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Tuesday, September 25

25th Sep - US Open

First reports of the ESM leverage coming out. Greek situation even worse than thought - and that is an accomplishment. EURUSD's recent downchannel is turning sideways - expect horizontal range trading for a while and an eventually a move up.

If it ain’t broke, don’t fix it. If it is broken, Fixit. – MoreLiver

Roundups & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Sentiment: Europe Back In Focus – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  Süddeutsche: Greek funding gap could be as large as €30bn

Morning MarketBeat: Housing Recovery Boosting Confidence – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Rangebound – Macro and Cheese
Nervous Calm Leaves Greenback Mixed – Marc to Market
The T Report: From European Bull to Bear – TF Market Advisors
– Kiron Sarkar / The Big Picture

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

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Blogs review: OMT - Has the ECB solved the Euro Crisis?bruegel
Comprising of potentially unlimited purchases of government bonds, it is the largest ECB intervention so far. In the blogosphere, OMT is mainly evaluated as intended to prevent market panic from pushing otherwise solvent governments into bad equilibria, insolvency due to mounting interest payments. Criticism focuses on either conditionality requiring more austerity, stopping growth or on conditionality being not fully credible as OMT support cannot easily be withdrawn from non-compliant countries.

ESM Fund Plans ‘Prudent’ Investments, May Buy Bank DebtBB

The Greek budget shortfall gets biggeralphaville / FT
Apparently that Greek shortfall is even bigger than the even bigger figure reported in the German press on Monday.

Bundesbank castigates IMF for saving EuropeThe Telegraph
Germany's central bank has launched a blistering attack on the IMF, accusing officials of spraying around money like confetti and overstepping their legal mandate.

The SNB’s increasingly tangled webalphaville / FT
It has been a little while since we dropped in on the Swiss National Bank, its floor and the consequences of its floor… so the following came in quite handy.

Fiscal consolidation in Sweden: A role model?
As is well known among economists, Sweden had its own financial crisis in the early 1990s and their public finances were quickly consolidated. This column asks whether the Swedish policy measures serve as a role model for how to handle the current crisis?

Learning from past crises: Into the safety
Lessons from the past suggest democracies with strong economic fundamentals do not default on their debt. This column suggests high growth and low deficits are key but that growing discontent as the result of austerity may be the most important factor yet in influencing the probability of default. Eurozone countries, therefore, need to build a higher safety buffer of good fundamentals to ensure safety from default

Great Graphic: Euro Zone PMI and GDPMarc to Market

Danske Bank’s EMU poll: Clear NoDanske Bank (pdf)

Member states continue budget bickeringeuobserver

Don’t be alarmed about China’s balance of payment deficit (yet)alphaville / FT

Hip hurraa, oma sauna palaaHS
Kolumni: On hyvin kummallista, että moni suomalainen poliitikko on eurokriisissä riekkujien puolella, vaikka valtaosa kansalaisista kannattaa EU:ssa ja euroalueessa pysymistä. (aivan vammaista ja hyvin valikoivaa faktojen käsittelyä – mutta mitäpä muutakaan...)

Demarilähde myöntää Sdp:n hilanneen politiikkaansa persujen suuntaanTE

FT: Suomen maine Euroopan kovan linjan maana johtuu paljolti SoinistaYLE
Suomen tiukka linja eurokriisin hoidossa on noussut esiin maailman arvostetuimpiin kuuluvan talouslehden sivuilla. Lehti pitää Suomen asemaa pitkälti perussuomalaisten aikaansaannoksena.

Suomen ja Kreikan eroHannu Visti

Erinomainen kooste kuulustelupöytäkirjoja ja uutisvälähdyksiä.