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Friday, June 14

14th Jun - US Open: Massive links

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Friday Is Just Friday (For Now) – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe

Morning MoneyBeat: Big Bad Taper Nothing to Fear – WSJ
Morning Bond Update: Not what the Fed wanted – TradingFloor
Markets Calmer into Weekend – Marc to Market
Morning Briefing (EU/US) – BNY Mellon
  What might be running through Bernanke's mind ahead of FOMC

Euro Area Macro HandbookDanske Bank (pdf)
77 pages of deeper reading.

The ECB is doing the right thingThe A-List / FT
The hearings of the German constitutional court this week in Karlsruhe raise a series of interesting questions, in particular about the independence and accountability of the European Central Bank.

Blogs review: Tackling youth unemploymentBruegel

EZ banking union with a sovereign
Daniel Gros: The doom-loop between banks and the national governments played a dominant role in the Eurozone crisis for Ireland and Cyprus. A Eurozone banking union is usually viewed as the solution. This column argues that the doom-loop cannot be undone as long as banks hold oversized amounts of their government’s debt. A simple solution would be to apply the general rule that banks are prohibited from holding more than a quarter of their capital in government bonds of any single sovereign.

May 2013 Euro area annual inflation up to 1.4% EU up to 1.6% - Europa

The Fed is still keen to be investors’ best friendThe A-List / FT
Mohamed El-Erian: Markets rallied sharply late on Thursday on unconfirmed indications that the Fed may push back more forcefully on investors’ fear of a pre-mature tightening in monetary policy. To sustain the change in market sentiment for more than a few days, the Fed would need to follow up with greater details

Fed Likely to Push Back on Market Expectations of Rate IncreaseWSJ
An adjustment in the program won’t mean that it will end all at once, officials say, and even more importantly it won’t mean that the Fed is anywhere near raising short-term interest rates. Investors aren’t listening.

Is the Fed Going to Dial Down Its QE Taper Talk?naked capitalism
The Fed has a difficult task ahead - TradingFloor
Nick Beecroft: The Federal Reserve has embarked on an ambitious journey, during which they intend to simultaneously burst bubbles, avoid a bond market rout, and boost lending to consumers and businesses. This may prove to be an enormously difficult task.
US Bonds In "Panic" ModeZH
Based on Credit-Suisse's Panic-Euphoria model of risk appetite, US bond markets are on the verge of the short-term capitulative "Panic" mode. Each time we have reached this level of 'selling' in the last 6 years, Treasury yields have compressed significantly.

Market jitters could crush Japan’s inflation driveBreakingviews / Reuters

Abenomics: Is Shinzo aiming in the right directions?Bruegel

Nikkei Slides After BOJ Minutes ReleasedZH

*Global Macro Views: Working through the US soft patchDanske Bank (pdf)
The US economy is working its way through a soft patch due to substantial fiscal tightening…The euro area is finally showing signs of improvement in hard data…China continues to disappoint and we have revised our growth forecast down…

What Wall Street's Cross-Asset Trading Desks Are Saying Right NowZH

Deutsche: markets rough, economies mostly stablebeyondbrics / FT
Don’t panic, says Deutsche Bank, about the emerging markets sell-off. Once the dust has settled, investors will see that most emerging markets are in better shape for a post-QE world than most developed markets because debt levels are lower.

The G8 summit in Lough Erne (UK) on 17-18 June 2013Europa
European Commission MEMO Brussels, 13 June 2013 What are the main topics on this year's agenda? The United Kingdom, who is holding this year's annual G8 presidency, has set out three main topics on the summit's agenda: trade, taxation and transparency ("the three Ts").

Can’t Win a Currency War? Try Protectionism InsteadWSJ
The incidence of protectionist policies in one form of another has risen over the last six months to its highest level since the start of the global financial crisis in 2008.

The Blurring of the Risk-on/Risk-off EffectSober Look
As a follow-up to the discussion on "risk-on/risk-off" (see post), there is further evidence that the market dynamics that have been in place over the past four years have recently been altered. The negative correlation between the US dollar and the US equity markets is nearly gone.

10 Nagging ConcernsZH
Gluskin Sheff's David Rosenberg has ten nagging concerns...

Weekly Credit UpdateDanske Bank (pdf)

Yield Forecast Update: Volatility is backDanske Bank (pdf)

Book Review: Value Investing: From Graham to Buffett and BeyondThe Aleph Blog

Weekend Reads for Financial AdvisorsCFA Institute
Retirement, Behavioral Finance, and Paul Revere

Perusteollisuuden asiat unohdetaanEK

Antolainauskanta lähes 7 miljardia euroa maaliskuun 2013 lopussaTilastokeskus

Elintarvikkeiden kallistuminen ylläpitää inflaatiotaTilastokeskus

Maksutase huhtikuussa 2013Suomen Pankki
Huhtikuun 2013 vaihtotase oli 1,4 mrd. euroa alijäämäinen, eli alijäämää oli noin 0,4 mrd. enemmän kuin vuosi sitten. Maksutaseen mukainen kauppatase1 oli 0,2 mrd. euroa ylijäämäinen. Viimeisen 12 kuukauden yhteenlaskettu vaihtotaseen alijäämä oli 2,9 mrd. euroa.

Talouskasvu ja alhaiset korot ovat ristiriitainen tavoite – molempia ei voi saavuttaa yhtä aikaatyhmyri

Suomen kansainvälinen kilpailukyky on heikentynyt merkittävästi kymmenessä vuodessaNurkanvaltaaja / SK