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Tuesday, July 16

16th Jul - US Open

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Stocks Maintain Zero Volume Hover Mode Ahead Of Bernanke Speech – 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: The Stock Market’s Back to its Old Self – WSJ
Consolidative Tone Persists, though Aussie Finds Legs – Marc to Market

Liquidity draining & EUR short endNordea (pdf)
Excess liquidity expected to reach EUR 100-200bn in the end of the year * EONIA heartbeat pattern has returned * Another LTRO unlikely at this point * A liquidity drain hedge trade – wider Euribor vs EONIA forwards

Just a typical euro zone dayMacroScope / Reuters

July ZEW sends mixed message – Merkelnomics

Euro area annual inflation up to 1.6% – Eurostat (pdf)
Euro area international trade in goods surplus 15.2 bn euro – Eurostat (pdf)

Grieving for Glass-SteagallCoppola Comment
Glass-Steagall is dead. Rather like Soviet-era Communist leaders, it has been officially dead since 1999, and actually dead for much longer.

Consumer Prices in U.S. Rise More Than Forecast on Fuel – BB
Gasoline lifts consumer inflation in June 8:42am EDT – Reuters
CPI increases 0.5% in June, Core CPI 0.2% – Calculated Risk
CPI Jumps On Food, Energy, Apparel, Medical Care Costs – ZH

Japan and the liquidity trapNoahpinion
Before the liquidity trap paradigm takes its place as the dominant paradigm of mainstream macro, it needs to be fleshed out and explored in many ways. And we do not yet know enough about liquidity-trap macro to be confident that it explains Japan.

Emerging Market Central Banks Wheel Out the Big GunsWSJ

India Joins Brazil to China in Tightening Liquidity: EconomyBB
India stepped up efforts to help the rupee after its plunge to a record low, raising two interest rates in a move that escalates a tightening in liquidity across most of the biggest emerging markets. Bond yields and the rupee surged.

Mätäkuu on täällä taasHannu Visti
Aloitetaan Jutta Urpilaisesta, joka on sitä mieltä, että valtio voisi ostaa IT-alan yrityksiä “aktiivisen omistajapolitiikan” hengessä. Toivon, että teitä veronmaksajina kiinnostaa, miksi valtio haluaa käyttää verorahojanne ostamaan IT-alan yrityksiä.

"Pohjois-Euroopan maiden kasvatettava yksikkötyökustannuksiaan"Verkkouutiset
SAK:n pääekonomistin Olli Kosken mukaan Pohjois-Euroopan maiden pitäisi kasvattaa yksikkötyökustannuksiaan, jotta Euroopan sisäiset kilpailukykyerot tasoittuisivat.