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Thursday, July 25

25th Jul - US Close: Summers & SAC

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
US: Dow Ends 'Unch' Amid USD Crunch – ZH

Glimmers of hope in the euro areaSober Look
Given the persistent weakness in credit growth across the Eurozone (see discussion), the latest quarterly ECB survey of banks brought some welcome news. It seems that demand for loans is declining slower than in Q1 and credit tightening in the euro area is subsiding.

Terrible Eurozone loan data will keep ECB dovishTradingFloor
Terrible Eurozone monetary data will consign to the dustbin any thoughts that next week's European Central Bank meeting might be hawkish. But don't expect concrete dovish measures either - Germany's looming elections will legislate against that.

Cyprus Deposits Plunge At Fastest Rate In HistoryZH
If the current outflow is not stemmed, there won't be a single Euro (Cypriot Euro, not European Euro) deposits left in under one year.

Press release Article IV Consultation on Euro Area PoliciesIMF
Euro Area Policies: 2013 Article IV ConsultationIMF (pdf)
Euro Area Policies: Selected Issues PaperIMF (pdf)

Negative Feedback Loops? Tim Duy’s Fed Watch
Still too early to conclude the extent of the negative feedback of the recent rise in rates.  Moreover, it is not clear to what extent Fed officials are unhappy with that feedback.

Summers a Bane for Treasury Bonds; Yellen a Boon? – MoneyBeat / WSJ
The White House wants Summers. But will they actually choose him? – Wonkblog / WP
Who Will Be The Next Bernanke: This Is What The 'Market' Thinks – ZH
Is Summers as Potential Fed Chief Spooking Bond Market? – WSJ
Larry Summers Is Obama’s Cursed Copper Problem – WSJ
Summers dismissed QE effectiveness – FT
Larry Summers on QE – alphaville / FT
Yellen vs. Summers: Who would be a better Fed chair? – Wonkblog / WP
Summers isn't popular in blogs, but got friends in high places – Wonkblog / WP
Larry Summers and the Pivot to Austerity – Calculated Risk

A failure to communicate: Fed 'guidance' fails early testReuters
Watch what Federal Reserve officials do, not what they say. That was Wall Street's reaction to the U.S. central bank's hints that it could soon begin to wind down its bond-buying stimulus.

Durable Goods Orders Beat Forecasts... But Not If You Exclude Transportation – dshort
The "Real" Goods on the Latest Durable Goods Data – dshort
Janet Yellen; Thursday: Durable Goods, Initial Unemployment Claims – Calculated Risk
Don't Be Confused: Durable Orders Confirming Soft Q2 US GDP – Marc to Market
Increase in Goods Orders Points to U.S. Factory Rebound – BB
Business spending plans rise, jobless claims up slightly – Reuters

Tough Stance on SAC – DealBook / NYT
SAC Indicted By Federal Grand Jury In New York - Full Indictment – ZH
SAC Capital Is Indicted – DealBook / NYT
SAC, the reckoning – alphaville / FT
Federal Prosecutors Accuse SAC Capital of Criminal Securities Fraud – MoneyBeat / WSJ
SAC Capital Indicted in Six-Year U.S. Insider Probe – BB
SAC Sued by Elan Investors Over Alleged Illegal Trading – BB
Cutthroat Cohen Got in Trouble for Being Soft Supervisor – BB
SAC Capital accused of criminal fraud – Reuters
Video: Steven Cohen’s worst nightmare – Reuters
U.S. seeks asset forfeiture, money laundering fines from SAC – Reuters
SEC judge in Cohen case no stranger to high-profile cases – Reuters
SAC's Cohen was too busy to spot insider info in email: lawyers – Reuters
SAC indictment describes 'insider trading group' at Citadel – Reuters
SAC Indictment Argues Insider Trading Was ‘the Norm,’ Not Exception – WSJ
SAC's Real Gross Exposure: Up To $44 Billion – ZH
SAC Charged: Highlights From the Complaint – WSJ
A Quiet Scene at SAC HQ – WSJ
SAC: Never Encouraged, Promoted or Tolerated Insider Trading – WSJ
What’s Next in the Case Against SAC – DealBook / NYT

The Correlation ConundrumThe Capital Spectator
A new study from the Bank of International Settlements (BIS) raises doubts about the value of commodities as a tool for enhancing portfolio diversification.

"Jos haluja hallitukseen, kokoomuksen on käännettävä kelkkansa"Verkkouutiset

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