Google Analytics

Thursday, July 23

23rd Jul - Risk-off continues


Follow ‘MoreLiver’ on Twitter

Matt O’Brien: Finland is the poster child for why the euro doesn’t workWaPo

Tomas Hirst: What’s happening to Finland’s economy?WEF
Philippe Legrain: The Eurozone’s German ProblemProject Syndicate
It cannot be Greece’s fault that the eurozone economy as a whole – in which it plays a miniscule role – is faring worse seven years after the start of the crisis than Europe did during the Great Depression of the 1930s. In fact, the real problem in the eurozone is not Greece’s debt, but Germany’s beggar-thy-neighbor policies.

Eurozone borrowing rises to record as recovery remains weakFT

Draghi: No Mandate To Ensure Checks Clear, Credit Cards Worknakedcapitalism

Leonid Bershidsky: Did Putin Sell Out Greece? – View / BB
Greek MPs back crucial Tsipras reforms – FT
Tsipras keeps lid on rebellion, passes vote – Reuters
Greece Approves EU Demands in Order to Keep the Euro – BB
Grexit Remains Most Likely Outcome For JPMorgan – ZH
George Magnus: Grexit is still the most likely outcome – Prospect

Monetary Policies in Advanced Economies: Good for Them, Good for OthersIMF
Actions to close output gaps in advanced economies will help other economies too * Emerging markets more resilient than in the past to effects of dollar appreciation * Corporate debt buildup in emerging markets bears watching

U.S. dollar rise, interest rate gap pose spillover risks: IMFReuters

Oil Warning: Crash Could Be Worst in More Than 45 YearsBB
There's only one thing holding back a price rebound. It's a big thing.

Is The Global Equity Bull Market Alive?Short Side of Long

Caterpillar has some depressing news about the global economyBI

Daily Central BanksWSJ
Leubsdorf’s Take: Absence of Fed Dissents Doesn’t Mean Dissent is Absent * Shelby Aims to Attach Fed Overhaul Bill to Spending Measure * ECB Raises Emergency Lending to Greek Banks * New Zealand Cuts Key Interest Rate to 3%

Morning MoneyBeat AsiaWSJ
Rotten Apple Briefly Puts DJIA in Red for 2015

Morning MoneyBeat EuropeWSJ
Greece Says Yes in Fresh Austerity Vote

Morning MoneyBeat USWSJ
Price/Sales Ratios Are Flashing Red

Danske DailyDanske Bank

Euro rates updateNordea

Greece takes another important step towards a 3rd bailout; bonds are in demand * USD testing important levels * Bank of England edging closer to rate hikes, rates ignoring BoE signals, more gains for GBP ahead

Morning MarketsTF
Yesterday's US oil storage report confirmed an inventory gain, sending WTI crude below the $50/barrel mark for the first time since April. The fall in oil prices remains a key component of the worldwide commodities rout that has sent resource equities and currencies reeling.

Daily FX CommentMarc Chandler
The US dollar is under pressure today.  There are many small triggers but the news stream itself is relatively mild.

Daily ShotTF
Emerging market currencies are taking a hammering at the hands of US rate expectations, dollar strength and the very nasty commodities selloff.

Daily Press SummaryOpen Europe
Greek parliament passes reform package paving way for start of third bailout talks * German legal experts conclude proposed road toll has little hope of getting EU approval * Spanish unemployment falls to 2011 levels * Commission orders EDF to pay €1.4bn due to illegal state aid * Portugal to hold general elections on 4 October

Brussels PlaybookPolitico
Sarkozy climbs — Greece rocks the vote — Eurocrat in the Dragons’ Den

Futures Drift Higher, Dollar Slides In Quiet Session


FX UpdateTF
The NZD is trading stronger, even after the RBNZ cut rates and delivered relatively dovish guidance. Sterling remains a focus today on UK Retail Sales in an increasingly quiet market.

From the FloorTF
The New Zealand dollar has rallied despite the central bank cutting interest rates to 3% and flagging further easing.

Englannin keskuspankki seilaa ristiaallokossa | Kiinan ostopäällikköindeksi nousee todennäköisesti yli 50 | Kreikka vei vaaditut uudistukset läpi parlamentissaan