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
EUROPE
Liquidity draining & EUR short end – Nordea
(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 day – MacroScope
/ 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)
UNITED STATES
Grieving for Glass-Steagall – Coppola
Comment
Glass-Steagall is
dead. Rather like Soviet-era Communist leaders, it has been officially dead
since 1999, and actually dead for much longer.
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
ASIA
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.
OTHER
Emerging Market Central Banks Wheel Out the Big
Guns – WSJ
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.
FINNISH
Mätäkuu
on täällä taas – Hannu
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.