Still very sleepy holiday markets.
IMF Says Bailouts Iceland-Style Hold Lessons For Crisis Nations This would normally be a good thing (IMF acknowledging Iceland) except it is probably oing so for a specific reason: because it wants bondholder cramdowns for Spanish banks. The wee problems with that is many Spanish depositors were pushed to buy preference shares, which they were told were as safe as deposits. There will be social revolt if these savers are wiped out. I don’t have a solution, but failing to cushion the blow will be explosive. – naked capitalism
Previously
on MoreLiver’s:
Weekender: Views & Off-Topics
(my comments)
Weekender: HFT: Knightian
Uncertainty (high-frequency trading)
Credit Guest: The Unbearable
Lightness ... (end game close?)
Weekender: Weekly Support
(week behind & ahead)
Weekender: Best of The Week
(if you missed)
US Opening News And Market Re-Cap –
Ransquawk / ZH
Frontrunning
– ZH
The Lunch
Wrap – alphaville
/ FT
Emerging
N.Y. headlines – beyondbrics
/FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
CDU
deputy warns that Germany will not agree to further aid for Greece; Spanish and Italian
property markets stall
Morning
MarketBeat: Profitable Dog Days – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
Overnight
Sentiment: European Vacation – BofA
/ ZH
AM Dear
Dairy: Quiet Start – Macro
and Cheese
Market
Update and Three Items – Marc
to Market
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
'Trust No One Over 30!' Euro Crisis Morphs into
Generational Conflict
– Spiegel
People vs. banks, north vs. south, and rich vs.
poor? While all of these conflicts may be real, one of the biggest issues of
the euro crisis is rarely discussed: Older people are living at the expense of
the young, and it's high time the next generation took to the streets to
confront their parents.
Is the euro the 21st century gold standard? – Economist’s
Forum / FT
Negotiated devaluation and withdrawal from the
euro is the best route back to economic health for some peripheral countries.
How We'll Build European Monetary Union 2.0 – Olli
Rehn Opinion / WSJ
Europe is committed to building a genuine economic union to strengthen our
existing monetary union.
EUROPE: PIIGS
Avoiding an Italian bailout: Why and how – voxeu.org
Spain looks set to turn to the EFSF for a formal bailout subject to stringent
conditionality. In this column, Francesco Giavazzi – one of Europe’s leading macroeconomists and an
advisor to the Monti government – argues that Italy’s situation is
nothing like Spain’s. To avoid submitting itself to its EFSF conditionality, Italy should
reduce its borrowing needs with a determined programme of public asset sales
and bridge financing from the Cassa Depositi e Prestiti.
Goldman Sachs has written two fairly positive
notes about the country in the past week or so.
State-backed bond-buyers? – alphaville
/ FT
What ails the bond markets, and makes them
unable to do their job of price-clearing in the present moment, is now beyond
any fiscal backstop’s ability to fix – even one monetarily enhanced. The fix,
like the problem, either reaches monetary-scale or there will eventually be a
sequence of painful write-downs as the fiscal transfer of choice.
Berlusconi Redux Will the 'Jesus Christ of
Politics' Rise Again?
– Spiegel
Silvio Berlusconi had Italy in his grip for two
decades before personal and political crises forced him to step aside.
Opponents may hate him and supporters may admire him, but one things seems
increasingly possible: The macho clown may seek a political comeback.
USA
Wonkbook: A Paul Ryan primer – Wonkblog
/ WP
a primer on Paul Ryan, his policies, and what
he may or may not mean to the election. Read on for everything you need to know
about the wonk from Wisconsin.
So what happened in the last run up to the 2010
Jackson Hole meeting? Here is a visual and factual summary.
The Disappearing Market – The Big
Picture
There are times when the market gives the
impression it is fading into nothingness… Looking back at history, when that
happens it is almost always a sign of a market high point.
ASIA
Crouching tiger, hidden profit – Humble
Student
I've been pondering the apparent divergence
between the Shanghai Composite and commodity-based indicators of Chinese growth. The Shanghai Composite remains in
a downtrend. Even though it has staged a recent rally, the intermediate term
trend is still down.
Things that stop Chinese government from
aggressive policy easing – ASA
real estate market has been warming up much
quicker than the government would like to see.
OTHER
Commodity momentum update: Corn about to turn? – Saxo
Bank
Shale oil everywhere… for a while – alphaville
/ FT
Previously marginal resources can now be economically extracted. Even the Europeans are getting excited about it. It’s a game changer. You can probably guess what’s coming next…
Previously marginal resources can now be economically extracted. Even the Europeans are getting excited about it. It’s a game changer. You can probably guess what’s coming next…
Equity Review: Market continues to rally on
absolutely nothing
– Saxo
Bank
IN FINNISH
Suomen kilpailukyky –
yksi kuva kertoo aika paljon – Tyhmyri
Kotimaan talous
kunnossa? – Henri
Myllyniemi / US Puheenvuoro
Pari passusta (samaa
tahtia) kansallisiin pelastajarahastoihin – Sami
Miettinen / US Puheenvuoro
Katainen Der
Spiegelille: "Perussuomalaisilla ei mitään vaikutusta hallituksen
linjaan" – IS
Kataisen neuvo
kriisimaille: Tehkää kuten Suomi teki laman aikana – HS