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Tuesday, July 16

16th Jul - EU Open

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: U.S. Stocks Chop Narrowly Higher In Thin Trading – WSJ
Europe Morning MoneyBeat: Spanish Political Troubles Prompt Caution WSJ

3 Number To Watch: German ZEW, US industrial production and NAHBTradingFloor
Updates on the ZEW Indicator of Economic Sentiment for Germany, followed by new US data on industrial production and the NAHB Housing Market Index, are among the key numbers to watch for on Tuesday.

Market Preview: European ZEW survey and US CPI eyedTradingFloor
European markets are expected to open lower Tuesday. Investors will keep a tab on today's German ZEW sentiment indices which are likely to show an improvement for July. Also, EU and US consumer price inflation data due later today will be in focus.

Danske DailyDanske Bank (pdf)

Market comment: Rajoy not ready to say ahoyNordea
German and US yields move in opposite directions * Spain’s Rajoy continues to feel the heat * US retail sales disappoint * EFSF loses its last triple-A rating * Plenty of inflation data in the calendar

USA:n vähittäismyynti pettymys * Fitch laski Euroopan väliaikaisen vakausrahaston luottoluokitusta


Italy to Spain Beckon as Yields Beat Germany: Real EstateBB
Europe’s biggest real estate managers are making their first investments in southern Europe since the financial crisis as low prices and diminishing risk make commercial properties more attractive.

What a regime shift looks likeHumble Student
…to believe that the ERP will return to pre-crisis levels is to disregard the longer term nature of the deleveraging cycle and the net effects of the Fed's QE programs which depressed risk premiums globally.

Monitor: Chinese credit crunchDanske Bank (pdf)
Chinese money market rates have continued to decline and shorter maturities have now closed to normalised levels.

CFA Institute Magazine (July/August 2013)CFA Institute
Why are investors still trying to cope with aftershocks from the financial crisis five years later? In the latest edition of CFA Institute Magazine, investment strategist Nick Sargen offers a comprehensive (yet concise) analysis of what went wrong, “the great disparity” between US equities and the economy, and what lies ahead.