Roundups &
Commentary
Frontrunning – ZH
Overnight: Futures Lifted By Verbal Cental Banker Exuberance – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Midday Express (EU daily
news) – Europa
Daily press summary – Open Europe
Morning Bond Update – TradingFloor
Dollar Bulls Still in Charge – Marc
to Market
EUROPE
ECB Could Spell More Trouble For Euro – WSJ
What the ECB president
hasn’t said is that the Bank could have to act again as early as next week. And
for the euro this can only spell trouble.
Just how off track is Greece’s €172bn second bailout? When the FT reported
that a new €3bn-€4bn financing gap had opened up in the programme, EU and International
Monetary Fund officials went out of their way to insist there wasn’t a gap at all.
Nordic Outlook - June 2013 – Danske
Bank (pdf)
Denmark: economic adjustments make Denmark ready for growth Sweden: an economy slowly convalescing Norway: Growth pause, but no signs of crisis; the
Norwegian economy is still in good shape Finland: Second year of misery, GDP set to contract in
2013 but growth should return in 2014
ITALY
Italy risks potential
losses of billions of euros on derivatives contracts it restructured at the
height of the eurozone crisis, according to a confidential report by the Rome
Treasury that sheds more light on the financial tactics that enabled the
debt-laden country to enter the euro in 1999.
Corruption, EuroStyle: ECB Chief Draghi Fudged Italy’s
Books to Secure Eurozone Entry, Italy
Stuck With Derivative Losses –
naked
capitalism
ASIA
Eric Lascelles of RBC
Global Asset Management: The recent stress in China’s interbank lending market
has, quite rightly, attracted renewed attention to the country’s credit
excesses. Alas, successfully distinguishing between nourishing credit and
gluttonous credit is more easily said than done.
China’s recent cash squeeze is having the perverse effect of attracting more
savers into the controversial wealth management products (WMPs) that the
authorities want to bring under greater scrutiny.
OTHER
Global FI Strategy: A taste of less
spoon-feeding – Nordea
(pdf)
What we have witnessed
since the beginning of May has its roots in a fundamental improvement of the US
economy, but has created a larger mess in financial markets than anyone would
have guessed…USD: If we are correct in our assumption that the last bit of the
rate sell-off predominantly is related to stop activity, a 30-50bps re-bound in
the 5yr segment doesn´t look unachievable…EUR: We view the re-pricing of an
implicitly tighter ECB policy as fundamentally unwarranted and a reversal is
likely in the near future…
FINNISH
Timo Soinin kohtalokas EU-ratkaisu – verkkouutiset
EVA-analyysi: Valtiovalta ohjeistaa kuntia
veronkiertoon – verkkouutiset
Akateeminen taksikuski – Henri
Myllyniemi / US Puheenvuoro