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Wednesday, July 16

16th Jul - Signs of market doubts

Previously on MoreLiver’s:

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SNB Seen Keeping Cap for Longer as ECB Fights Low PricesBB

Why Juncker’s industrial goals are unlikely to be achievedBruegel

EU's Juncker says countries should get incentives to reform, warns on U.S. trade pactReuters
Euro zone countries should get financial incentives if they make ambitious economic reforms, the designated candidate to become the president of the European Commission said on Tuesday.

Franco-German stand-off over eurozone fiscal rules reaches biblical proportionsOpen Europe

France’s tough battle for the euroFT

Retreating Renzi is proving to be no Italian saviourTradingFloor
Italian Prime Minister Matteo Renzi retreating from reformist agenda * Italian debt-to-GDP ratio at 133% with prospects of reduction to 60% minimal * Renzi on collision course with fellow Italian Mario Draghi at ECB over debt

EU summit: Leaked draft of new Russia sanctionsFT
EU Prepares for Stage 2+ Sanctions against RussiaMarc to Market

Great Graphic: Problem Loans in Europe 2009-2013Marc to Market

Portugal 'Dead Cat Bounces' After Reassurances From Central BankZH

BES slide, tumbling German sentiment hit marketsReuters
European stocks and the euro fell on Tuesday after shares in Portugal's biggest listed bank hit a record low, while a plunge in German economic sentiment pushed up borrowing costs for some peripheral euro zone countries.

Espirito Santo Bonds Rally on Shareholder AssuranceBB
Portugal’s central bank said shareholders are interested in injecting more capital into Banco Espirito Santo SA after a second affiliate failed to repay short-term debt.

EU/IMF troika wraps up Greek mini-audit before major fall reviewReuters
Inspectors from Greece's EU/IMF lenders said on Wednesday they had concluded a short, interim checkup of the country's performance under its bailout and will return for a more comprehensive audit in late September.

So, Who Expects QE in the Euro Zone?WSJ

Nowotny not sure ECB's plan for asset-backed securities would flyReuters

Euro area international trade in goods surplus €15.4 bn – Eurostat
Euro zone industry stumbles in May, recovery still frail – Reuters

Yellen TestimonyTim Duy’s Fed Watch

Forget What Yellen Said, Worry About What She Didn’t SayWSJ

Yellen defends Fed independence, faces House Republican criticismReuters

Yellen Says Fed Won’t Rule Out Broker Support in Banking CrisisBB

Retail Sales Weaker Than Expected – Bespoke
Industrial Production Drops, Misses By Most Since January – ZH
Fed: Industrial Production increased 0.2% in June – Calculated Risk
U.S. factory output surges in second quarter, housing improving – Reuters
U.S. industrial production edges higher in June – Reuters
Gain in Factory Output Provides Boost to U.S. Growth – BB
Homebuilder Sentiment Surges, Beats By Most In A Year Led By "Future" Hopes – ZH
Homebuilder Confidence Increases More Than Expected – Bespoke
NAHB: Builder Confidence increased to 53 in July, Highest in Six Months – Calculated Risk
Producer Price Index Rises Above Expectations – dshort
Wholesale Prices in U.S. Increase More Than Forecast on Fuel – BB
U.S. economic activity expands in Fed's 12 districts: Beige Book – Reuters

Michael Pettis: Bad debt cannot simply be ‘socialized’ – Credit Writedowns
China - growth accelerates and firmer H2 outlook – Danske Bank
GDP, Industrial Production Beat, Retail Sales Miss & Home Prices Tumble – ZH
Economists React: Can China’s Growth Pickup Last? – WSJ

Demand Exceeds Supply in Japan for First Time Since 2008 – BB

Daily MacroWSJ
Asian equities were mixed and broadly sideways despite the release of a stronger than expected set of Chinese data. But Europe rallied strongly, shrugging off Espirito Santo’s default on a debt owing to Portugal Telecom. Investors are more optimistic about a resolution to the Portuguese crisis – Banco Espirito Santo shares jumped and Portuguese government bond yields eased back – removing even residual fears that this could become a Europe-wide systemic crisis.

Daily Central BanksWSJ
Hilsenrath’s Take: Fed Tries New Role as Lines Judge for Markets * Fed’s Yellen Hedges Her View on Rates * Fed’s George: Economy ‘Best Served’ By Fed Raising Rates * China GDP Grows 7.5% in Second Quarter * BOE’s Carney Sees BIS Disconnect From Reality

Dollar Firms on Hump Day, but does it have Staying Power?Marc to Market

Bank of Canada Stays Neutral Calling CPI Rise TemporaryBB