Talk that Spain would file the bailout request next week.
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
Conflicts
arise over who will fill Greece’s funding gap if
deficit targets are delayed; Greeks with ‘positive’ view of Golden Dawn jumps
by 10%
Morning
MarketBeat: Gold’s Golden Cross May Not Glitter – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Up into Week's End – Macro
and Cheese
What's
Next for Greece and Why it is Important – Marc
to Market
Word Up on
Prices – Marc
to Market
The T
Report: Mañana Mañana Mañana – 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
Great Graphic: European Unit Labor Costs – Marc
to Market
The troika of international lenders is
reportedly considering writing off Greece's first bailout,
which would mean a second haircut for the highly indebted nation.
This morning, we exclusively report that
Spanish Prime Minister Rajoy could be about to break another promise by
freezing pensions and bringing forward a planned rise in the retirement age…Monti’s
labour and deregulatory reforms have done precious little to raise Italy’s
trend rate of growth, which has been the lowest in Europe for a decade. Without
improvement there, it is unlikely Rome can make any inroads
into the national debt pile. To prove that point, the government revised up its
deficit forecast for this year to 2.6 percent of GDP, from 1.7.
Some pleasant monetarist arithmetic – A
Fistful of Euros
What’s happening now is not a switch back from
fiscal dominance to monetary dominance. It’s a kinder, gentler monetary
dominance where the discipline comes not from a binge and purge fiscal cycle,
but more active support to keep the would-be fiscal dominators from finding out
the hard way what happens at the end of the alternative path.
USA
Getting Lonely to be a Hawk – Tim
Duy’s Fed Watch
The ranks of Fed hawks grow even thinner, down
to just four clear hawks (plus or minus Bullard) out of nineteen
policymakers. Barring an
"sustainable and substantial" shift in the tone of the data, expect
this Fed to keep their foot on the pedal for the foreseeable future.
MOST: “The reflation trade may not have long
legs” – alphaville
/ FT
For all the talk of heightened inflation
expectations on the back of QE3, Morgan Stanley analysts remain unconvinced. The
truth, according to them, is that central bank action is having less than its
desired effect. In fact, inflation expectations have remained well behaved if
not subdued.
ASIA
China's changing demographics now pose risks to global economic output for
the simple reason that the nation is currently responsible for about 40% of
world's GDP growth.
OTHER
What Is The Resource Of Tomorrow, And Who Will
Benefit From It? – ZH
Goldman: The last question is which countries have
succeeded despite resource deficits? Japan and South Korea stand out here,
which cements our argument that necessity, in this case driven by constraints,
is the mother of innovation.
Reserve managers caught between a euro and a
dollar place – alphaville
/ FT
Right now, that all spells renewed
diversification from reserve managers forced to load up on dollars that will
likely go down in value… so long as risk appetite stays up, that is. If it does
and the euro doesn’t blow up, it probably means some euro gains tempered by the
SNB in particular which will almost certainly be selling what it can.
Weekly Credit Update – Danske
Bank (pdf)
Global Week Ahead – Nordea
(pdf)
Spain will be in focus in the week ahead after an FT article today suggesting
that the planed structural reforms announcement next week has been agreed upon
with the Commission and hence could pave the way for an aid request. On Friday,
four independent auditors release a new report on the Spanish banking sector,
which will give rise to updated recapitalisation need estimates
Precious Metals Update - Part II – The
Short Side of The Long
IN FINNISH
Miksi leikkauksia ei
tehdä? – Henri
Myllyniemi / US Puheenvuoro
Sailas
talouskriisistä: "Tämä koskee myös Suomea" – TalSa