Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
The Closer – alphaville
/ FT
US: Dow Ends 'Unch' Amid USD Crunch – ZH
EUROPE
Glimmers of hope in the euro area – Sober
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
dovish – TradingFloor
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.
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 Policies – IMF
Euro Area Policies: 2013 Article IV
Consultation – IMF (pdf)
Euro Area Policies: Selected Issues Paper – IMF (pdf)
UNITED STATES
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.
FEDERAL
RESERVE
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 test – Reuters
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
OTHER
SAC
CASE
Tough Stance on SAC – DealBook
/ NYT
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 Conundrum – The
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.
FINNISH
"Jos haluja hallitukseen, kokoomuksen on
käännettävä kelkkansa" – Verkkouutiset
Mitä jos Kiinan talous rysähtää? Tässä on
uhkaskenario – TE
Pankki: Jos Kiina "aivastaa", Suomi
ottaa osumaa – TalSa