Roundups &
Commentary
News – Between The Hedges
Markets – Between The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
EUROPE
Migration picking up but rising unemployment
hurting immigrants – OECD
Migration has started
to pick up again, driven largely by people moving within the European Union,
after three years of continuous decline during the crisis. But the employment
prospects for immigrants have worsened, with around one in two immigrants in Europe still looking for work after more than 12
months, according to a new OECD report.
Does ECB Stand for European Conservative Bank? – WSJ
How a Greek drama became a global tragedy – mainly
macro
Maybe that title is
too strong, but there is an arguable case that what happened to Greece in 2010
was crucial in the move to austerity not just in the Eurozone, but in the UK
and US too.
Overview of the Karlsruhe Hearing on OMT – Bruegel
Constitutional Court hearing on OMT: Much noise
but no clear signals – DB
Research
Portugal: Seventh Review Under the Extended
Arrangement and Request for Modification of End-June Performance Criteria—Staff
Report – IMF
Portugal: Letter of Intent, Memorandum of
Economic and Financial Policies, and Technical Memorandum of Understanding – IMF (pdf)
UNITED STATES
Two For Tapering – Tim
Duy’s Fed Watch
Today's data appears
consistent with Fed expectations that they can begin tapering asset purchases
this year. Still a horse race between
September and December, although I think the Fed is aiming for the earlier date
if data allows.
Retail Sales increased
0.6% in May – Calculated
Risk
U.S. Export Prices Down Amid Weaker Demand Overseas – WSJ
Analysis: What
Thursday’s Data Mean for Fed – WSJ
Retail Sales Point to
Downshift by US Consumers – Marc
to Market
Flash Comment - US:
data remains on track – Danske
Bank (pdf)
What The
"Real" Retail Spending Report Reveals – ZH
Retail Sales: Again
Better Than Expected – dshort
ASIA
Is Abenomics failing? Here's what you need to
know about Japan. – Wonkblog
/ WP
Widowmaker of all widowmakers? – alphaville
/ FT
It’s probably too
early to say concretely that the great yen short of Abenomics has turned into
the widowmaker of all widowmakers. But evidence in favour of such a suggestion
is certainly mounting by the day.
OTHER
EMEA Weekly, Week 25 – Danske
Bank (pdf)
G20 Quarterly Gross Domestic Product, first
quarter 2013 – OECD
How the Robots Lost: High-Frequency Trading's
Rise and Fall – Businessweek
OFF-TOPIC
The Secret War – Wired
Infiltration. Sabotage. Mayhem. For years four-star general Keith
Alexander has been building a secret army cabable of launching devastating
cyberattacks. Now it’s ready to unleash hell.
FINNISH
Sisäinen
devalvaatio vai irti eurosta – Brysselin kone / YLE
Helmet Capitalin pääomasijoittaja Stefan
Törnqvist on sitä mieltä, että jos Suomi haluaa olla kilpailukykyinen, niin
sillä on edessään kaksi vaihtoehtoa. Sisäinen tai ulkoinen 20-30 % devalvaatio.
Valtioneuvoston
selonteko EU-politiikasta 2013 – Valtioneuvosto
(pdf)
Suomi on sitoutunut yhteiseen rahaan euroon
sekä talous- ja rahaliiton vahvistamiseen ja tukee Euroopan tiiviimpää
yhdentymistä.
EVM:n
toimitusjohtaja: Troikka on lakkautettava – verkkouutiset
Nollalabyrintin
vangit – Henri Myllyniemi /
Perussuomalaiset
Vertaillaan Japanin, Yhdysvaltojen ja
euroalueen keskuspankkeja. Pankeilla on eräs merkittävä yhteinen tekijä, ja se
on jättimäinen velkakuorma. Nollakorkojen tuntumassa alueet ovat kuitenkin kuin
keskellä visaista labyrinttiä. Miten löytää ulospääsy, vai törmäävätkö suuret
talousalueet aina umpikujaan?