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Wednesday, June 19

19th Jun - EU Open

See the previous post for a huge linkfest, and note the latest monthlies from Danske. I'll do a FED Watch special later today, so stay tuned.

Previously on MoreLiver’s:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT
Asia Morning MoneyBeat: Bulls Bet Heavy That Dovish Fed Won’t Waver – WSJ
Europe Morning MoneyBeat: Fed Day Dawns At Long Last – WSJ

3 Numbers to Watch: UK BOE minutes, US Fed statement & forecastTradingFloor
The Bank of England releases minutes from the latest monetary policy committee meeting, followed in the US with the Fed's FOMC statement and new economic projections.

Market Preview: FOMC meeting in spotlight TradingFloor
European markets are likely to open lower on Wednesday. The much awaited FOMC meeting takes centre stage today and traders will be looking for hints on the potential timing of the scaling back of QE3.

Danske DailyDanske Bank (pdf)
FOMC meeting likely to once again stress that QE tapering is not a tightening of monetary policy
but rather a reduction in monetary easing and that QE tapering will not imply that the Fed has moved the timing of its first rate hike closer

Fedin kiristykset: Vasta syssymmällä * Norjan keskuspankki voi yllättää * Markkinat hermostuneita Fedin kokouksen alla


Ten Key Takeaways from the U.K. Parliamentary Banking ReportWSJ

What A Correction Could Look LikeZH
…given today's equity rally (and ongoing credit weakness) that the consensus of the equity herd are not expecting disappointment tomorrow - while credit markets are preparing for the 'flow' to slow.

FOMC Decision PreviewPragCap

Residential construction recovery has a long way to goSober Look
New housing construction in the US has increased substantially since the lows of the Great Recession, but remains near pre-recession lows.

An EM yellow flagHumble Student
EM bonds had stabilized late last week and my inner bull breathed a sigh of relief. Then today(Tuesday), which was a risk-on day for global equity markets, EM bonds took a nasty tumble and set off alarm bells again.

Financial globalisation: Retreat or reset?
A more compartmentalised global financial system could certainly reduce the likelihood of a financial crisis spreading from one country to the next. But there is now a danger that the pendulum could swing too far,

Brazil protests: Dilma speaksbeyondbrics / FT
Brazil’s Protests Reflect the Malaise of an Opportunity LostWSJ
The protests sweeping across Brazil’s biggest cities have morphed from frustration over fare hikes for poor public transportation to a more generalized dissatisfaction with the poor state of public services.

HS: Keskusta suurin, kokoomus kakkonenHS

Kuinka rahapolitiikkaa Euroalueella voisi muuttaa ilman valtioiden setelirahoitustatyhmyri

Markkinakatsaus — Rahapolitiikan maisemat muuttuvatHandelsbanken (pdf)
Kehittyneiden teollisuusmaiden rahapolitiikan suunnat ovat alkaneet eriytyä. Japanin keskuspankki on aloittanut massiivisen elvytyksen, kun taas USA:n Fed on alkamassa hidastaa elvytystahtia. EKP:ltä odotamme vielä yhtä koronlaskua, jota seuraa viiden vuoden tauko korkomuutoksissa.