15th Jul - US Open: China GDP, Rajoy, US retail

Previously on MoreLiver’s:

Monday EU Open: China's GDP is out

Credit Guest: Simpson's Paradox

Weekender: Linkfest

Weekender: The World

Weekender: Weekly Support

Weekender: Best of the Week

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Roundups & Commentary

Frontrunning – ZH

Overnight: Equities Buoyed By Chinese "Goldilocks" Slowdown Ahead Of Bernanke Speech – ZH

The Lunch Wrap – alphaville / FT

Emerging N.Y. headlines – beyondbrics / FT

Midday Express (EU daily news) – Europa

Daily press summary – Open Europe

Morning MoneyBeat: ‘Bernanke Put’ is Back in Play – WSJ

Morning Bond Update – TradingFloor

Firmer Dollar, Rising Equities to Start the Week – Marc to Market

EUROPE

Rajoy's risky bet on Spanish economic recovery – Reuters

Spain's Mariano Rajoy is making a risky political bet in claiming recovery is close at hand as a recent economic upturn is fragile and even if it persists an austerity-weary public may not feel much benefit, analysts and sources say.

Slush fund scandal reignites in Spain, but risk of early elections remains small – Open Europe

Spanish prime minister rejects calls to step down over scandal – Reuters

Rajoy on Monday rejected calls for his resignation over a ruling party financing scandal and said he would not allow the matter to deter his reform plans.

EU Week Ahead — July 15-19 – WSJ

Goldman Sachs Questions German Corporate Spending Decline – WSJ

ECB publishes study comparing collateral eligibility requirements – ECB

UNITED STATES

The Bernanke doctrine and the separation between forward guidance and tapering – Bruegel

Report from Jackson Hole – David Kotok / The Big Picture

Fed’s Forward Guidance Failing to Deliver – WSJ

Retail Sales increased 0.4% in June – Calculated Risk

Retail Sales Slide, Miss: Biggest Drop And Miss In 12 Months – ZH

Spot The Grotesque Retail Sales Seasonal Adjustment Outlier – ZH

Headline and Core Retail Sales Disappoint Expectations – dshort

Analysis: Weak Retail Likely Means GDP Below 1% - WSJ

A Slower Rate Of Growth In June, But The Annual Pace Rises – The Capital Spectator

Modest rise in U.S. retail sales offers cautionary note – Reuters

Retail Sales in U.S. Increased Less Than Forecast in June – BB

ASIA

China’s GDP and the investment factor – alphaville / FT

As Capital Economics observed on Monday, the bad news about the data really is that China’s economy shows no signs of weaning itself off its reliance on investment.

China GDP: where’s the demand? – beyondbrics / FT

So is there anything positive to take from the GDP numbers? On the face of it, not much. As Simon Rabinovitch wrote in the FT, China’s economy is “weighed down by faltering exports, sluggish retail sales and softer investment.”

China: Growth but No Rebalancing – WSJ

China’s Slowing Economy, An Illustrated Guide – WSJ

NOMURA: Chinese Growth Will Fall Below 7% Next Year – BI

China's GDP growth slows to 7.5 percent, tests reform push – Reuters

China Growth Slows to 7.5% as 2013 Target Under Threat – BB

OTHER

Bernanke has a lot of explaining to do this week – TradingFloor

John J Hardy: EURUSD saw its largest weekly trading range last week since November 2011 on Bernanke's hyper-dovish comments. This puts more focus than ever on his final semi-annual testimony before Congress this week.

FX Forecast Update - July: Forward guidance to weigh on EUR, GBP – Danske Bank (pdf)

Weekend Sentiment Summary (July Week 2) – Short Side of the Long

FINNISH

Maksutase toukokuussa 2013 – Suomen Pankki