Previously on MoreLiver’s:
Roundups & Commentary
US Opening News And Market Re-Cap –
Ransquawk / ZH
Frontrunning
– ZH
Overnight
Sentiment – ZH
The Lunch
Wrap – alphaville
/ FT
Emerging
N.Y. headlines – beyondbrics
/ FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
El
País: Spain plans to request bond-buying with unused money from its €100bn bank
bailout; Spanish Foreign Minister: Independent Catalonia risks being left out
of the EU ‘eternally’
Morning
MarketBeat: Where’d All the Fear Go? – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Tired Markets – Macro
and Cheese
Unwinding
of Risk-On Continues – Marc
to Market
– TF Market
Advisors
US session ahead
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Challenges to the single monetary policy and
the ECB’s response –
ECB
Speech
Benoît Cœuré:
José Manuel Barroso, Herman Van Rompuy, and now
a group of 11 foreign ministers: everyone in the EU seems to be proposing
greater integration as a way out of the crisis. But Britain continues to stand apart and the divide may soon become unbridgeable.
Spanish auction: damned if you do/ don’t – alphaville
/ FT
The solid auction might just have pushed back
the chances of an appeal for aid from Mr. Rajoy.
Spanish bonds on the block – MacroScope
/ Reuters
There will be a political temptation to wait
until regional elections in late October are out of the way but that looks a
stretch. More likely is the wheels start moving after the government unveils
its 2013 budget and a new round of structural reforms at the end of September,
when detailed stress tests of the country’s banks will also be published.
Market pressure not calling for a quick bailout – Nordea
Spain is in no hurry to make the aid request for now. Unless the Eurogroup
decided to make it especially easy for Spain to succumb to asking for an aid
programme (i.e. not making it look like Spain is giving up much of its
sovereignty), which does not look likely, it will probably take renewed market
pressure (i.e. higher Spanish bond yields) to push Mr. Rajoy to make the
request. Spanish yields thus look likely to rise again going forward.
Portugal is facing a massive backlash against troika-approved austerity measures
to raise social contributions for employees. Portuguese President Anibal Cavaco
Silva is on Friday (21 September) to convene a rare meeting of the state
council in a bid to defuse a political crisis linked to the controversial
measure.
EU budget hurdles mount – euobserver
The EU is hoping for agreement on the next
long-term budget by the end of the year but two opposing camps in the money
negotiations remain about €100bn apart.
PMI’s:
Euro area
flash PMIs point to sharpest contraction since the crisis – ASA
Euro area:
PMIs disappoint – still bouncing at the bottom – Danske
Bank (pdf)
Euro-zone
manufacturing PMIs mostly good news – Nordea
USA
Fisher Turns to Fear Mongering – Tim
Duy’s Fed Watch
Fisher stays true to form, clutching to his
fears of inflation like a drowning man grabs onto a life preserver. My guess is that he doesn't need to be
marginalized by the doves; he does a fine job marginalizing himself.
OTHER
Charting central banks’ balance sheets – ASA
IN FINNISH
Suomen julkistalouden
muutokset samanlaisia kuin kriisimaissa – olemmeko mekin menossa samaa tietä?
– tyhmyri