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Previously on MoreLiver’s:
Roundups &
Commentary
News – Between The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
The Closer – alphaville / FT
EUROPE
The share of
respondents in Germany assessing the current situation as “good”, for instance,
has risen from 63% in 2007 to 75% currently, while this share has slumped
heavily in all other European countries included in the survey
Eurocrisis Conversation with Peter Bofinger – Sony
Kapoor
Note: Peter Bofinger
and Sony Kapoor wrote the original Growth Compact for the EU in late 2011,
which was then adopted in such a watered down form so as to make it
ineffective.
Incumbents don’t like disruption shocker: CDS
edition – alphaville
/ FT
The European
Commission says it has found evidence that the banks had tried to prevent
exchanges from entering the credit derivatives business between 2006 and 2009.
BoE preview: The King has left the building – Nordea
ECB Meetings and EURUSD in 2013 – TradingFloor
John J Hardy: ECB
meetings have been very important event risks for EURUSD in 2013 - often
setting the direction for weeks at a time in their wake.
Adjustments to the ECB’s capital subscription
key due to EU enlargement – ECB
MACRO
DATA
Euro zone joblessness
at record high, inflation up – Reuters
Final PMI press
releases for June numbers – Markit
UNITED STATES
Banks benefiting from "taper" on both
sides of the balance sheet – Sober
Look
US equity markets are
continuing to price in higher premiums for bank shares relative to the overall
market. The increased steepness of the yield curve will mean higher net
interest income, as banks borrow at historically low rates from depositors and
lend longer term at the highest rates in two years.
Welcome to Year Five of Recovery – WSJ
After four bumpy
years, the U.S. recovery finally appears to be on a smoother road. Many economists now
predict 2014 will be the best year for growth since 2005, while joblessness is
expected to click below 7% next year for the first time since 2008. Houses are
selling again, the energy sector is booming and jobs, while not plentiful, are
being created at a steady pace.
MACRO DATA
Factories rebound in
June, but hiring down – Reuters
U.S. June ISM Manufacturing Report on Business – BB
U.S. Manufacturing Sector Edged Back To Expansion In June – WSJ
PMI shows "modest
manufacturing expansion", new export orders decline sharply – Calculated
Risk
ISM Manufacturing
index increases in June to 50.9 – Calculated
Risk
Manufacturing ISM
Rebounds Slightly but Employment Drops – Mish’s
PMI Report: More Signs
of Muddle Through – PragCap
ISM Beats As Expected,
Employment Index Drops To Lowest Since Sep 2009 – ZH
ISM Manufacturing Back
Above 50 – Bespoke
ASIA
Has the Japanese Government Bond Market
Stabilized? – WSJ
Has the Chinese central bank really taken a
hard line on liquidity? – Bruegel
China still has a long way to go to disassemble the liquidity crisis bomb.
Likonomics: what's not to like – Free
exchange / The Economist
Like the three
"arrows" of Abenomics, Mr Li's strategy comprises three parts, they
argue. Unlike the arrows of Abenomics, however, all of them hurt: 1) no
stimulus 2) deleveraging 3) structural reform
Likonomics, or neologism X as we like to call
it – Free
exchange / The Economist
How Do You Say “Minsky” in Mandarin? – The
View from the Blue Ridge
MACRO
DATA
China: Economists React - More Bad Manufacturing News – WSJ
Investors take weak
growth in their stride but rightly fret about property – beyondbrics
/ FT
OTHER
June Macro Strategy Review – The Big
Picture
EM Preview for the Week Ahead: Policy and Data – Marc
to Market
EM stocks: cheap now? Not necessarily – beyondbrics
/ FT
Investment Outlook:
Did somebody pinch the punch bowl? – TradingFloor
Teis Knuthsen: Financial
markets were stung by the Fed’s signals on cutting back on QE3 but in truth,
they should take heart from the positive logic that is underpinning US monetary policy.
ECB headlines quartet
of central bank meetings this week – TradingFloor
John J Hardy: A cavalcade of central bank meetings this week with the
RBA up tonight, the Riksbankon Wednesday and the ECB and BoE on Thursday. This
and key US data all week long
should keep FX traders busy.
SPY SCANDAL
US snooping gives the EU an unexpected boost – Brussels
blog / FT
Prism scandal: ‘New leaks show how US is
bugging its European allies’ –
Presseurop
Will Snowden Revelations About Spying on
Foreign Governments Undermine the European and Pacific Trade Talks? – naked
capitalism
Key Events And Market Issues In The Coming Week
– ZH