency bonds at at record lows. But if you compare that to the alternative available – where else could you invest?”
Shiller P/E Ratios for Developed Markets – PragCap
Nomura: Currently, there is a significant difference
between the valuations of US, global and European stock markets. At 16x, the
global market is at the third decile (ie. cheap compared with history), whereas
Europe at 11.4x is at its cheapest level since the 1980s apart from the
immediate post Lehman bankruptcy period.
IN FINNISH
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