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Tuesday, July 9

8th Jul - US Close: IMF on Europe, Greece "saved", again

Previously on MoreLiver’s:

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Roundups & Commentary
Markets – Between The Hedges
The Closer – alphaville / FT
Europe: Despite Dismal Data, Deutschland Dax Does Best In 10 Weeks – ZH
US: Bonds Best, Stocks Rest, And USD Depressed – ZH

We can’t wave goodbye to the euro crisis just yetThe Telegraph
Since last summer, the euro crisis has apparently abated. Optimists have believed that it has finally been laid to rest.

People are moving to where the jobs are – within Europe or outsideThe Independent
Hamish McRae: Europe is experiencing a huge shift in population, exacerbated by the eurozone’s rigidities

Insight - Threat of protest vote casts long shadow over European electionsReuters
In the diplomatic parlour games popular in Brussels, few issues are generating more gossip or being talked about more animatedly than next year's elections to the European Parliament.

Muddle through strategyHugo Dixon / Breakingviews

Euro zone grants multi-billion euro lifeline for GreeceReuters
Greece secured a lifeline from the euro zone and the IMF on Monday but was told it must keep its promises on cutting public sector jobs and selling state assets to get all the cash.

Greece and the Troika: Summer BreakMacro and Markets

Urp Versus DerpKrugman / NYT

2013 Article IV Consultation, Euro Area Concluding StatementIMF
IMF Warns Euro Zone Risks Reviving StressWSJ
IMF says 'imperative' for euro zone to revive growthReuters
The euro zone must take coordinated action to revive economic growth, the IMF said on Monday in a strongly worded statement that cited the need to repair bank balance sheets, advance a banking union and support demand.

Introductory statement by Mario DraghiECB
ECB’s Draghi Repeats Guidance on Easy MoneyWSJ

The euro - political project and prosperity promiseBIS (pdf)
Introductory statement by Dr Jens Weidmann, President of the Deutsche Bundesbank, at the Rencontres Économiques d'Aix-en-Provence, Aix-en-Provence, 7 July 2013.

German Economy Had Rough May; June May Have Been Better – WSJ
A bad day – Merkelnomics

On That September TaperingTim Duy’s Fed Watch

Earnings Reports by Day This Earnings SeasonBespoke

Political InflationistasKrugman / NYT

The inflationistas are our friends; and inside and outside inflationistasWorthwhile
Japan's Portfolio Flows: Liquidation of US Assets DominateMarc to Market
Monitor: Japanese investor flowsDanske Bank (pdf)

If this keeps up, we are going to need a better name than “Likonomics”alphaville / FT

The bond fund outflow, chartedalphaville / FT
June’s bond fund outflow of roughly $60bn represents the largest monthly fund flow — in or out, equity or bond — of any kind since records began in the early 1990s.

The wastefulness of automationPieria
But what if capitalists DON'T want a large labour supply? What if automation means that what capitalists really want is a very small, highly skilled workforce to control the robots that do all the work? What if paying people enough to live on simply is not cost-effective compared to the running costs of robots?  In short, what if the costs of automated production fall to virtually zero?

The optics of selling financial informationFelix Salmon / Reuters

The computers that run the stock marketCNN
Citadel Securities has quietly become one of the largest forces in U.S. stock trading.

A schematic of QEalphaville / FT

RWAs, straight outta Baselalphaville / FT
The Basel Committee on Banking Supervision is back with another look at risk-weightings — that is, the risk weighting done by banks using their own models rather than the standardised BIS methods… “risk weights for credit risk in the banking book vary significantly across banks”.

Emerging Market Preview for the Week AheadMarc to Market

Which Countries Are Economic Winners and Losers?WSJ
Economic growth in the U.S. and Japan is set to pick up in the months ahead, while Russia and Brazil appear set for slowdowns, according to the OECD's composite leading indicators.

A Look Inside Stevie Cohen's New York DuplexZH
At $115 million, if sold, this will represent the most expensive New york real estate transaction in history.

Puola ei liity Euroalueeseen koska liittyminen ei ole järkevääTyhmyri