Another dull day - EURUSD was weak, but SPX failed to follow. God I wish we were already in the end game of the euro crisis. My guess is September will be decisive no more muddling through.
Previously
on MoreLiver’s:
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer
– alphaville / FT
Market
Commentary – A
View From My Screens
Tyler’s US Summary – ZH
Stocks.Must.Close.Green.
Lowest 4-Day Volume in 5 Years
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
ECB's Greek Fudge: Nutty and Stale? – Marc
to Market
The ECB has made some decisions regarding Greece that clearly indicate
it does not want to push Greece out of monetary
union. It has gone so far as to essentially allow the Bank of Greece to fund the Greek
government.
Tempted, Angela? – The Economist
A controlled break-up of the euro would be
hugely risky and expensive. So is waiting for a solution to turn up
Breaking up the euro area: The Merkel
memorandum – The Economist
Angela Merkel, the German chancellor—and also,
in effect, the euro area’s boss—has always insisted that she wants to preserve
the euro area in its current form.
Draghi’s plan – The Economist
A lot of things have to go right for the ECB’s
bond-buying plan to succeed
It starts: first Asian bank mulls British exit
from the EU – The
Telegraph
So we have a new term: BRIXIT. Japan's biggest
bank Nomura has issued an 11-page study evaluating the likelihood that the UK will leave the
European Union entirely or partly.
This op-ed from Berthold Kohler - one of FAZ’s
editors-in-chief - is definitely worth a read. We've translated the key bits
below.
Increased financial fragmentation is making the
goal of stronger Eurozone integration elusive – Sober
Look
Quick
version from the ECB’s report I posted earlier today.
Greek Parliament Speaker Hires His Daughter
During His Only Day On The Job – ZH
USA
Your Complete Guide To The Coming Fiscal Cliff – ZH
Goldman Sachs’ research report
Goldman Sachs’ research report
Forget The Fiscal Cliff, Here Comes The
Corporate Bond Maturity Wall – ZH
next few years show a rather dramatic wall of
corporate bond maturities that will need to be refinanced (or paid down). Is it
any wonder that corporations are keeping their cash-piles high and not just
hose-piping it out to shareholders or M&A?
OTHER
The “What if” Games Begin – TF
Market Advisors
For myself, I still think 1,425 is a good
target, but above 1,410 I start selling again. I think the “what if” analysis
is what will push us to those targets.
The power of faith – The Economist
Equity markets are rallying again on hopes of
central-bank action
Air cargo volume indicator points to weakening
of industrial activities – ASA
Nomura’s
chart of manufacturing activity vs. air cargo. Cargo leads and industrial
production is about to tumble?
EMEA Weekly, Week 33 – Danske
Bank (pdf)