Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
EUROPE
EU agrees agriculture policy reform – euobserver
BOE Rate Cut Chatter Seems Misplaced – WSJ
PIIGS
Italian leader
criticises Greek bailout terms – euobserver
The economic data
suggests both countries are slowly recovering.
Nevertheless, there is cause for concern and, whether it is the end of
the summer holidays or the German election in late September, Q4 may be more
challenging for both countries.
MACRO
NUMBERS
Euro Jobless Rate Seen
at Record Even as Recession Ends – BB
Euro-Area Economic
Confidence Jumps to Highest in 15 Months – BB
Economic Sentiment
continues to brighten in the euro area and the EU – Europa
Household saving rate
up to 13.1% in the euro area and to 11.0% in the EU27 – Eurostat
Business investment
rate down to 18.8% in the euro area and to 18.3% in the EU27 – Eurostat
Retail Sales Rise in Germany and France, Decline in Italy; Margin Squeeze in Germany and France – Mish’s
UNITED STATES
361 Capital Weekly Research Briefing – The
Reformed Broker
Bank Revenues Surge on Trading Over What Fed
Will Do – BB
FED
Moving closer towards tapering – FOMC preview – Nordea
Where Is The Taper Priced In? – ZH
The interest rate
complex has remained very much in the taper camp... But the credit and equity
markets have generally retraced their Taper reactions... as levered carry piled
back in...
Already-strong case for Yellen strengthens
further, and a word about the inanity of “market” preferences – alphaville
/ FT
What the White House visitors' log tells us
about the Fed race – Wonkblog
/ WP
Who Should Chair the Fed? – PIIE
MACRO
NUMBERS
Consumer Confidence
Slips Most In 4 Months, Outlook Tumbles – ZH
Consumer Confidence
Dips – WSJ
Consumer confidence
slips in July as outlook dims – Reuters
Consumer Confidence:
What Does It Say About the Economy? – dshort
Home prices rise in
May, though pace slows – Reuters
ASIA
The Chinese state owes
a lot of money but no one really knows how much. With Beijing launching an
emergency audit, China Real Time surveys the private-sector estimates.
A great China reckoning might not happen in
quite the way you’d expect – alphaville
/ FT
What a further
slowdown in Chinese growth might mean, and at what point it becomes a ‘crisis’.
BOJ Beat: BOJ May Hold Off on Economic-View
Upgrade Until GDP Data – WSJ
OTHER
Inflationistas and
the global supply shock – alphaville
/ FT
UBS argues this is mostly down to technological supply shocks. The
world, it seems, is increasingly suffering from an abundance crisis rather than
the archetypal scarcity problem most inflationistas would have you believe.
Post-Scarcity
Economics by Tom Streithorst – Los Angeles
Review of Books
Why are some pundits and economists still enamored of austerity?
FINNISH
Vaarallinen elvytysharha – yhtä vaarallinen
kuin säästämisen harha
– tyhmyri
Äänestäisitkö ostettua politiikkoa? – Henri
Myllyniemi / US Puheenvuoro