Markets tried to move up, but failed for now. We might see some sort of bottom formation during the early part of this week, and perhaps then the markets decide whether the important support levels are taken out.
Previously on
MoreLiver’s:
Roundups &
Commentary
Frontrunning – ZH
Overnight Sentiment: Same Confusion, Different Day – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Morning MarketBeat: Streak Ends; Trouble Looms? – WSJ
Broker Note Briefing – WSJ
Drivers in the Week Ahead – Marc to
Market
The T Report: Falling Knives, Dead CATs &
Strikeless Puts – TF
Market Advisors
Market risks are rising – Kiron
Sarkar / The Big Picture
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
Europe’s Indian summer to yield to a harsh winter of
volatility – Saxo
Bank
Steen Jakobsen: The EU Summit in June was hailed as a
game changer and the big winner was the Spanish president Rajoy. Last week's EU
Summit was a different story, as the announced banking union remains merely a
plan to have a plan because Germany and Club
North have decided that 'conditionality' is an integral part of a future
compromise.
Spanish waiting game – MacroScope
/ Reuters
For this week, top billing probably goes to Draghi
entering the lion’s den when he visits the Bundestag to address German concerns
about potentially open-ended bond-buying. The Bundesbank remains fundamentally
opposed although Merkel is much more sanguine. On the macro front, we get flash
PMIs for the euro zone, Germany and France as well
as the German Ifo on the same day.
Updating the Maastricht Treaty may be a better option for resolving
the eurozone crisis than political union and closer integration. – europp
/ LSE
Wide ranging proposals for political union and closer
co-operation between EU member states have been put forward as a solution to
the eurozone crisis. Heribert Dieter argues that this preoccupation with
centralised forms of decision-making on economic issues is misguided and may
bring with it several unanticipated problems. A better strategy would be to
update the current framework under the Maastricht Treaty, particularly by
creating a concrete mechanism through which states can leave the single currency.
Digging into the German Constitutional Court's ruling on the European Stability Mechanism – qfinance
It has
become something of a sport for leading German academics and others who are
opposed to Germany handing over largess - as they see
it
Go for pick-up via
maturity extensions in Finnish bonds – Nordea
With short rates virtually at zero, the search for
pick-up is definitely on. In this market, Finnish bonds offer excellent
opportunities, offering safety coupled with pick-up over German bonds without
making big sacrifices in terms of credit quality. (or straight to full pdf)
Euro area housing
markets: A temperature gauge – Danske
Bank (pdf)
The euro area housing market spans large differences, as shown in Danske Bank’s
Euro Area Housing Market Index below. Indeed, with regard to housing markets,
the euro area looks like independent economies rather than a single market.
Norwegian Government
Debt Handbook – Nordea
(pdf)
This handbook gives an overview of the market for
Norwegian government debt. We offer details on the structure of the market
including instruments, marketplace, auctions, issuance, outstanding volume
and ownership.
Parliament is
starting to bare its teeth on ECB – euobserver
Research Euroland:
Fact Book France – Danske
Bank (pdf)
USA
FOMC preview – Danske
Bank (pdf)
Too early to announce a formal rule
STOCK MARKETS
Bearish tripwires – Humble
Student
Until I see a broader retreat in the major averages,
reduction in risk appetite, the public getting bullish, and relative
underperformance of cyclical stocks, I am still inclined to give the bulls the
benefit of the doubt.
Equity Review:
Technology stock drop a sign of things to come? – Saxo
Bank
Earnings continue this week led by Apple, Facebook and
a mix of others. This could be a very volatile couple of weeks for stocks if
the earnings disappointments in technology are symptomatic of a wider earnings
slowdown.
S&P500 Q3
earnings: A struggle to meet revenue expectations – Saxo
Bank
Revenue is investors' focal point * Development does
not look good so far * Positive EPS surprises based on cost cutting do not
impress investors * Revenue surprise but EPS miss gets a stock hammered.