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Thursday, July 25

25th Jul - US Open: Terrible Eurozone data



Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Ugly Start As Sentiment Crunched On Cracked Credit Creation In Europe – 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: Another Bear Bites the Dust – WSJ
Morning Bond Update – TradingFloor
More News, but Broad FX Consolidation Continues – Marc to Market


EUROPE
BoE preview: Waiting for forward guidance – just a little bit longer – Nordea

Debt problems in Europe extend beyond the headline figures – Open Europe

Interview: Prof. Bernd Lucke, leader of Germany's anti-euro party AfD – Open Europe

Spanish Unemployment Falls as Rajoy Sees Growth Return – BB

German Ifo expectations almost unchanged – Danske Bank (pdf)
Still points to growth around 0.5% q/q in Germany

  ECB
Monetary Developments June – ECB (pdf)

M1 sends strong growth signal but bank lending continues to contract – Danske Bank (pdf)

ECB Says Bank Loans to Private Sector Shrink Most on Record – BB
Loans to the private sector dropped 1.6 percent from a year earlier. That’s the 14th monthly decline and the biggest since the start of the single currency in 1999.

Euro zone credit slump deepens in June as loans to business shrink – Reuters
Loans to private sector shrink 1.6 pct * Weak lending figures highlight impediment to recovery * ECB meets next week, no change in rates expected

How Spain Just Made Mario Draghi's Nightmare Worse – ZH

ECB preview: More clarity on forward guidance? – Nordea

OTHER
A different multiplier – Buttonwood / The Economist
Forward guidance is the new big hope of monetary policy; the theory is that, by bringing certainty to businesses and consumers, it gives them confidence about the future. And confidence generates economic growth.

FINNISH
Vähittäiskaupan pikaennakko: myynti laski kesäkuussa 1,3% y-o-y – Tilastokeskus

Uusia yrityksiä perustetaan entistä vähemmän – Tilastokeskus