Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
US: 20 Out Of 20 "Tuesdays" For The Dow; Worst Day In Bonds
For 19 Months – ZH
EUROPE
European Developments Ahead of the Annual
Review of EU Budget Rules – Marc
to Market
In its annual review
of compliance with its budget rules, the EC is likely to do four things. 1) end
the excessive deficit procedure against Italy 2) grant an extension to Spain, France and the Netherlands in reaching the deficit targets. 3) France, Spain and Belgium will likely be criticized and urged to taking
stronger strides 4) discuss the EU proposal to enhance corporate tax reporting
Under the EU’s proposed Financial Transactions
Tax, non-participating member states may bear the burden of deeper tax
integration without reaping the benefits – Europp
/ LSE
Why Nonsensical Spanish Data Is About To Make
Even Less Sense – ZH
Michael Cembalest,
JPMorgan: Another Spanish Madriddle - should Spanish GDP data be taken at face
value?
Markit Resumes Greek CDS Quotes – WSJ
GERMANY
Procyclical Policy for Germany – Krugman
/ NYT
Strange arguments
against fiscal expansion.
Safety first – where Germans put their money – Nordea
(pdf)
Germans are cautious
(not only) when it comes to allocating their savings: 41% of financial wealth
is held in usually low yielding bank accounts and in cash. Another 30% are
claims on insurance companies. These numbers have been quite stable over time. Less
than 20% of the wealth is directly invested into securities; and if so, many
savers prefer mutual fund shares over single stocks or bonds. As only 11% of
households own equities, they don’t feel much “wealth effects” when equity
markets move strongly. That helps to explain why private consumption is quite
stable both in good times and bad.
UNITED STATES
Presenting The Full Impact Of Stock Buybacks On
S&P 500 "Earnings"
– ZH
Of the change in
S&P TTM operating earnings between Q3 2011 and the just completed Q1 2013,
a stunning 60% or $2.20, of all "gains" of $3.70 have been the result
of buybacks.
Too-Big-to-Fail Myths, Goldman Sachs Edition – View
/ BB
The largest U.S. banks keep rolling out new arguments to
counter the growing impression -- among lawmakers especially -- that they
present an unacceptable threat to the economy.
Case-Shiller: Comp 20
House Prices increased 10.9% year-over-year in March – Calculated
Risk
Dallas and Richmond
Fed: Regional Manufacturing Activity mixed in May – Calculated
Risk
Real House Prices,
Price-to-Rent Ratio, City Prices relative to 2000 – Calculated
Risk
Case Shiller, no one
could be iller – The
Reformed Broker
It’s a REIT Bonanza
Out There: Equity Volumes at Record Rates – WSJ
Existing Home
Inventory is up 16.4% year-to-date on May-27 – Calculated
Risk
Rally monkey peeks out
of his box, wonders if it’s safe to come out – alphaville
/ FT
Consumer Confidence
Makes New Bull Market High – Bespoke
OTHER
How can we spot a boom? – Worthwhile
I used to think that if inflation was rising (or above target), we were
probably in a boom, and if inflation were falling (or below target) we were
probably in a recession. Now I'm not so sure about that, because the last
recession sure looked like a recession, but inflation wasn't giving its usual
signature.
FINNISH
Skinnari: Hyvä veli -verkostot tärväävät
Suomen vientiä – HS
Työttömyyden
kasvu, viennin takkuaminen ja Suomen kustannuskilpailukyvyn heikentyminen
nousivat keskiöön, kun eduskunta keskusteli vuoden ensimmäisestä
lisätalousarviosta tiistaina.
Valtavirran ja vallan virran keskustelua
valtavirtataloustieteestä – Akateeminen Talousblogi