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Tuesday, July 2

2nd Jul - US Close: Portugal & Greece

Blue horseshoe HATES Portugal and Greece.

Previously on MoreLiver’s:

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Roundups & Commentary
News – Between The Hedges
Markets – Between The Hedges
The Closer – alphaville / FT
US: Bonds & Stocks Ignore FX, Commodity, And Credit Volatility – ZH

France and the Eurozone recoverySober Look
The biggest threat to near-term recovery in the Eurozone is not the periphery. It's France - which represents over a fifth of the area's GDP.

Broken record: Euro zone unemployment stuck at all-time highMacroScope / Reuters
Spain’s unemployment crisis is now officially more dire than Greece’s – and that’s saying something.

Portuguese Spreads Soar As Cabinet UnravelsZH
JPM warns: there are reasons to be concerned.

Irish tapes show need for EU bank unioneuobserver

Berlin Blockade: Brussels Concerned About Merkel's Anti-Europe FlipSpiegel
Germany's EU partners are accusing Chancellor Angela Merkel of campaigning for re-election this year at Europe's expense. Even her government's center-right allies within the bloc are needled by Berlin's sudden resistance to Brussels.

ECB’s Asmussen Is Where Money and German Politics MeetBB
In the afternoon, Joerg Asmussen is by his boss Mario Draghi’s side. In the evening, he’s among old party comrades.

The Rise Of Real YieldsThe Capital Spectator

These seven charts show where the U.S. economy is headed nextWonkblog / WP

Fed to vote on Basel capital rules, also eyes stricter reformsReuters
The Fed on Tuesday is set to vote on whether to adopt the international Basel III capital rules and will also consider a series of other reforms that go beyond that international agreement.

Fed pledges to get tough on Wall Street as adopts Basel rulesReuters
The U.S. Federal Reserve pledged to draft tough rules for Wall Street while shielding smaller banks from some of the harshest impact of the global Basel III capital rules it adopted on Tuesday.

Fed’s Dudley Sees Faster Growth in 2014 as Fiscal Drag WanesBB

Monitor: Chinese credit crunchDanske Bank (pdf)

Chinese credit: Look both waysFree exchange / The Economist
Most stories on China over the past few months have included some variation on the chart showing the boom in Chinese credit, broadly and narrowly defined.

China Prohibits Local Media To Cover Ongoing Cash CrunchZH

Michael Pettis on ChinaCFA Institute
Too much credit not just a problem for shadow banking system

361 Capital Weekly Research BriefingThe Reformed Broker

Milloin eurossa pysymisen taloudellinen hinta nousee suuremmaksi kuin euroeron poliittinen hinta?tyhmyri

Ken on maassa höttöisinKalle Pahajoki / US Puheenvuoro

Euroalueen pankkijyvät ja –akanatHenri Myllyniemi / US Puheenvuoro

Tarvitaan uusia taikatemppujaHenri Myllyniemi / Piksu