12th Aug - US Open

Previously on MoreLiver’s:

Credit Guest: Alive and Kicking

Monday EU Open

Weekender: Linkfest

Weekender: Weekly Support

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Roundups & Commentary

Frontrunning – ZH

Overnight: Equity Futures Slide More On Resignation Taper Is Just Around The Corner – ZH

The Lunch Wrap – alphaville / FT

Daily press summary – Open Europe

Morning MoneyBeat: Time for Another Taper Tantrum? – WSJ

Morning Bond Update – TradingFloor

Dollar Starts News Week on Positive Note – Marc to Market

EUROPE

The long road to Eurozone bank deleveraging – alphaville / FT

RBS’ analysts have revisited predictions made in 2011 that eurozone banks would have to shed €5.1tn of assets. The good news is they have managed to get through almost half of that, or €2.9tn, since May 2012. The bad news being there remains another €3.2tn to go, including €661bn from the biggest banks

Seeking European signs of sturdier global rebound – Reuters

A tentative view that the global economy is emerging from its lull could harden into conventional wisdom by the end of this week if, as expected, data show the euro zone's lengthy recession has ended.

Euro Area’s Recession Seen Over as Champagne Kept on Ice – BB

The euro-area economy probably edged back to growth last quarter for the first time since 2011, ending the longest recession since the single currency union started 14 years ago.

The euro area needs a German miracle – Bruegel

Greek crisis: ‘Germany refuses new Greek bailout plan’ – Presseurop

Greece will need more bailout loans by 2014, Bundesbank believes – The Guardian

Der Spiegel cites document from Germany's central bank saying European governments will agree new aid programme

ASIA

The great Chinese collateral trade, illustrated – alphaville / FT

We’ve seen explanations of how the famous Chinese copper (and other commodity collateral) LC financing trade works in the past. But here’s a particularly good one from Goldman Sachs’ big report on China’s credit environment, which was out last week.

OTHER

Greater and lesser rotations – alphaville / FT

More than $100bn in investor money has sploshed over to the US stock market since the start of 2013, according to EPFR and BNP Paribas:

The strong monetarist dark force of eventual macroeconomic self-equilibration – Worthwhile

Key Events And Issues In The Coming Week – ZH

FINNISH

Suomi elvytti itsensä ulos 1990-luvun lamasta – rahapoliittisin keinoin – Tyhmyri

Huono it-johtaminen maksaa Suomelle miljardeja – IT-Viikko

Palkkasumma kasvoi huhti-kesäkuussa 1,9% YoY – Tilastokeskus