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Wednesday, June 26

26th Jun - US Open: Italian Scandal

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Futures Lifted By Verbal Cental Banker Exuberance – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Midday Express (EU daily news) – Europa
Daily press summary – Open Europe

Morning MoneyBeat: Central Banks Square Off Against Selloff – WSJ
Morning Bond Update – TradingFloor
Dollar Bulls Still in Charge – Marc to Market

ECB Could Spell More Trouble For EuroWSJ
What the ECB president hasn’t said is that the Bank could have to act again as early as next week. And for the euro this can only spell trouble.

Is Greece’s bailout running out of cash?Brussels Blog / FT
Just how off track is Greece’s €172bn second bailout? When the FT reported that a new €3bn-€4bn financing gap had opened up in the programme, EU and International Monetary Fund officials went out of their way to insist there wasn’t a gap at all.

Nordic Outlook - June 2013Danske Bank (pdf)
Denmark: economic adjustments make Denmark ready for growth Sweden: an economy slowly convalescing Norway: Growth pause, but no signs of crisis; the Norwegian economy is still in good shape Finland: Second year of misery, GDP set to contract in 2013 but growth should return in 2014

Italy Faces €8bn Hit on €31.7bn in Derivatives Restructured in Eurozone CrisisMish’s
Italy risks potential losses of billions of euros on derivatives contracts it restructured at the height of the eurozone crisis, according to a confidential report by the Rome Treasury that sheds more light on the financial tactics that enabled the debt-laden country to enter the euro in 1999.

Corruption, EuroStyle: ECB Chief Draghi Fudged Italy’s Books to Secure Eurozone Entry, Italy Stuck With Derivative Lossesnaked capitalism

Italy Embroiled In Latest Derivative Loss Fiasco Through Another Mario Draghi-Headed ScandalZH

Italy’s €8bn Loss! Draghi?ZH

Guest post: what looms after China’s credit boombeyondbrics / FT
Eric Lascelles of RBC Global Asset Management: The recent stress in China’s interbank lending market has, quite rightly, attracted renewed attention to the country’s credit excesses. Alas, successfully distinguishing between nourishing credit and gluttonous credit is more easily said than done.

China: savers flock to shadow-bank deposits in response to higher ratesbeyondbrics / FT
China’s recent cash squeeze is having the perverse effect of attracting more savers into the controversial wealth management products (WMPs) that the authorities want to bring under greater scrutiny.

Global FI Strategy: A taste of less spoon-feedingNordea (pdf)
What we have witnessed since the beginning of May has its roots in a fundamental improvement of the US economy, but has created a larger mess in financial markets than anyone would have guessed…USD: If we are correct in our assumption that the last bit of the rate sell-off predominantly is related to stop activity, a 30-50bps re-bound in the 5yr segment doesn´t look unachievable…EUR: We view the re-pricing of an implicitly tighter ECB policy as fundamentally unwarranted and a reversal is likely in the near future…

Revised Basel III leverage ratio framework and disclosure requirementsBIS

Timo Soinin kohtalokas EU-ratkaisuverkkouutiset

EVA-analyysi: Valtiovalta ohjeistaa kuntia veronkiertoonverkkouutiset

Akateeminen taksikuskiHenri Myllyniemi / US Puheenvuoro