Roundups &
Commentary
Frontrunning – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Merkel: No need to ‘give up more powers to the Commission’; Chancellor
expresses reluctance about direct elections for Commission President
Morning MoneyBeat – WSJ
Morning Bond Update – TradingFloor
Capital Market Drivers – Marc to
Market
Morning Briefing
(EU/US): Sign Of The Times – BNY
Mellon
Is the
support that emerging markets have enjoyed for so long from a weak USD now
starting to wane?
EUROPE
The movement of people (and its consequences) – Coppola
Comment
The "slow train
wreck" that is Eurozone youth unemployment
Euro area: Expect less drag from fiscal policy – Nordea
Tight fiscal policy by
way of spending cuts and tax increases is one of the key reasons why the Euro
area struggles to get out of recession.
A Greek bond raid – alphaville
/ FT
We are not quite sure
what is going on here. Japonica Partners, a self-styled “entrepreneurial
co-investment firm” based in Providence, Rhode Island, has launched a tender offer for almost 10 per cent of all Greek
government bonds in circulation. It’s ready to buy paper worth €2.9bn at par,
paying a minimum of 45 per cent of face value.
The EU has found a compassionate side – TradingFloor
Nick Beecroft: The EU
seems finally to have got it. 'Austerity Infinite' was only ever going to
succeed in taking us to very bad places indeed. At the best (and I am afraid we
are going to see this anyway), violent unrest on Southern European streets. At
the worst, well, goodness knows where things might have gone; one can certainly
envisage desperate populations demanding that their governments take them out
of the Euro, and maybe even the EU, as populist rhetoric whipped up anti-German
fever.
ECB preview: long words, short action – Nordea
We expect no change in
rates and nothing new on the ABS programme this time around. Draghi is likely
to strike a dovish tone to support sentiment and confidence, probably stressing
recent key figure improvements and keeping the option of negative rates on the
table.
BizDaily: Next in the firing line? – BBC
(mp3)
Could the crisis in Slovenia threaten the future of the Eurozone, why Europe is so resistant at attempts at unification and
why the quality of your degree doesn't matter.
Something must be done, but what? – MacroScope
/ Reuters
UNITED STATES
On September – Tim Duy’s
Fed Watch
As always, the data
will drive the Fed's next move. My
expectation is that data evolves in such a way that policy will shift in
September. I think there is currently a
bias toward ending QE, so I anticipate a willingness of policymakers to focus
on stronger numbers and downplay the importance of weaker numbers
ASIA
OTHER
BIS Quarterly Review,
June 2013 – BIS
Table of contents of 'International banking and financial market
developments' (BIS Quarterly Review), June 2013
Heads Up: Developments before the New Week
Begins – Marc
to Market
China's official May
manufacturing PMI was reported better * The Turkish government's poor response
to protests * ermany and France issued draft proposals on fiscal and banking
union * Fear of that the Federal Reserve may begin exiting from its
unconventional easing program *
Strengthening financial resilience – ECB
Speech by Mario
Draghi, President of the ECB, at the 2013 International Monetary Conference, Shanghai, 3 June 2013
Global liquidity and international risk-sharing
in the post-crisis environment
– ECB
Speech by Benoît
Cœuré, Member of the Executive Board of the ECB, at the Bank of Korea International
Conference 2013 “Assessing Global Liquidity in a Global Framework”, Seoul, 3
June 2013
Should you have sold in May? – Humble
Student
FINNISH
Toistetaanko
90-luvun alku? – Henri
Myllyniemi / US Puheenvuoro
Subprime-vakuudet
ja silmänkääntötemppu – Elina
Lepomäki / US Puheenvuoro
Vientikysyntä yhä alamaissa – EK
Viennin heikkous jatkui alkuvuodesta, sillä
Suomen tavaravienti väheni maaliskuussa 12 vuoden takaisesta. Ensimmäisen
vuosineljänneksen aikana vienti supistui vuositasolla neljä prosenttia.
Kemianteollisuus ja etenkin öljytuotteet ovat tällä hetkellä viennin
valopilkku. Useimmilla muilla
aloilla vientikehitys on vaimeaa.
Puolitotuudet
ovat vaarallisia – Raimo
Ilaskivi / US Puheenvuoro
Näin
Kreikka-vakuuksien sopimusmiina laukeaa – Jan
Hurri / TalSa
Valtiovarainministeriö vahvistaa, että
Kreikka-vakuudet eivät turvaa Suomea Kreikan hätäluottojen huojennuksista
koituvilta tappioilta. Velka-armahdus on kuitenkin VM:n mukaan kuvitteellinen
tilanne, jonka Suomi voi lisäksi estää. Valuuttarahasto IMF on eri mieltä: sen
mukaan Kreikan velka-armahdukset eivät ole kuvitelmaa vaan välttämättömiä. Jos euromaat noudattavat IMF:n neuvoa, Suomen
sopimusmiina laukeaa.
Maahanmuuttajien
Suomi – Pauli
Vahtera / IL blogi
Suomen
Pankin ex-johtaja: Euro uppoaa kuin uppotukki – KL
Europeli poikki mahdollisimman pian.
Rahoituskonsultti, Suomen Pankin johtajistoon kuulunut Heikki Koskenkylä
ehdottaa Suomen eroa euroalueesta.