Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
The Closer – alphaville / FT
US: Stocks Slump Most In A Month Suggesting Good Is Definitely Bad – ZH
EUROPE
Pretty Much
Improvement – Nordea
Today’s Euro-zone PMI data and the ECB lending survey provided fresh
evidence the area is making good progress in finally defeating recession.
Crossing the line at the ECB – mainly
macro
However it seems to me
that to give public advice on economic issues that are outside their remit
which are also highly controversial (and contradict what is in the textbooks)
seems to me to be crossing a line which it is very dangerous to cross.
Deconstructing the ECB collateral framework:
assessment and outlook – ECB
Watchers
The ECB took an
important decision on July 18 when it changed the collateral eligibility rules
and haircuts that it applies in its monetary policy operations. The decision
was not so important for the measures taken per se, but because it reveals the
unclear principles and tensions that govern its collateral framework. If
collateral policy is a key element of Central Bank policy, we remain in a trial
and error process that creates important risks.
A Eurozone-wide IMF programme could save both – Europp
/ LSE
Sony Kapoor makes the
case for a eurozone-wide IMF programme, which would move away from the current
piecemeal solutions focused on the economies of Europe’s periphery. He argues that a successful
Eurozone-wide IMF programme would deliver a more symmetric method of restoring
competitiveness, an EU-wide approach to stabilising the banking system, a
greater focus on restoring aggregate demand, a deepening of the single market
and a credible road map for the Eurozone.
UNITED STATES
Don’t send Summers to
the Fed – Felix
Salmon / Reuters
Shock and Awe(ful) – Tim
Duy’s Fed Watch
What They’re Saying
About Larry Summers and Janet Yellen – WSJ
PMI Data Shows That Mfg Sector Grew At A Faster Rate In July – The
Capital Spectator
US manufacturing follows the same pattern for the 4th year – Sober
Look
Early Indicator
Suggests Strong July for Factories – WSJ
Flash PMI Shows Steady
Improvement – PragCap
New Home Sales at
497,000 Annual Rate in June – Calculated
Risk
New Home Sales Rise As
Average, Median Home Prices Drop To 2012 Levels – ZH
New Homes Suffer
Biggest Two-Month Price Drop Since Lehman, Second Highest Ever – ZH
OTHER
A Possible Crippling
Blow for SAC – DealBook
/ NYT
What Other Financial
Firms Have Faced a Criminal Indictment – WSJ