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Wednesday, September 26

26th Sep - US Open: Spain's back



Previously on MoreLiver’s:

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Roundups & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
European Risk Is Back: CDS Surge, Spain 10 Year Back Over 6%ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  Eurozone starts discussions on central budget

Morning MarketBeat: The QE Hangover – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Turbulence – Macro and Cheese
Sterling's Resilience: Agriculture Subsidies? – Marc to Market
A Few Observations about Europe on Hump DayMarc to Market
The T Report: Run, Don’t Walk – 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

Reference
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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EUROPE
Banking integration: Friend or foe?voxeu.org
Is a banking union the answer to Europe’s woes? This column argues that banking union is no panacea – and it may actually make monetary policy harder. It urges Europe’s policymakers to re-evaluate their proposals.

The ESM Investor PresentationZH / scribd
Recaps and the ESM treaty alphaville / FT
Taking responsibility, the ESM way alphaville / FT
one senior euro zone official familiar with the discussions that took part in Helsinki said: “All I can say is that the statement means that ESM direct recapitalization should not be used to take care of old problems.”

Rajoy Bets Italian Woes May Ease Spain Rescue TermsBB

Spanish challenges mount againNordea
Spain received a batch of bad news yesterday, which only underlines that the country still has a lot to do to bring confidence back for good.

Be Very Careful, Beloved SpainThe Telegraph
It would be unthinkable for the Spanish state to stop Catalan secession by military force. Such action would violate EU Treaties and lead to Spain’s suspension from the European Union. You do not do such things in the early 21st Century. "No pots ser membre de la UE si utilitzes la for├ža" was the headline. I may have underestimated the vigour of the Spanish officer corps.

Spanish 10Y Bond Yield Breaches 6%ZH

Next Steps For SpainZH
nice calendar from RanSquawk

Euro Update: The Perils of Pointless PainKrugman / NYT
I really do think Draghi has done very well. But he can’t make internal devaluation work on his own, and he can’t save Europe if its leaders continue to think that gratuitous infliction of pain is sound policy.

Sweden: Weaker sentiment in most business sectorsNordea
The business tendency survey indicates sluggish GDP growth, which in turn will reduce the demand for labour. Low inflation and rising unemployment will put pressure on the Riksbank to cut rates.

New Greek Austerity Protests Are Turning UglyThe Atlantic Wire
Violent clashes erupt in Spain, Greece goes on strikeNBC

A German euro exit 'not science fiction' for Il CavaliereOpen Europe

US
What If the Fed Has It All Wrong? John Mauldin / The Big Picture

Chart of the day: The long decline of laborFelix Salmon / Reuters
Labor income as a share of total income at all-time lows.

Dow will repeat 2007-2008 peak-crash cycleMarketWatch
It’s deja vu as lessons of meltdown go unheeded

OTHER
G10 Weekly: When QE becomes futileNordea (pdf)
The risk is that QE, instead of supporting aggregated demand, rather increases households´ propensity to save as real disposable income starts to fall.

Is the stress back in Stress Indicators?Saxo Bank
indicators are reversing from 'risk-on' to 'risk neutral

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