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Wednesday, May 1

1st May - US Open: FED Ahead

ECB- and FED specials posted.

Previously on MoreLiver’s:

Current Specials:

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Roundups & Commentary
Frontrunning – ZH
Overnight: "Buy In May, And Buy Every Day" – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe

Morning MoneyBeat: Market’s Eyeing 1700, Not 1600, for S&P 500 – WSJ
Sterling is King for the Day – Marc to Market
Morning Briefing (EU/US): Carrie – BNY Mellon
  The environment today is markedly different from the one eleven years ago that sparked a flood of Japanese money into overseas markets.

ECB Preview: Rate cut and unconventional measures?TradingFloor
Juhani Huopainen: Consensus is split on the ECB cutting the refi rate from 0.75 to 0.5 percent. It is possible but would have limited effect on the credit crunch, unless it signals that something else is coming - and soon. Look for opportunities to short the EURUSD.

EU-based credit rating agency buriedeuobserver
Plans to launch an independent European credit agency have fallen apart after it failed to attract investors.

It’s never fun being the little guyalphaville / FT
Just as your risk of a dodgy bailout is determined by your size so too, perchance, is your risk of an odd ratings action. On Tuesday Slovenia’s credit rating was junked by Moody’s, forcing it to call off a planned US dollar debt sale.

Italian PM launches opening salvo against austerityOpen Europe
…but where will the cash come from?

Cypriot parliament narrowly approves bailoutOpen Europe
…deal but plenty of hurdles yet to overcome

Dovish Fed Could Help Dollar RecoverWSJ
That’s because it could benefit from rising fears about global growth thanks to its haven status.

Where the Chinese credit is goingalphaville / FT
The question of the country’s recent surging credit growth. The significance of the debt-to-GDP ratio can be argued over, and it’s impossible to say at what level it might become a big problem.

Investment Outlook May 2013: There Will Be HaircutsPIMCO
Yet if there are no spending cuts or asset price write-offs, then it’s hard to see how deficits and outstanding debt as a percentage of GDP can ever be reduced…These haircuts are hidden forms of taxes that reduce an investor’s purchasing power as manipulated interest rates lag inflation. In the process, governments and their central banks theoretically reduce real debt levels as well as the excessive liabilities of levered corporations and households. But they represent a hidden wealth transfer that belies the vaunted phrase “good as money.”

Negative divergencesHumble Student
I am seeing more negative divergences that create more concerns for the bull case. The recent rally, which has been led by the golds and deep cyclicals, have all the appearances of a dead cat bounce rather than the start of a sustainable advance.

”Uusliberalismin kiroaminen ei vie eteenpäin”Kansan Uutiset
Jorma Mäntylän mukaan vasemmistolaista politiikkaa pitäisi rakentaa poimien liberalismin aateperinnöstä edistyksellinen ja käyttökelpoinen ja omaksua se. Sivuun pitää työntää nykykapitalismiin soveltumaton.

Pohjoismaisen hyvinvointimallin hintalappu Euroopan tasollaHenri Myllyniemi / US Puheenvuoro
Suomella on sangen poikkeuksellinen asema eurovaltioiden saralla. Suomella on toki julkista velkaa (valtio ja kunnat), mutta valtiovelan määrä on pienempi kuin Suomen tekemien sijoitusten määrä. Suomen nettopositio on velan suhteen negatiivinen... Asemaamme voidaan toki muuttaa liittovaltioitumalla euromaiden kesken.