Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Asia Morning MoneyBeat: Bulls, Bears, Bonds, and
Bills – WSJ
Europe Morning MoneyBeat: Weakness as Fed Minutes
Draw Near – WSJ
MORNING BRIEFINGS
Today’s updates to
watch include Japan’s All Industry Index and two reports for the US: the Chicago Fed National Activity and the
Johnson Redbook Sales Index.
Market Preview: German producer prices in focus – TradingFloor
European markets are
likely to open lower Tuesday amid fears that the US Fed could taper its monthly
bond purchases as early as September 2013. Meanwhile, traders will keep an eye
on today's German producer prices and EU construction output data.
Danske Daily – Danske
Bank (pdf)
In Germany the
campaign ahead of the general election on 22 September moves up a gear today.
Chancellor Merkel is scheduled to speak at two campaign rallies and Finance
Minister Schäuble is scheduled to speak at no less than four events
Market comment – Where did all the buyers go? – Nordea
Core bonds fail
to post a rebound * Equity markets continue to feel pressure on a broad front *
Emerging market currencies taking a beating * Spanish bad loans not peaked yet
* Lack of fresh drivers continuing
Aamukatsaus – Nordea
BRICS: Elämää
eskimokäännöksen jälkeen * No johan pomppas! * Öljy laskussa reilun viikon
nousun jälkeen
Aamukatsaus – Tapiola
(pdf)
Saksan pitkien valtiolainojen koron nousu on
vetänyt tuotot kuluvana vuonna pakkaselle. Yrityslainoissa tilanne on ollut
toistaiseksi parempi, koska yrityslainojen riskipreemiot ovat laskeneet. USA:n
pitkien korkojen nousun jatkaa osakkeiden piinaamista. Korkoriski toteutumassa
myös euroalueen riskittömissä pitkissä koroissa. Yrityslainoissa
riskipreemioiden sulaminen antaa vielä tukea. Eforelta jälleen heikko tulos –
3Q13:n liikevaihto EUR 16,7m (-21,2% yoy) ja EBIT EUR -1,7m. Osakefutuurit
miinuksella, indikoiden laskuavausta OMX HEX:iin.
EUROPE
The issue, as Stratfor
notes, has been magnified by high unemployment rates in destination countries,
where social security systems are strained and anti-immigrant sentiment is
high.
UNITED STATES
The bond market’s fear of Summers – MacroScope
/ Reuters
There does seem to be
a decent chance that the markets are sending a signal that (a) Summers is
likely to be the next Fed chair, and that (b) they’re not happy about the
prospect. Which could set us up for a nice market pop if Obama announces Yellen
as the nominee.
What Every Fed Head Will Be Looking At For The
Next Month – ZH
Guide to what happens
before 17-18 Sep FOMC meeting
ASIA
Asian FX Markets Are 'Turmoiling'; EM Stocks
Pushing Lower, Bond Yields Surging – ZH
OTHER
Weaker earnings will result in higher corporate
default rates; "zombie companies" yet to be hit – Sober
Look
Credit Suisse is
ringing alarm bells on corporate earnings - both in the US and Europe. The
Wal-Mart negative earnings surprise last week for example could be signaling a
slower earnings trajectory for other firms.
FINNISH
Suomea varoitetaan: Yli 40 000 teollisuuden
työpaikkaa katoaa – IL
Mikäli Suomi
ei saa pian kilpailukykyään nousuun, jää teollisuuden alalta pian vapaille
työmarkkinoille valtava määrä työntekijöitä.
Työllisiä 43
000 ja työttömiä 10 000 vähemmän kuin vuosi sitten – Tilastokeskus