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Thursday, June 20

20th Jun - EU Open: Bad China, European PMIs ahead

Bad PMI from China, and markets are jinxed - the central bank seems to have closed the liquidity gates and this comes at a very, very bad time. French PMI just suprised to the upside, so expect the German and euro area numbers to improve as well. But given the Chinese troubles and the Fed's tapering, perhaps the European positive surprise will remain temporary?

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: Something Tapered This Way Comes – WSJ
Europe Morning MoneyBeat: Fed Clarity Leaves Markets Reeling – WSJ

3 Numbers to Watch: German PMI, UK retail sales, US PMITradingFloor
Markit Economics publishes initial June estimates of manufacturing PMI data for Germany and the US today, and the UK releases retail sales figures for May.

Market Preview: Bernanke hints at QE3 exit; European PMIs eyedTradingFloor
European markets are likely to open lower Wednesday after the Fed chief said the bank would start tapering its bond purchases by the end of 2013 if the economy continues to improve. Meanwhile, today’s PMIs across the EU will be eyed for further hints

Danske DailyDanske Bank (pdf)
Fed fears and Chinese growth concerns will be at the top of the agenda in the European trade today... Euro flash PMIs are expected to show a further rise in June.

Bernanke pilasi kesän * Missä se nousu viipyy? * Fedin viesti vähensi riskinottohalukkuutta


China's Red FlagsZH

China's central bank's inaction can have dire consequencesSober Look
-this is not a game

China Interbank Market Freezes As Overnight Repo Explodes To 25% - ZH

China Money Rates Jump to Records as PBOC Lets Cash Crunch BuildBB

China Stocks Fall to 6-Month Low on Credit Crunch, ManufacturingBB

PMI Hits Nine-Month Low as Output and New Orders Decline – Mish’s
No policy game changer – Nordea
PMI drops to its lowest level in nine months – TradingFloor
HSBC PMI suggests slowdown intensifying – Danske Bank (pdf)

China factory activity hits nine month low, policy action eyed – Reuters