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
– Marc to
Market
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
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Spanish Fly In The Ointment – Macro
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.
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.
German court backs euro rescue fund with
conditions – Reuters
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.
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 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-2013 – euobserver
Let’s not be afraid of… banking union – alphaville
/ FT
JPMorgan’s
Alex White has taken a stab at some of the current problems:
OTHER
”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.
IN FINNISH
Päivi Lipponen vertaa
miestään roomalaiseen diktaattoriin – IS
LOL!
Juuri nyt ääntä
tarvitaan – SS