MoreLiver's Daily: 11th Jul

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Paris Europlace International Financial Forum “Growth and Investment Opportunities in Europe”, Paris, 11 July 2013

ECB hasn't tied its hands with guidance, says Weidman – Reuters

The ECB has not "tied itself to the mast" with its use of forward guidance on low interest rates, and could raise them if inflationary pressures emerge in the future, ECB policymaker Jens Weidmann said on Thursday.

Draghi’s Time Horizon for Rates Seen to Exceed a Year – BB

For Mario Draghi, “an extended period of time” lasts longer than a year, according to economists surveyed after the ECB president used the phrase in a pledge to keep interest rates low.

Monthly Bulletin, July 2013 – ECB (pdf)

Statistics Pocket Book, July 2013 – ECB (pdf)

Is there a risk of a creeping rise in trade protectionism? – ECB (pdf)

The Eurosystem collateral framework throughout the crisis – ECB (pdf)

PIIGS

Turkish trouble – MacroScope / Reuters

Turkey spent $1.3 billion of reserves Tue, $2.25 on Monday, reserves now below 40bn…Italy holds auction…ECB’s Coeure and Weidmann speak…

Portugal political crisis deepens – Reuters

Portugal's political crisis deepened on Thursday after the president rejected a plan to heal a government rift and critics accused him of igniting a "time bomb" by calling for early elections next year.

Brussels says wants a stable Portugal – Reuters

Rajoy Punishes Exporters Sustaining Spain’s Economy – BB

UNITED STATES

The Fed (Sort of) Speaks, but is the Bond Market Really Listening? – naked capitalism

ASIA

Shadow financing charted in China, and a property catch-up – alphaville / FT

Property developers, particularly the small ones, have had to go begging to trust companies and underground lenders at interest rates usually in the low to mid teens and for something like 6 months to two years. The duration mismatch is pretty obvious.

The China slowdown effect – beyondbrics / FT

Inflation below target; slumping exports; growth forecasts down – it’s not been a good week for China data. The market response? Time to buy!

BOJ Beat: Five Takeaways From Kuroda News Conference – WSJ

OTHER

Analysis: Forward guidance more than passing fashion for central banks – Reuters

"Watch what we do, not what we say," was the central bank mantra for generations. But no more.

More Central Banker Brass Balls – Macro Man

FINNISH

Nominaalisen talouden romahdus johtaa valtion velkaantumiseen – valtion talouden tervehdyttäminen on haluttaessa helppoa – tyhmyri

Asuntojen hinnat laskivat EU:ssa - Suomi polkee vastavirtaan – TE

Poliittiset taikaluodit – Marko Kivelä / US Puheenvuoro

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Thursday, July 11

11th Jul - US Open