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Wednesday, July 31

31-Jul - EU Open: Big Week Begins

Previously on MoreLiver’s:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT
Asia Morning MoneyBeat: A Sleepy Tuesday, Ahead of a Super Wednesday – WSJ
Europe Morning MoneyBeat: Look to EU Jobless Ahead of the Fed WSJ

3 Numbers To Watch: German retail sales, EU jobs, US ADP payrollsTradingFloor
Retail sales for Germany, unemployment in the Eurozone, and ADP’s payrolls estimate for the US are among today’s key numbers to watch.

Market Preview: FOMC meeting and US GDP in the spotlightTradingFloor
European markets are likely to open mostly flat Wednesday. Traders keenly await today's outcome of the Fed's policy meeting for cues on QE3 tapering. Also, the US GDP and a slew of macro releases across Europe will attract market attention.

Danske DailyDanske Bank (pdf)
FOMC statement: We do not expect any changes in policy but think that the Fed will stay on track to start tapering in September despite more dovish comments from chairman Bernanke recently... the first release of US Q2 GDP growth. We expect GDP growth to print only a modest 0.8% q/q AR, which is likely to be noted in the FOMC statement.

Market comment: Brace yourself: it all starts todayNordea
Bond yields with limited changes, but all that is about to change * Italian bonds with some performance despite the on-going Berlusconi court case * Asian equities mixed overnight * Watch out for the weak Dutch economy * Worries of falling Euro-zone inflation receding * US data mostly with a softer tone *
Brace yourself – it all starts with the US GDP and the Fed today * Germany to sell 30-year bonds

Suomen työttömyysaste aliarvioi työttömyyden * Milloin Fed trimmaa? * EURSEK nousi yli prosentin

Aamukatsaus Tapiola (pdf)

Outotecin 2Q-luvut jäivät odotuksista, samoin saadut tilaukset. Koko vuoden ohjeistus kuitenkin muuttumaton. Outotecin raportti vahvistaa kaivosteollisuuden aktiviteetin hidastumisen. Markkinan suunta: Osakemarkkinoilla eilen pieniä liikkeitä, kun sijoittajat odottivat tänään julkaistavia BKT-lukuja USA:sta sekä FED:in korkokokouksen päätöksiä. Euroalueen talousluottamus jatkoi odotetusti vahvistumistaan, tunnelmat korkeimmillaan sitten kevään 2012. Osakefutuurit miinuksella, indikoiden laskuavausta OMX HEX:iin. 2Q13-tuloskauden kommentit: Finnlines, Orion, Incap, Outotec, Pohjola.


If "Europe Is Fine" Why Is Deutsche Bank Deleveraging At The Fastest Pace Since The Crisis of 2011?ZH

Green Shoots in Europe (can’t believe I’m saying this out loud)The Reformed Broker

Hawks and Doves, AgainTim Duy’s Fed Watch
The classification of policymakers into hawks and doves is unfortunate given the negative connotation associated with doves in particular.  It is even more unfortuate that Yellen has been identified as a dove innumerable times in the press and blogs (myself included).  I don't know that we can easily abandon the terminology, but we very much need to work to eliminate any negative connotations to the terms. 

What Larry Summers Said in 1991Evan Soltas

Things That Make You Go Hmmm... Like Fed-Induced Sugar CrashesZH