Previously
on MoreLiver’s:
US Open: Bored (slightly less articles)
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
Greece to renew push for two
year delay to austerity programme
Morning
MarketBeat: Maybe Economy Doesn’t Need QE3 – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
Overnight Summary
– BofA
/ ZH
AM Dear
Dairy: All Red – Macro
and Cheese
The T
Report – TF Market Advisors
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
German Bailout Rebellion: “We Have Euro-Anarchy” – Testosterone
Pit
Against Quantitative Easing by the ECB – CFA
Institute
the central bank’s traditional function as
lender of last resort to the banking system is meant to support banks that are
illiquid, not those that are insolvent. Presumably, the ECB would likewise be a
lender of last resort to governments that are illiquid—for example, because
adverse market conditions prevent them from refinancing upcoming debt
maturities, which is a routine procedure under more normal market conditions.
The intent is presumably not for the ECB to act as a lender of last resort to
governments that are insolvent
Eurozone crisis: Time to tax the rich? – voxeu.org
The European debt crisis drags on, dragging Europe down with it. This column argues
that one-off capital levies – taxes on the rich – is one way of financing debt
reduction. This could be an important step towards deleveraging public budgets
without severely damaging the economy.
Spanish banks increasingly dependent on ECB
drip – alphaville
/ FT
GDP / PMI comparisons
Charles
Wyplosz: Some maintain that Italy and Spain risk losing market
access for their sovereign bonds despite drops in yields. A recent Vox column
by Francesco Giavazzi suggested that Italy could and should
avoid a bailout. This column argues that in spite of all its admirable human
and economic assets, Italy has moved to a bad
equilibrium from which it is most unlikely to escape.
USA
Goldman Pulls The Plug On More QE In 2012 – ZH
…our call remains that the return to QE will
not happen until late 2012/early 2013, and at the margin the recent data have
made us a bit more confident.
The American property market shows some
tentative signs of life, but even if it really is recovering, the human misery
caused by the crash will last for years. And the reputation of credit rating
agencies has been damaged by the crises in US housing and the Eurozone - is it
time for a publicly funded body to do the job?
ASIA
OTHER
Global Scenarios: Stuck in the mud – Danske
Bank (pdf)
Once again the recovery has been derailed and
the outlook remains subdued * Many roadblocks to be passed before euro crisis
tapers off * Tight financial and fiscal conditions keep euro area in recession
* High uncertainty to keep US growth below trend despite better fundamentals * China
has room to manoeuvre, policy stimulus to lift growth by year-end * Policymakers
digging deeper in toolboxes – central banks to ease further
Yield Forecast Update – Danske
Bank (pdf)
The folly of assumptions about EM equities
growth – alphaville
/ FT
The broad assumption that GDP growth equals a good equities
opportunity is wrong, according to Morgan Stanley.
IN FINNISH
Keskuspankkien itsenäisyys – onko itsenäisyydelle todellisia
perusteita? – tyhmyri
Palkkakehityksestä, kuluttajahinnoista ja elämisen
kustannuksista – tyhmyri
Halvan koron kallis hinta – MS
Näin Suomen Pankki joutuisi pulittamaan muiden
keskuspankkien tappioita – Talsa
Uudet rumat luvut Suomesta: ”Veroja kiristetään” – US
Mikä maa, mikä valuutta? – Sami
Miettinen / US Puheenvuoro