Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Europe Morning MoneyBeat: It’s Central Bank Day In
Europe – WSJ
MORNING BRIEFINGS
Thursday brings an
update on the UK Halifax House Price Index, followed by interest rate
announcements from the European Central Bank and the Bank of England.
Market Preview: BoE and ECB policy meetings in
focus – TradingFloor
European markets are
likely to open higher Thursday. Investors will keep a tab on the BoE and the
ECB's interest rate decisions due later today — both central banks are likely
to maintain the status quo. Meanwhile, US markets are closed today.
Danske Daily –
Danske Bank (pdf)
Aamukatsaus – Nordea
Fed yhä kurssilla
elvytyksen vähentämiseksi * Portugalin korko nousi poliittisten riskien
siivittämänä * Huomio Draghin viestissä
EUROPE
France and Germany have backed down on threats to suspend US trade talks, after the US offered to set up more "working
groups" on data protection.
US-based credit rating
agencies are regularly subject to condemnation for causing or amplifying
financial crises – the Eurozone Crisis in particular. Should Europe try to set up a European agency to counter
this? This column discusses evidence that shows that the largest German rating
agency was more aggressive than the US Big Three both in terms of a lower level
and a higher propensity to quickly downgrade Eurozone problem countries.
Nigel Farage Blasts European Parliament for
Hopeless Positions on Youth Job Programs and Global Warming Programs – Mish’s
PORTUGAL
As the horse trading
takes place, the Troika will grant Portugal limited economic latitude to change policies.
Little change should be expected in the economic outlook, apart from further
short-term deterioration in the markets.
UNITED STATES
Fed Watch: A Pledge To Be Responsible – Tim
Duy’s Fed Watch
Monetary policymakers
have bent over backwards to convince financial market participants that
tapering quantitative easing does not imply an earlier date for the lift-off
from the zero interest rate policy. It
has been a hard message to sell.
My guess is the BLS
will report close to the consensus of 161,000 jobs added in June. A key will the unemployment rate to see if
that is tracking the Fed's forecast for QE3 tapering.
OTHER
Rates morning comment – ECB and BoE day – Nordea
Today’s menu is ECB, BoE and Spanish auction * Next step in Portugal is keeping the
government together * Strong numbers yesterday * Riksbank stays on hold as
expected * ECB preview: Monetary exit remains very distant * BoE preview: The
King has left the building
Capital Flows Management - Lessons from International Experience – IMF (pdf)
IMF and PBC Joint
Conference, 311 pages.