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Wednesday, July 10

10th Jul - EU Open

Italy downgraded, ECB's recent speech moderated, FOMC minutes and Bernanke speech ahead.

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: The Market’s in a Buying Mood – WSJ
Europe Morning MoneyBeat: China, Italy Dampen Tone – WSJ

3 Numbers to Watch: DE CPI, FR industry, Fed minutes and BernankeTradingFloor
Updates on consumer inflation for Germany, industrial production for France, and US Federal Open Market Committee minutes coupled with a speech from Federal Reserve chief Ben Bernanke, will dominate today’s economic news.

Market Preview: S&P downgrades Italy; FOMC minutes in focusTradingFloor
European markets are likely to open mixed on Wednesday. S&P lowered its credit rating on Italy while Chinese trade data has disappointed investors. The minutes of the US Fed’s last monetary policy meeting and a Ben Bernanke speech will be in focus.

Danske DailyDanske Bank (pdf)
The main event is expected to be the release of the minutes from the18-19 June FOMC meeting... In Europe focus will be on May industrial production in France and Italy. Several ECB members will be speaking... We do not expect BoJ to announce any easing measures in connection with the close of its monetary meeting early tomorrow morning

Market comment: China still losing momentumNordea
Especially German bonds with good performance – more support likely early today * Terrible Chinese trade data point to clear weakness * Italy downgraded – pay more attention to Spain * The definition of an extended period a very sensitive topic for the ECB * Spain prints a 15-year bond with good demand * UK industrial production on the weak side * All eyes on Fed minutes and Bernanke – pressure for bonds late in the session * US and German bond auctions ahead

Kiinan luvut viittaavat kasvun hidastumiseen * Italian luottoluokitusta laskettiin


ECB Corrects Asmussen Statement on RatesWSJ

Banking on unionMacroScope / Reuters
The European Commission will present its blueprint for a body to refloat or fold troubled banks, largely in the euro zone.

Three Funny ChartsZH

Fed Looks at More Than Jobs Report for Labor Market CluesWSJ

IMF’s Blanchard Notes Fed Faces Communication ChallengeWSJ

The Chinese canaries look stressedHumble Student

China Absent From Global Corruption ReportWSJ

Bank of Japan preview - It works so far, BoJ on autopilotDanske Bank (pdf)

Why China’s June trade data are almost unremittingly bad – alphaville / FT
Chinese Exports Slump Most Since 2009 – ZH

Teollisuustuotanto väheni toukokuussa 5,9 prosenttia vuoden takaisesta – Tilastokeskus
Teollisuuden uudet tilaukset vähenivät toukokuussa 8,6 prosenttia vuoden takaisesta – Tilastokeskus