Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
Roundup – Kiron
Sarkar / The Big Picture
Tomorrow’s Tape – WSJ
The G7 statement: a camel is a horse designed
by a committee
EUROPE
Given the
economic and political tumult roiling not only Italy, but the eurozone as a whole, the
outcome of Italy's election will have a far-reaching
impact. Just what that impact will be, however, is impossible to predict – that
is, unless Silvio Berlusconi returns to power, in which case the consequences
will be all too clear.
Exorcising eurozone ELA as we know it – alphaville
/ FT
IMF: Centralizing
all LOLR functions at the ECB would in the steady state eliminate
bank-sovereign linkages present in the current ELA scheme
MARKETS
STOCKS
Momentum Slowdown – Dynamic Hedge
The sectors
largely responsible for leading the market higher in the last couple months:
$XLF, $ITB, $XLY, and $XLI, currently exhibit a slow down in momentum and
underperformance relative to the S&P 500.
Buffett’s Favorite Valuation Metric Surges Over
the 100% Level – PragCap
Wilshire
5,000 total market cap index relative to GNP.
FOREX
Macro Currency Strategy: Currency War Special – HSBC
(pdf)
Currency handbags at dawn – alphaville
/ FT
HSBC argue
that examples of behaviour consistent with currency war are on the rise
Currency War? – David Kotok / The Big
Picture
Since November, one of the major (G4) currencies, Japan, has
dramatically changed policy.
Furthermore, Japan has
directed its change in a way that causes another G4 currency, the euro, to
strengthen. This action and ensuing reaction
has triggered energetic discussion of a possible currency war. Will we see
one? Maybe. Are the currency moves we are seeing volatile
and abrupt enough to ignite one? Yes.
IN FINNISH
Tutkija: Suomen
EU:lta saama tukieuro vain 50 sentin arvoinen – YLE
EU-tukirahat kohdennetaan tehottomasti, Elinkeinoelämän
tutkimuslaitoksen tutkimusjohtaja sanoo.
Psst valtioneuvosto,
IMF:llä on asiaa – Henri
Myllyniemi / piksu
Kuntien taloustilanne
kiristyi vuonna 2012 – Tilastokeskus