Roundups
News roundup – Between The
Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Europe Morning MoneyBeat: Small Gains Likely Ahead of
PMIs – WSJ
MORNING BRIEFINGS
3 Numbers To Watch: EU Sentix, EU retail sales,
US ISM services – TradingFloor
The EU Sentix Investor
Confidence Index and EU retail sales will shed new light on the prospects for
recovery in Europe. Later, the ISM Services Index for the US is scheduled for release.
Market Preview: EU retail sales & Sentix
investor confidence eyed – TradingFloor
European markets are
likely to open marginally firmer Monday. Investors await today’s EU retail
sales data which is expected to show a decline in June. Also, Eurozone investor
confidence and services PMI in Europe and the
US will be in focus.
Danske Daily – Danske
Bank (pdf)
Final euro area service
PMIs will most likely confirm that the euro area is moving from recession to
slow growth.... Euro area retail sales are expected to
decline as indicated by the first country releases.... In the US we expect the ISM non-manufacturing
index to rebound somewhat after last month’s drop and return to a level above
53
Market comment: Post-payrolls rally not enough
to change the bigger picture –
Nordea
US Treasuries
with a huge rally post-payrolls * Technical picture still not particularly
flattering for bonds * S&P 500 reaches new record highs again * US
employment report disappointing, but not without a mixed message * Berlusconi
verdict no blow for Italian bonds * LTRO repayments * Continuing at a rather
steady but slow pace * More specific forward guidance from BoE this week * Issuance
activity subsiding
Aamukatsaus – Nordea
Viikolla katseet
BoE:n rahapolitiikassa * USA:n työllisyyden kehitys pettymys * USA:n
valtiolainakorot laskussa
Aamukatsaus
– Tapiola
(pdf)
Heinäkuun aikana eurooppalaisissa
sektori-ETF:ssä oli nähtävissä pääomien virtaamista syklisiin osakesektoreihin,
mikä viittaa sijoittajien odottavan pitkään kaivattua talouskäännettä
Euroopassa. Markkinan suunta: USA:n
pehmeä työmarkkinadata ei huolettanut markkinaa, elvytys saattaa saada
jatkoaikaa. Osakefutuurit plussalla, indikoiden nousuavausta OMX HEX:iin. 2Q13-tuloskauden
kommentit: Revenio Group, Ilkka. 2Q13-tuloskauden ”välitinpäätös” - 58% OMX HEX
yhtiöstä raportoinut: Liikevaihdot ovat olleet odotettua heikommat, tulokset
ovat olleet selvästi heikommat. Eurooppalaisten osakesektori-ETF:ien seuranta: Heinäkuussa
pääomia siirtyi syklisiin sektoreihin.
EUROPE
Global Political Risk: Surveying the PIIGS – naked
capitalism
Bundesbank gold holdings decline – Sober
Look
This is somewhat
surprising, given that most central banks have been buyers of gold recently and
Bundesbank has always been committed to maintaining its gold reserve.
UNITED STATES
Can Larry Summers play nice with other
financial regulators? – Wonkblog
/ WP
Ben Bernanke: Man of Mystery – WSJ
Septaper or not? – Tim
Duy’s Fed Watch
Overall, I still tend
to lean toward September over December, with the lack of a press conference
being the reason to not settle on October.
Update: Four Charts to Track Timing for QE3
Tapering – Calculated
Risk
Clearly the economy
will have to pickup before the FOMC would start to taper QE3 purchases in
December. (September tapering seems less likely now since the key data has been
worse than forecast, but still not impossible).
ASIA
Short Australian dollar is becoming a crowded
trade – Sober
Look
OTHER
Four Dimensions of the Investment Climate – Marc
to Market
Interactive Global Valuation Heatmaps – ZH