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Wednesday, September 12

12th Sep - US Open: Yes, But...

A quick trip to hospital is in order - so posting prematurely, will update the missing pieces later.

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Previously on MoreLiver’s:
Roundups & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Summary – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  German Constitutional Court gives temporary approval to ESM and fiscal treaty with some added conditionality; Court to review whether OMT programme transfers too much German sovereignty to the EU

Morning MarketBeat: Apple Doesn’t Matter as Much as You Think – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Germany Today, Fed Tomorrow – Macro and Cheese
– Marc to Market
Positive ruling by German Constitutional CourtKiron Sarkar / The Big Picture
The T Report: Two Ships Passing in the Night – TF Market Advisors

US session ahead
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

Spanish Fly In The OintmentMacro Man
German court announcement was pretty much as expected. A green light, but with what we have come to expect with all Euro capitulations, a conditionality sweetener to placate the hardliners…A lot has been made of the ECB's bond buying proposal, and for good reason. The question of just how much time it buys Europe, however, is a bit more nuanced.

ESM? Ja, aber...bruegel
The Karlsruhe judges now demand the that these two objections are removed in a "völkerrechtlich bindend" way, meaning in a way that it binding in international law. My first reaction would be that this probably cannot be done by just agreeing in the German implementation law that the conditions are met. It may require changes in the ESM treaty or a new side treaty to the ESM. So my suspicion is that it will significnatly delay the implementation of the ESM.

Germany Can Ratify ESM Fund With Conditions, Court RulesBB

German court backs euro rescue fund with conditionsReuters
Germany's Constitutional Court gave a green light on Wednesday for the country to ratify the euro zone's new rescue fund and budget pact but gave parliament veto powers over any future increases in the size of the fund.

Commision proposes common supervision for all Euro-area banksNordea
The European Commission published its proposal for a Banking Union today. The big lines of the proposal are in line with general expectations. The political struggle is just beginning…

Europe unveils banking union plan to tackle crisisReuters
Europe moved a step closer to a banking union on Wednesday with a plan for the European Central Bank to supervise all euro zone banks, a cornerstone of closer fiscal integration designed to end years of financial turmoil in the region.

ECB to become bank union supremo from mid-2013euobserver

Let’s not be afraid of… banking unionalphaville / FT
JPMorgan’s Alex White has taken a stab at some of the current problems:

Tough talk on Europe as Dutch go to the pollseuobserver

”Mirror, mirror, on the wall”Gundlach / Doubleline
Long presentation on the economy – US-centric, but also Europe and markets get their fair share. Good one to skim through for a big picture.

Päivi Lipponen vertaa miestään roomalaiseen diktaattoriinIS

Juuri nyt ääntä tarvitaanSS

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