Previously on MoreLiver’s:
Special: Fed Watch
(updated)
Roundups &
Commentary
Frontrunning – ZH
Overnight: Liquidation Wave Sweeps Globe In Bernanke Aftermath – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Midday Express (EU daily
news) – Europa
Daily press summary – Open Europe
Schäuble: I’ll take single eurozone bank
resolution mechanism to the ECJ, if it goes through
Morning MoneyBeat: Investors Throw Taper Tantrum – WSJ
Morning Bond Update: Key trigger is emerging markets – TradingFloor
Ten Developments to Note – Marc
to Market
EUROPE
BANKING
UNION
Euro ministers to decide direct bank
recapitalization rules on Thursday – Reuters
Euro zone finance
ministers will decide on Thursday when and how their bailout fund can invest in
a bank to save it from failure, laying a cornerstone of the banking union seen
as vital to restore economic growth.
EU edges towards compromise on bank recovery
and resolution plans – Open
Europe
Five Banks Must Raise $21.2 Billion in Fresh
Capital, BOE Says – BB
Five U.K. banks must find 13.4 billion pounds ($21
billion) to plug a 27.1 billion-pound capital shortfall by the end of the year,
the Bank of England said.
MACRO
NUMBERS
Euro zone business slump eases but second
quarter contraction likely: PMI
– Reuters
The euro zone's
private sector slump has eased more than expected this month, business surveys
showed on Thursday, but a continued slide in new orders suggested a full
recovery is still some way off.
Euro-Area Services, Factory Output Rises More
Than Forecast – BB
Euro-area services and
factory output increased more than economists forecast in June, adding to signs
the currency bloc may emerge from its record-long recession in the second
quarter.
Euro area PMI signals weak growth driven by
domestic demand – Danske
Bank (pdf)
Macro digest: European PMIs better, but still
bad – TradingFloor
Juhani Huopainen: While
the Markit PMI for Europe improved even more than was expected, the
numbers are still in contractionary territory. The disappointing German
manufacturing sector suggests weakness is to continue.
ASIA
Whatever the final
results of Abenomics, at least it has refocussed attention on a longstanding
problem in Japan: the tremendous difference in labour force participation between men
and women.
Markets panicking, it's time to go short – TradingFloor
Chinese Interbank Markets Having a Heart
Attack, Repo and Shibor Skyrocket, Could Trigger Bigger Unraveling – naked
capitalism
China’s money markets have spiked again after the central bank rebuffed pleas
to inject more cash in to the financial system on Thursday. We have the 7-day
repo rate jumping 270 basis points to 10.8 per cent, nearly triple where it
stood just two weeks ago
Chinese Bank Bailed Out Through PBOC
"Targeted Liquidity Operation"– ZH
OTHER
The new reality – MacroScope
/ Reuters
The Federal Reserve
has spoken… There’s trouble in China too…important that EU leaders make real
progress on agreeing the structures of a cross-border banking union
The heart of trading:
Emotion regulation on the trading floor – TradingFloor
EM currencies: all-time low tracker – beyonbrics
/ FT