Roundups
News roundup – Between The
Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat – WSJ
Europe Morning MoneyBeat – WSJ
MORNING BRIEFINGS
German GDP is already
old news and the IFO sentiment is also heading that way after yesterday's
Markit PMIs. The approaching holidays and traditionally volatile durable goods
might be the day's main driver.
Market Preview: German Ifo & GfK indices,
US durable goods eyed – TradingFloor
European markets are
likely to open mostly higher on Friday. Markets will keep a tab on German Ifo
sentiment indices and GfK consumer confidence data due later in the day., while
US durable goods orders will also be in focus.
Danske Daily – Danske
Bank (pdf)
German IFO projected
to grind slightly higher, US durable goods orders are expected to show a fairly
strong increase, ECB's Vítor Constâncio and the European Commission's Olli Rehn
both speak on financial regulation.
Aamukatsaus – Nordea
Euroalueen
ostopäällikköindeksit indikoivat taantuman jatkoa * USA:n työttömyyden lasku
jatkuu huolestuttavasti * Japanin osakemarkkinoiden syöksy jatkui aamulla,
mutta korjautui myöhemmin
Aamukatsaus – Tapiola (pdf)
Osakemarkkinoiden lasku loiveni eilen illalla
USA:ssa - markkinoille tukea makrodatasta ja USA:n keskuspankkiirien
liennytyskommenteista. Eilen positiivisesti yllättäneiden euroalueen ostopäällikköindeksien
jälkeen julkaistaan tänään Saksan IFO. Osakefutuurit nyt plussalla, indikoiden
nousuavausta OMX HEX:iin. Tapasimme edellisviikolla yhdeksän Suomi-yhtiön
johtoa. Keskustelun pohjalta positiivinen vaikutelma jäi Olvista ja Raisiosta.
EUROPE
ECB chief Draghi has
made an unusually political comment while in London, saying Europe needs a more European UK.
The Eurozone's economy could surprise to the
upside – Sober Look
UNITED STATES
A Subtle View of Labor Market Improvement – Atlanta
FED
More Fed - It Never Ends – Tim
Duy’s Fed Watch
Assuming current data
holds, the beginning of the end of QE is coming. But not immediately. Maybe three meetings out in September
assuming that the impact of fiscal drag remains largely contained to the GDP
data. The Fed does not want us to jump
to conclusions about future policy moves based on that initial shift. But I am hard-pressed to see a forecast that
would allow for up-and-down moves once the Fed pulls the trigger.
ASIA
CME Hikes Nikkei-Associated Margins By 33% – ZH
Japanese Stocks Open +1.5%; Bonds Half-Way To
Limit Down – ZH
OTHER
IMF Rethinking Role
in Managing Sovereign Debt in Crises – WSJ
IMF concerned that recent developments in sovereign debt markets
threaten the effectiveness of its bailout programs.
The case for 4%
inflation – voxeu.org
Since the double-digit inflation of the 1970s, central banks have sought
to reduce inflation and keep it low. This column argues that recent history
teaches us that inflation has fallen too low. Raising inflation targets to 4%
would have little cost, and it would make it easier for central banks to end
future recessions.
Giving the bulls the
benefit of the doubt – Humble
Student