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Wednesday, July 24

24th Jul - US Close

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
Europe: German Bunds Battered Most In 5 Weeks As PMI Prompts Peripheral Bid – ZH
US: Stocks Slump Most In A Month Suggesting Good Is Definitely Bad – ZH

Pretty Much ImprovementNordea
Today’s Euro-zone PMI data and the ECB lending survey provided fresh evidence the area is making good progress in finally defeating recession.

Crossing the line at the ECBmainly macro
However it seems to me that to give public advice on economic issues that are outside their remit which are also highly controversial (and contradict what is in the textbooks) seems to me to be crossing a line which it is very dangerous to cross.

Deconstructing the ECB collateral framework: assessment and outlookECB Watchers
The ECB took an important decision on July 18 when it changed the collateral eligibility rules and haircuts that it applies in its monetary policy operations. The decision was not so important for the measures taken per se, but because it reveals the unclear principles and tensions that govern its collateral framework. If collateral policy is a key element of Central Bank policy, we remain in a trial and error process that creates important risks.

A Eurozone-wide IMF programme could save bothEuropp / LSE
Sony Kapoor makes the case for a eurozone-wide IMF programme, which would move away from the current piecemeal solutions focused on the economies of Europe’s periphery. He argues that a successful Eurozone-wide IMF programme would deliver a more symmetric method of restoring competitiveness, an EU-wide approach to stabilising the banking system, a greater focus on restoring aggregate demand, a deepening of the single market and a credible road map for the Eurozone.

Don’t send Summers to the FedFelix Salmon / Reuters

Shock and Awe(ful)Tim Duy’s Fed Watch

What They’re Saying About Larry Summers and Janet YellenWSJ

Flash U.S. Manufacturing PMI – Markit
PMI Data Shows That Mfg Sector Grew At A Faster Rate In July – The Capital Spectator
US manufacturing follows the same pattern for the 4th year – Sober Look
Early Indicator Suggests Strong July for Factories – WSJ
Flash PMI Shows Steady Improvement – PragCap

New Home Sales at 497,000 Annual Rate in June – Calculated Risk
New Home Sales Rise As Average, Median Home Prices Drop To 2012 Levels – ZH
New Homes Suffer Biggest Two-Month Price Drop Since Lehman, Second Highest Ever – ZH

A Possible Crippling Blow for SACDealBook / NYT
What Other Financial Firms Have Faced a Criminal IndictmentWSJ