Google Analytics

Tuesday, May 21

21st May - US Close





Previously on MoreLiver’s:

Follow ‘MoreLiver’ on Twitter or Facebook

Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
US: 19 out of 19 – ZH


EUROPE
Research Euroland: Fact Book The NetherlandsDanske Bank (pdf)

If Europe is to tackle its demographic decline it should take lessons from the USEuropp / LSE
With declining birth rates and an ageing population, Europe is facing the threat of a democratic decline by the middle of the century. Facing similar challenges, the US has recently moved to reform its immigration policies, thus allowing greater numbers of migrants to encourage growth.

Taking Stock of Capital RatiosWSJ
With earnings season for European banks now all done and dusted for the first quarter, it seems timely to have a glance at their capital positions.

Excess German savings, not thrift, caused the European crisismpettis
One of the reasons that it is been so hard for a lot of analysts, even trained economists, to understand the imbalances that were at the root of the current crisis is that we too easily confuse national savings with household savings.

Right into the dollar zoneFree exchange / The Economist
My Sunday post on the importance of inflation in Germany seems to have been misunderstood by, among others, Tyler Cowen.

Austria, Luxembourg expected to play ball in tax-evasion clampdowneuobserver
Germany expects Austria and Luxembourg to take part in the EU-wide effort to clamp down on tax evasion, even though the two countries last week blocked a key EU proposal on the topic.

EEA plus: a model for the future of the UK in Europe?Open Europe

The UK electorate for something more than the false choice of status quo or exitOpen Europe

  PIIGS
Cyprus: Money launderers still not hung to dryPresseurop

Spain’s awful unemploymentalphaville / FT
Is it only going to get worse before it gets better? Societe Generale think so: as the chart says, they’re expecting it to reach 30 per cent in 2015

Monetising the… ECBYanis Varoufakis
The Greek government borrowed €4.2 billion from the European Stability Mechanism (ESM) in order to repay the… European Central Bank (ECB) €5.6 billion, leaving the ECB with a profit of €2 billion plus from this hideous transaction. Re-pay what exactly?


UNITED STATES
  FED
Fed’s Bullard: Adjustable Bond Buying Best Fit for PolicyWSJ
The Federal Reserve should press forward with its bond-buying campaign, but be willing to change its size to reflect shifting economic currents, a U.S. central bank official said.

Fed’s Dudley: Still Unclear Whether Next Move Will Be Cutting or Boosting WSJ
A Fed official at the heart of the monetary-policy decision-making process said he's open to changing the pace of central bank bond buying when economic conditions warrant, although he added an uncertain outlook means it's still unclear whether the purchases should be boosted or cut.

Fed's Dudley: "Lessons at the Zero Bound: The Japanese and U.S. Experience"Calculated Risk

Two Issues for the Fed: How and WhenMarc to Market
It serves his interest to indicate it is data determined and that more data is needed.  If this does in fact materialize, we suspect it would be supportive for US Treasuries while weighing on the dollar.  To the extent that the FOMC minutes show that there are some at the Fed who think it should be doing more, it may also push the markets in the same direction. 

  MARKETS
361 Capital Weekly Research The Reformed Broker

Chart Of The Day: S&P 500 vs EBITDAZH

Are Market Valuations too High? Turnkey Analyst


ASIA
That soaraway Nikkei and the yenalphaville / FT
The main driver behind the super soaraway Nikkei which is up 45 per cent since the start of the year — foreign investors.

Japan’s New Optimism Has Name: AbenomicsNYT

OTHER
Weekly Focus: Bank of Japan's policy easing - it works!Danske Bank (pdf)

New financial forecastsNordea
or direct to full pdf.

The Rules, Part XXXVIIThe Aleph Blog

CFA Institute Magazine (May/June 2013)CFA Institute

Research Review | 5.21.13 | Risk Management & Asset AllocationThe Capital Spectator

FINNISH
Julkisuuslainsäädännön asiantuntemus puntarissaJyrki Virolainen

Pelastaako talouskasvukaan enää meitä?Henri Myllyniemi / piksu

Tukholman mellakat Financial TimesissaHenri Myllyniemi / US Puheenvuoro

Portugalin pankit eurojohtajille: Lopettakaa tulella leikkiminenJuha Remes / piksu

Äärioikeiston nousu ja uhoHannu Visti