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Wednesday, July 3

3rd Jul - EU Open

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: New Money Runs Into Old Problems – WSJ
Europe Morning MoneyBeat: China Worries Resurface – WSJ

3 Numbers to Watch: EU services PMI, UK services PMI, US ADP jobsTradingFloor
A triple round of upbeat news is expected in today’s updates on the UK Markit/CIPS Services PMI, EU retail sales, and the US ADP employment report.

Market Preview: Heavy European and US economic calendar aheadTradingFloor
European markets are expected to open lower Wednesday amid renewed concerns surrounding Portugal and Greece. Traders are likely to keep an eye on a raft of economic data in Europe and the US due later today for further direction to market sentiment.

Danske DailyDanske Bank (pdf)

Aamukatsaus Nordea
Yllättääkö Riksbank? * Positiiviset talousluvut tukevat dollaria


There's no suffering too great if it's for the sake of the euro – and Ireland proves itThe Telegraph

Portugal Weighs on EuroMarc to Market
Portugal and Europe’s TinderboxWSJ
Portugal has a Troika review upcoming on July 15. The opposition Socialists will be meeting with the president tomorrow afternoon. JP Morgan points out that if the Portas’s rightist CDS-PP party would withdraw its support the government would retain only 108 of the 230 seats in parliament. This would require forming a new coalition or a call for new elections. The risk of new elections in Portugal opens the door for anti-euro backlash.

The international role of the euroECB (pdf)

Margin Call on US banks (or rather too-big-to-fail banks)TradingFloor
Steen Jakobsen: this week's big deal is the openness with which the Federal Reserve is preparing a major margin call on the too-big-to-fail banks in the US. This has been a long time coming since the introduction of the Dodd-Frank law back in 2010 but it is a game changer. Remember ALL macro paradigm shifts come from policy impulses, often mistakes.

Rates morning comment: Portugal on the brink?Nordea

OECD Says Japan, US, UK Face Toughest Choices In Cutting DebtWSJ