Roundups &
Commentary
News – Between The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
US: Stocks Break 10-Day Winning Streak With 0.3% "Plunge" For
Worst Day In Two Weeks – ZH
EUROPE
The euro zone's sick labour markets – Free
exchange / The Economist
Today’s Employment
Outlook from the OECD, an intergovernmental think-tank based in Paris, makes depressing reading, above all for the
euro area. This annual health-check of labour-market trends highlights the
abysmal performance of the single-currency zone.
When the cyclical becomes structural – Free
exchange / The Economist
The OECD's annual
employment report makes for sombre reading. Our correspondents say that
policymakers in Europe, where projections remain especially poor,
need to focus on creating demand
EU Commission proposes Single Resolution
Mechanism – EconoMonitor
On 10 July
2013, the EU
Commission proposed a Single Resolution Mechanism (SRM), a complement to the
Single Supervisory Mechanism (SSM) and one of the building blocks of EU Banking
Union. The SRM is designed to ensure
that the resolution of a failing bank can be managed efficiently with minimal
costs to taxpayers and the real economy.
Forward guidance, the ECB way – alphaville
/ FT
That’s comforting
unless you consider Steen’s point “that the ECB council may know or fear
something about the economy we do not, which is why it managed to convince the
hawks to back forward guidance.”
On refrigerants and Cypriot euros – A
Fistful of Euros
Capital controls
continue in Cyprus. They’re getting more refined, but that could make them easier to
retain. No one is having much success raising concerns about what this means
for European integration.
UNITED STATES
For the Fed, Europe
Represents the Road Not Taken –
WSJ
…the subtext of the
speech will be: we got it right; we’re still right; and if you want to know
what would have happened if we’d listened to some of you people, just look at Europe.
After Bernanke Report Time Change, Traders
Must Shift Strategy Wednesday –
WSJ
The House committee
announced Monday that Mr. Bernanke’s prepared remarks will be released at 8:30 am. Usually, the headlines hit at 10:00 am, simultaneously with the scheduled start of
the Fed chairman’s presentation.
Fed’s George: Time to Taper Fed Bond Buys, End
in 2014 – WSJ
US Economic Ballistics – Macro Man
A continuation of
recent growth trends will require a successful growth handoff. The improving
employment picture is a positive, but TMM thinks that ultimately, improvements
in real wage growth will be needed. That could happen on its own as the
unemployment rate continues to decline –
A New Glass-Steagall Act – PIIE
Simon Johnson: On July
11, four senators unveiled the 21st Century Glass-Steagall Act. The pushback
from people representing the megabanks was immediate but also completely lame.
The weakness of their arguments against the proposed legislation is a major
reason to think that this reform idea will ultimately prevail.
361 Capital Weekly Research Briefing – The
Reformed Broker
ASIA
If you want to
understand where China is right now, you have to go back and look at China’s growth model for the last 30 years, which
has been a classic export-led growth model.
OTHER
OECD Doesn’t See Unemployment Falling Until
Late 2014 – WSJ
FINNISH
Kauppalehti:
Asuntokaupat lähes puoleen Helsingin, Espoon ja Vantaan alueella – Verkkouutiset
Danske
Bankin Uotila: Talous nousuun jo syksyllä – MTV3