Roundups
News roundup – Between The
Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat: The Policy Gap Is Getting
Wider – WSJ
Europe Morning MoneyBeat: Central Banks Lift the Mood
– WSJ
MORNING BRIEFINGS
The US payrolls were supposed to be the main event,
but after Europe's and England's central banks surprised with their
dovishness yesterday, the focus might shift to next week's Fed minutes.
Market Preview: Spotlight on US non-farm
payrolls – TradingFloor
European markets are
expected to open mixed on Friday. Investors await US non-farm payrolls data
later today which is likely to show a slower pace of job additions in June.
Also, today's German factory orders data will garner market interest.
Danske Daily – Danske
Bank (pdf)
Focus will be on
markets digesting the implications of both ECB and Bank of England’s new (and
somewhat vague) form of forward guidance...Today’s key event is the release of
the US employment report – after all, the Fed’s state-contingent forward
guidance centres on the labour-market developments at present.
Rates morning comment – What a difference a day
makes… or… well… not really – Nordea
Forward guidance is the new black among central bankers * Political
crisis in Portugal * Today, there is
only one thing on the agenda: US payrolls
Aamukatsaus – Nordea
EKP:lta uutta
ohjeistusta rahapolitiikalle * Euro heikkeni selvästi
EUROPE
Forward, Central Bankers? – Evan
Soltas
The ECB has allowed
macroeconomic conditions to get entirely out of hand. This is, in fact, not
enough -- it's just a big step forward…I suspect that the Germans are coming
around because they are now concerned about demand. They had not been before,
setting them at odds with the rest of Europe.
Forward guidance; will it work? – MacroScope
/ Reuters
This was a big move
for a central bank which had hitherto spent 14 years insisting it would never
“pre-commit” on interest rate policy. But it may not be decisive and further
options are limited.
As Portugal's
yield curve flattens, Draghi is put on the spot once again – Sober
Look
UNITED STATES
ASIA
China suspended the release of industry-specific data from a monthly survey
of manufacturing purchasing managers, with an official saying there’s limited
time to analyze the large volume of responses.
The government is at
last showing signs of resolve, but the road ahead will be testing.
Roach v. Pettis (on China) – Humble
Student
China's transformation from investment led growth to consumer led growth is a
story of short-term pain for long-term gain. The only questions are when?...and
how much pain?
OTHER
4 Lessons From A Life
On Wall Street – ZH
The Men That Broke
Banks - Rogue Traders – ZH