Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville
/ FT
EUROPE
The policy and the role of the European Central
Bank during the crisis in the euro area – ECB
Speech
Mario Draghi
A guide to the EU bank bonus deal – Brussels
Blog / FT
The EU
clampdown on bankers’ bonuses is nigh. The final talks (or so diplomats hope)
have begun and the room is booked until midnight.
A Taxpayer Revolt Against Bank Bailouts In the
Eurozone – Testosterone
Pit
Bank
bailouts in the Eurozone, like bank bailouts elsewhere, have made owners of
otherwise worthless bank debt whole through a circuitous process where, in the
end, taxpayers transferred their money to investors.
A Century Of French And Italian Economic
Decline – ZH
Michael
Cembalest, CIO JPMorgan: Why being underweight European equities has been the
gift that keeps on giving
French consumer recession is likely driven by
job losses – Sober
Look
ITALY
Italian elections – what’s next? – Danske
Bank (pdf)
UNITED STATES
Can a possible government shutdown save us from
the sequester? – Wonkblog
/ WP
Has The Nasdaq Topped Out? – Short
Side of the Long
The mighty dollar? – Buttonwood
/ The Economist
George
Magnus, a shrewd veteran strategist at UBS, has a new (privately-circulated)
research note with the title "A third US dollar bull market 2008-15?"
Just what we need: A stressed consumer – Humble
Student
Just as the
market has to worry about Italy and the prospect of sequestration,
I am seeing signs that the consumer is becoming increasingly stressed and
consumer spending is slowing.
FED'S BERNANKE
Semiannual Monetary Policy Report to
the Congress – BIS (pdf)
The sequester could make it harder to
reduce the deficit, not easier – Wonkblog
/ WP
Why Rates Might Rise – PragCap
DURABLE
GOODS
A Mixed Bag
For January – The
Capital Spectator
January orders
fell 5.2 pct – Reuters
U.S. business spending plans gauge hits
one-year high – Reuters
Orders Gain
Shows U.S. Companies Plan to Grow – BB
OTHER
Rational Temperance – Bill Gross
/ PIMCO
Chairman
Greenspan’s “irrational exuberance” speech in 1996 posed an excellent question,
and history provided the answer. Fed Governor Jeremy Stein asks the same
question in 2013 with a uni-dimensional but useful model. Stein’s paper,
accompanied by correlations from Bianco Research, suggests caution in today’s
high yield market. High yield bonds, stock prices and other risk spreads move
in relative tandem. PIMCO cautions “rational temperance”: be bullish if you
want, but lower return expectations on all asset classes.
Sell currencies of serial QE offenders – Bill
Gross / FT
Fighting
central banks is dangerous