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Tuesday, July 30

30th Jul - US Close

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
US: Dow Stuns Vacuum Tubes With 2nd Red Close In A Row ZH

In Europe, the case for… optimism? alphaville / FT

EU agrees agriculture policy reformeuobserver

Russia’s LTRO (or LTROski, if you insist)alphaville / FT

BOE Rate Cut Chatter Seems MisplacedWSJ
Spain on the way back … to stagnationMacroScope / Reuters

Italian leader criticises Greek bailout termseuobserver

Depositor defusal, Cyprus editionalphaville / FT

Spain and Italy UpdateMarc to Market
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.

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

U.S. Fiscal Policy: A Tough Balancing ActiMFdirect

361 Capital Weekly Research BriefingThe Reformed Broker

Bank Revenues Surge on Trading Over What Fed Will DoBB

Moving closer towards tapering – FOMC previewNordea

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” preferencesalphaville / FT

What the White House visitors' log tells us about the Fed raceWonkblog / WP

Who Should Chair the Fed?PIIE

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

How Big Is China’s Debt? The Best GuessesWSJ
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 expectalphaville / 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 DataWSJ

Inflationistas and the global supply shockalphaville / 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 StreithorstLos Angeles Review of Books
Why are some pundits and economists still enamored of austerity?

Vaarallinen elvytysharha – yhtä vaarallinen kuin säästämisen harhatyhmyri

Äänestäisitkö ostettua politiikkoa?Henri Myllyniemi / US Puheenvuoro