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Monday, August 12

12th Aug - US Open




Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Equity Futures Slide More On Resignation Taper Is Just Around The Corner – ZH
The Lunch Wrap – alphaville / FT
Daily press summary – Open Europe
Morning MoneyBeat: Time for Another Taper Tantrum? – WSJ
Morning Bond Update – TradingFloor
Dollar Starts News Week on Positive Note – Marc to Market

EUROPE
The long road to Eurozone bank deleveragingalphaville / FT
RBS’ analysts have revisited predictions made in 2011 that eurozone banks would have to shed €5.1tn of assets. The good news is they have managed to get through almost half of that, or €2.9tn, since May 2012. The bad news being there remains another €3.2tn to go, including €661bn from the biggest banks

Seeking European signs of sturdier global reboundReuters
A tentative view that the global economy is emerging from its lull could harden into conventional wisdom by the end of this week if, as expected, data show the euro zone's lengthy recession has ended.

Euro Area’s Recession Seen Over as Champagne Kept on IceBB
The euro-area economy probably edged back to growth last quarter for the first time since 2011, ending the longest recession since the single currency union started 14 years ago.

The euro area needs a German miracleBruegel

Greek crisis: ‘Germany refuses new Greek bailout plan’Presseurop
Greece will need more bailout loans by 2014, Bundesbank believesThe Guardian
Der Spiegel cites document from Germany's central bank saying European governments will agree new aid programme

ASIA
The great Chinese collateral trade, illustratedalphaville / FT
We’ve seen explanations of how the famous Chinese copper (and other commodity collateral) LC financing trade works in the past. But here’s a particularly good one from Goldman Sachs’ big report on China’s credit environment, which was out last week.

OTHER
Greater and lesser rotationsalphaville / FT
More than $100bn in investor money has sploshed over to the US stock market since the start of 2013, according to EPFR and BNP Paribas:

The strong monetarist dark force of eventual macroeconomic self-equilibrationWorthwhile

Key Events And Issues In The Coming WeekZH

FINNISH
Suomi elvytti itsensä ulos 1990-luvun lamasta Рrahapoliittisin keinoinTyhmyri

Huono it-johtaminen maksaa Suomelle miljardejaIT-Viikko

Palkkasumma kasvoi huhti-kesäkuussa 1,9% YoYTilastokeskus