20th Dec - Holiday Readings

It's that time of the year again. Here are some holiday readings for your enjoyment.

20th Dec - Still weak

19th Dec - Fed makes a dovish hike, market tumbles

18th Dec - Weak, waiting for Fed

17th Dec - Still weak

16th Dec - Weekly Previews

14th Dec - Lousy data, weak markets

13th Dec -. ECB's "Mission Accomplished"

12th Dec - Green

11th Dec - Bottoms holding, but no move higher

10th Dec - Still no strength in markets

9th Dec - Weekly Previews

7th Dec - Oil rally, China truce pause the bear

5th Dec - Quiet

4th Dec - ...and the rally is gone

3rd Dec - Tired rally attempt

2nd Dec - Weekly Previews

30th Nov - Quiet

29th Nov - Quiet

28th Nov - Fed turns neutral - only one hike seen in 2019

27th Nov - Quiet

26th Nov - Market relief

25th Nov - Weekly Previews

23rd Nov - Still no bounce

22nd Nov - Quiet

21st Nov - Bounce from previous low

20th Nov - Stocks falling, near previous lows

19th Nov - Turning lower again

18th Nov - Weekly Previews

16th Nov - Boring

15th Nov - Boring

14th Nov - Bad GDP from Europe, weak China

13th Nov - A Brexit deal?

12th Nov - Stocks falling

11th Nov - Weekly Previews

8th Nov - Europe's ills

7th Nov - US elections: no blue wave, only a ripple

6th Nov - US election day

5th Nov - Quiet

4th Nov - Weekly Previews

2nd Nov - Good US jobs report

1st Nov - Quiet

31st Oct - Quiet

30th Oct - Lousy European GDP

29th Oct - Merkel to step down

29th Oct - Weekly Previews

26th Oct - New marginal lows and a bounce

25th Oct - A dull ECB meeting

24th Oct - Bad PMI from Europe

23rd Oct - After consolidation, a new plunge

22nd Oct - European fears at local maxima?

21st Oct - Weekly Previews

19th Oct - Quiet

18th Oct - Markets break again

17th Oct - Quiet

16th Oct - Recovering markets

14th Oct - Weekly Previews

12th Oct - Second day of bear's pause

11th Oct - Markets still scared

10th Oct - Loss of Momentum

9th Oct - IMF lowers outlook, rising yields, trade, Italy

8th Oct - European carnage

6th Oct - Weekly Previews

5th Oct - Stock and bonds fall

4th Oct - China's deep hacking

3rd Oct - Italy folds, Trump exposed

2nd Oct - Italian worries, but now Germany, too

1st Oct - Nafta positive, but Italy negative

30th Sep - Weekly Previews

28th Sep - European stocks dumped on Italy

27th Sep - Quiet

26th Sep - Fed's expected hike

25th Sep - Draghi's inflation scare

24th Sep - Quiet

22nd Sep - Weekly Previews

21st Sep - Still reflationary

20th Sep - Greenish feelings

19th Sep - Europe's slowdown noticed

18th Sep - China tariffs

17th Sep - Quiet

16th Sep - Weekly Previews

14th Sep - Quiet

13th Sep - Dull ECB, US-China trade war menopause?

12th Sep - Political games, USD-EUR war, US-China trade war

11th Sep - 10 years from the crisis

10th Sep - Swedish stalemate elections

9th Sep - Weekly Previews

7th Sep - Still bearish, US wages higher

6th Sep - Carnage outside US continues

5th Sep - Negative feels

4th Sep - Emerging market trouble

3rd Sep - US holiday

2nd Sep - Weekly Previews

31st Aug - More EM panic sours moods in DM as well

30th Aug - US and EU find love

29th Aug - European control fantasies

28th Aug - Germany ponders Turkey's bailout

27th Aug - Good German Ifo, US-Mexico trade deal

26th Aug - Weekly Previews

24th Aug - No surprises from Powell

23rd Aug - Europayments, Trump's travails

22nd Aug - Quiet

21st Aug - Stock recovery stalling

20th Aug - Stocks recover

19th Aug - Weekly Previews

17th Aug - Still about emerging markets

16th Aug - US and China talking? Markets recovering?

15th Aug - European weakness

14th Aug - Quiet

13th Aug - EM carnage continues

12th Aug - Weekly Previews

10th Aug - Turkish bath

9th Aug - Sanctions on Russia, US-China trade war

8th Aug - Cryptos tumbling, Russian sanctions, Saudis rattling

7th Aug - Quiet

6th Aug - Quiet

5th Aug - Weekly Previews

3rd Aug - Trade war intensifies

2nd Aug - Stock prices fall

1st Aug - Trade war worries back, Fed stands pat

31st Jul - Europe slows down

30th Jul - Net giants hurting, second red day

29th Jul - Weekly Previews

27th Jul - US GDP growth rockets

26th Jul - EU/US truce, ECB sits

25th Jul - US, EU trade deal

24th Jul - Quiet

23rd Jul - Iran, China, Trump

22nd Jul - Weekly Previews

 

19th Jul - Trade wars, China, ECB's meeting

18th Jul - Quiet

17th Jul - Trump clarifies - or backtracks?

16th Jul - Quiet (Helsinki Summit)

15th Jul - Weekly Previews

13th Jul - Testing upside

12th Jul - Trade war and post-Nato summit

11th Jul - Trade war and Nato meeting

9th Jul - Brit government exodus

8th Jul - Weekly Previews

6th Jul - US "goldilocks" jobs report

5th July - Market relief, as warned

4th Jul - US Holiday

3rd Jul - News bad, markets not falling (bottom?)

2nd Jul - Everything "bad" - positive surprises next?

1st Jul - Weekly Previews

29th Jun - Quiet

28th Jun - The funny and sad EU summit

27th Jun - Pressure easing

26th Jun - Waiting

26th Jun - Bad vibes in the markets

23rd Jun - Weekly Previews

22nd Jun - Greek relief, US car tariffs, better EZ PMI

21st Jun - Dark moods

20th Jun - Euroreforms?

19th Jun - Merkel, migration and trade war

18th Jun - Political risk from Germany

17th Jun - Weekly Previews

Fed- and ECB speeches to fine-tune guidance after last week’s meetings. Germany and Italy main sources of political risks. US-China trade war continues with controlled salvos.

Monday: ECB’s annual conference on central banking begins (till Wednesday)

Tuesday: -

Wednesday: EZ PMI

Thursday: several central bank meetings

Friday: US PMI, OPEC production cut strategy review

15th Jun - Quiet

14th Jun - Fed and ECB

12th Jun - Quiet before Fed & ECB

11th Jun - Italian relief

10th Jun - Weekly Previews: Fed, ECB, North Korea, Trade

9th June - Boring G-thang

8th Jun - Nervous day, ECB still in focus

7th Jun - Bilderberg meeting agendas

6th June - ECB comes to focus

5th Jun - Still nervous

4th Jun - Mild political risk events in horizon

3rd Jun - Weekly Previews

Here are the links to the weekly roundups and previews of the beginning week.

1st June - US jobs, Trump tariff tantrum, Italian and Spanish calm

31st May - Tariffs against EU, Italy's government

30th May - Modest calm in Italy

29th May - Italian crisis escalates + charts

Follow ‘MoreLiver’ on Twitter

EUROPE

European end game – Kevin Muir

The ECB’s balance sheet expansion has put Germany in an extremely difficult place. They cannot afford to cut back on the expansion for fear of another Euro-crisis, yet the more QE they do, they more Germany is on the hook. I hate to break it to Germany, but it’s even worse than it looks.

Merkel’s Comeuppance is Europe’s and the World’s Misfortune – Project Syndicate

Yanis Varoufakis: No one who was paying attention to Greece's predicament three years ago should be surprised by the position that German Chancellor Angela Merkel and Europe find themselves in today. But only a dangerous fool would celebrate.

  GEORGE SOROS
Soros Sees New Global Financial Crisis Brewing, EU Under Threat – BB

George Soros: How to Save Europe – Project Syndicate

There is no longer any point in ignoring the reality that a number of European Union member countries have explicitly rejected the EU’s goal of “ever closer union.” Instead of a “multi-speed Europe,” where all members are still heading toward the same destination, the goal should be a “multi-track Europe” that offers member states a wider variety of choices.

EU Must Reinvent Itself So That U.K. Wants to Rejoin, Soros Says – BB

Soros predicts 'five years' of Brexit divorce proceedings – New Indian Express

Soros: ‘The European Union is in an existential crisis’ – MarketWatch

  ITALY
Italian bonds suffer rout on political turmoil – FT

Investors fear fresh elections might give more eurosceptic mandate to populist parties

Tony Barber: Italian deadlock sets stage for fierce battle over the EU – FT

Populists will fight a snap election on the choice between local control and the ECB

Editorial: Italy's Looming Constitutional Crisis – BB

The populist coalition is pushing the country, and the euro zone, to the brink.

Bank of Italy warns Rome is close to losing ‘asset of trust’ – FT

Remarks by Ignazio Visco come as sell-off in Italian sovereign bonds intensifies

Europe Has A Big Problem – GMM

Italian risks recede... but only temporarily – Danske Bank

Italy: Last minute showdown – ING

The attempt to form a government backed by the Five Star Movement (5SM) and the Northern League failed on Sunday, when a final clash with President Sergio Mattarella as to the potential finance minister caused PM-designate Giuseppe Conte to hand back his mandate. A “neutral” government driving Italy to new elections looms

Leonid Bershidsky: No, Italy Isn’t a Victim of the Euro – BB

The common currency’s proponents have a strong case, they just need to make it more convincingly.

The ECB Fiddles as Rome Burns – BB

How to stop the Italian crisis turning into a full-blown conflagration.

League, Five Star Had Euro Exit Plan, Italy's Democrats Say – BB

League’s Giorgetti says ‘option never went into contract’ * Populist ministerial pick spoke of plan for euro exit in 2015

Next Italian elections could be a referendum on democracy itself – The Spectator

Italians could see the next elections as the last chance to tell Brussels that they do not want to go on with the status quo.

Ferdinando Giugliano: Italy’s Nightmare Has No End In Sight – BB

Unless the populists campaign on exiting the euro, a new election will change nothing.

Europe's soft coup d'etat in Italy is a watershed moment – The Telegraph

President Sergio Mattarella has asserted the extraordinary precedent that no political movement or constellation of parties can ever take power if they challenge the orthodoxy of monetary union. 

Martin Sandbu: Italy’s new technocrat should find his inner populist – FT

Carlo Cottarelli could co-opt the Eurosceptics by adopting some of their policies

Bill Emmott: Driving Italy out of the euro makes no sense at all – FT

Another election should focus on economic stagnation, not the currency issue

What could an Italy rescue look like? – ABN AMRO

Some possible scenarios for the election and post-election period – Reuters

Italy banker warns on political crisis as investors fear for euro – Reuters

Italy’s central bank chief warned on Tuesday that the state was “only ever a few short steps” from losing investors’ trust as markets dumped stocks and bonds, fearing repeat elections will become a de facto referendum on the country’s euro membership.

Italian Equity, Credit Protection Costs Explode, Sovereign Risk At 5Y Highs – ZH

Italians Furious After EU's Oettinger Says "Markets Will Teach Them" Not To Vote For Populists – ZH

Ashoka Mody: Italy's President Just Undermined the Euro – BB

Blocking populists will serve only to strengthen them.

Italy heading toward fresh vote later this year – Reuters

UNITED STATES

US To Impose 25% Tariff On Chinese Tech Goods – ZH

OTHER

Panic, Crisis In Italy: Dealers Pull Bids As Bonds, Stocks Crash; Euro, Deutsche Bank Tumble As Contagion Spreads – ZH

  

Central bank liquidity: Into the desert – Nordea

After years of central bank asset purchases and monetary expansion, the liquidity tide is turning. Quantitative Tightening - the reversal of QE – has the potential to carry with it significant negative market impacts. Read our in-depth report.

REGULARS

EU Open Rundown – RANsquawk

Market Briefing: Daily Markets Overview – Yardeni Research

FirstFT Daily Briefing – FT

EU budget shift, Pret to sell for £1.5bn, FT interviews Mahathir

WSJ City – WSJ

Italy’s Drama Raises Stakes for Euro, Investors Come Home to U.S. Stocks

WSJ Economics – WSJ

Is a Tight Labor Market Really, Finally Generating Higher Wages?

“Best of the web” daily charts – Lukas Daalder

Danske Daily – Danske Bank

Daily Market Comment – Marc Chandler

Dollar and Yen Surge

Brussels Playbook – Politico

Far-right Champagne guzzlers — Italian opera — Budget week

Five Things You Need to Know to Start Your Day – BB

US Open – ZH

Global Markets Descend Into Contagious Panic As Italy Implodes

Frontrunning – ZH

FINNISH

Aamukatsaus – Nordea

Päivän tärkeimmät julkaisut ovat USA:n ja Ruotsin luottamusluvut | Saksan korot laskussa, Italian korot nousussa | Julkaisimme raportin, joka käsittelee keskuspankkilikviditeettiä

28th May - Italy's crisis deepens

Follow ‘MoreLiver’ on Twitter

27th May - Weekly Previews

Here are the links to the weekly roundups and previews of the beginning week.

25th May - Spain joins the worry list

24th May - ECB worried, Italy worries

23rd May - EZ PMI dissappoints

22nd May - Italy and German economists

21st May - Italy, Italy, Italy

18th May - Italy still all the news

17th May - Quiet

16th May - Still mostly Italy

15th May - Italian rumors

14th May - Quiet

13th May - Weekly Previews

Here are the links to the weekly roundups and previews of the beginning week.

11th May - Quiet

10th May - Italy might get a government

9th May - Iran deal broken

8th May - Quiet

7th May - Green on no news

6th May - Weekly Previews

Here are the links to the weekly roundups and previews of the beginning week.

4th May - Weaker Europe, ok US jobs, US-Sino trade wars