Roundups
News roundup – Between The
Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat:
GDP, Jobs, the Fed and Earnings to Boot – WSJ
Europe Morning MoneyBeat: Volatility Ahead as Central
Banks Loom – WSJ
MORNING BRIEFINGS
An index of confidence
in Italy’s manufacturing sector, the UK CBI
Distributive Trades Survey, and the US Pending Home Sales Index are among the
day’s key numbers to watch
Market Preview: US pending home sales data in
focus – TradingFloor
European markets are
likely to open firmer on Monday. With a light European macro calendar today,
investors will keep an eye on the US pending home sales report which is likely to
show a monthly decline for June.
Danske Daily – Danske
Bank (pdf)
The calendar is
thin today....the market is likely to begin to focus on upcoming events with
the rest of this week being far more action packed.
Core bond yields
edged lower – more modest support likely today * Japanese equities feeling the
heat in earnest again * The calendar looking overwhelming: US GDP, ISM &
payrolls, Fed, ECB & BoE…* Italy awaiting the Supreme Court decision on
Berlusconi * Belgium, Italy, Germany and Spain to sell bonds * Coupon and
redemption payments to support Spanish and Italian bonds * US pending home
sales index out today
Aamukatsaus – Nordea
Viikolla
korkopäätöksiä ja tiukkaa talousdataa USA:sta * Huolet Kiinasta painoivat
raaka-aineita
Aamukatsaus – Tapiola (pdf)
Viikko alkoi
hieman negatiivisessa merkeissä, kun Kiina aloitti maan julkisten velkojen
tarkastusprosessin. Edessä erittäin vilkas viikko niin tuloksien kuin
makrodatan osalta. Osakefutuurit
plussalla, indikoiden nousuavausta OMX HEX:iin. Konepajojen 2Q-raporttien
yhteenveto: Metso hinnoittelultaan houkuttelevin, Koneessa suurin arvostuksen
lasku. 2Q13-tuloskauden kommentit: Uponor, lisää 2Q13-tuloksia huomenna mm. Orion
ja Raute.
EUROPE
Understanding the EU Regime: 5 Charts – Craig
Willy
UNITED STATES
For many Americans
rising home prices are no cause for celebration – Sober
Look
Infrastructure
skeptics take a hit – Noahpinion
At a time when interest rates are super-low and millions are out of
work, there is no good case against a big blast of infrastructure spending.
Let's do it right now.
U.S. Treasury
Secretary Jack Lew on Sunday warned Congress against manufacturing a crisis
over federal spending in the months ahead, as looming deadlines set the stage
for a repeat of the political deadlock which two years ago triggered worldwide
financial market turmoil.
Will this be a lost decade for profits? – Macrofugue
“Better Than Expected Earnings” – PragCap
They're Back! Congress threatens to Default
Again – Calculated
Risk
FEDERAL
RESERVE
What the Fed has said about the labor force participation
rate since July 2011 – BI
"The Taper Is Coming" - What Wall
Street Thinks – ZH
Consensus: September
tapering start with ~$20 billion in initial reduction.
5 reasons the Fed's taper will begin in
September – Sober
Look
Labor markets, money
supply, economic activity, financial stress, impact on interest rates.
Fed Only Putting Off Day of Reckoning – WSJ
FOMC Preview: Economic Slowdown – Calculated
Risk
A key for this statement
is how the FOMC addresses the weaker incoming data.
FOMC Week – Tim Duy’s
Fed Watch
This will be a very
interesting FOMC meeting even if the statement is left largely unchanged. That alone reveals that the Fed is moving
ahead with their plan to taper undeterred by any soft spots in the data.
The case for Janet Yellen as Federal Reserve
chair – Econbrowser
Next Fed Chair: Obama, Lawmakers Offer Their Takes – WSJ
ASIA
Will Kuroda Do A Bernanke? – ZH
Citi's Steve
Englander: On balance we see some temptation for Kuroda to speak out whether ex
cathedra as BoJ Governor or with his personal view Bernanke style so as to get
the NKY-JPY train back on track.
OTHER
Fundamental Keys in the Week Ahead – Marc
to Market
The week ahead is
chock full of fundamental events, and is, arguably, the most important week for
the next month. Indeed, the events this week will help shape expectations for
the period ahead. The US dollar has been trading with a heavier bias against
the major currencies, and the events this week have the potential to set the
stage for a recovery.
While you were busy… –
Nordea
(pdf)
In this short presentation, we’ve tried to highlight some of the major
economic and financial market events that has happened over the past few weeks.
How much capital
should banks have? – voxeu.org
Lev Ratnovski (IMF
economist): After much negotiation, Basel III regulations set capital
requirements to be between 8% and 12%. This column suggests this may not be
enough. It looks at how much capital banks would need to fully absorb asset
shocks of the size seen in OECD countries over the last 50 years. The answer is
18% risk-weighted capital, corresponding to 9% leverage. This benchmark is
highly conservative, so the true 'optimal' bank capital may be lower.
Book Bits | 7.27.13 – The
Capital Spectator
Turning Points:
Currencies, Commodities, and Credit Markets – CFA
Institute
A nice linkfest
Time-Varying Fund
Manager Skill – MathFinance
FINNISH
Suomi alisuoriutuu – tässä on syy – TalSa
Suomi
komeilee useiden vertailujen kärjessä, ja keksintöjemme laatua ja määrää
ylistetään. Silti Suomen vienti ei vedä ja talousennusteita korjataan kilvan
alaspäin. Asiantuntijat kertovat, millä keinoin Suomi saisi enemmän irti
kilpailukyvystään ja innovaatioistaan.
Varoitus: väkivaltaisia kansannousuja nähdään
pian Euroopassa – SK
”Eurooppa on
jo meidän silmissämme kriisialue, jonka avustamiseen varaudumme”, sanoo
Punaisen Ristin Kansainvälisen Komitean (ICRC) pääjohtaja Yves Daccord.