Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Europe Morning MoneyBeat: Weakness as Fed Uncertainty
Continues – WSJ
MORNING BRIEFINGS
3 Numbers to Watch: EU PMI, US jobless &
PMI to show growth scene – TradingFloor
Thursday’s key
economic numbers include updates for the Eurozone PMI, US jobless claims, and
the US Manufacturing PMI which are likely to paint a picture depicting if we
really can begin to be more confident about growth.
Market Preview: Fed minutes reveal consensus on
QE3 tapering – TradingFloor
European markets are
expected to open lower Thursday after the FOMC minutes revealed a broad
consensus among policymakers to start tapering QE3 by the end of 2013. Today's
manufacturing PMIs across Europe and US jobless claims data will be eyed.
Danske Daily –
Danske Bank (pdf)
Market comment – Tapering still a poisonous
word for bonds – Nordea
Bonds continue to
take losses – US 10-year yield rises to new 2-year highs * Equities still under
pressure * Fed continues to monitor data closely to determine its tapering
plans * China’s PMI another sign of stabilizing growth * PMIs to maintain
positive momentum? * Jackson Hole almost a black hole of new signals this time?
Aamukatsaus – Nordea
Kiinadatan hyvä
vire saa jatkoa * Fed: loppu on käsillä * USA:ssa dollari vahvistui ja korot
nousivat Fedin pöytäkirjoista
Aamukatsaus – Tapiola (pdf)
EUROPE
Dramatic divergences
between official (government-supplied) data and synthetic (market-based)
measures of activity
UNITED STATES
Estimating the impact of monetary policy
normalisation on assets – macrofugue
The price of S&P
500 contains the expectation of monetary policy. Thusly, monetary policy tightening has not
negatively impacted the S&P 500 unless it happens more quickly than the
market expects
FED MINUTES
Fed mins underpin tapering, swerve high yields
fear – TradingFloor
Juhani Huopainen: The
minutes from the Federal Reserve's Open Market Committee meeting on July 30-31
showed that the commitment to tapering is still in place with little concern
over rising yields, but still no clear indication on a tapering timeline.
Few clues on timing of QE3 tapering in Fed
minutes – Handelsbanken
Analysts expect
tapering to start in September * Irresponsible not to use this opportunity to
taper
ASIA
China HSBC
Manufacturing PMI
Jumps Most In 3 Years
To 'Miracle' Expansionary Print – ZH
Indicates early signs
of a turnaround – Nordea
OTHER
Sovereign 10-Year Yields – Bespoke
As you can see in the charts and the adjoining table, rates have not
just been going up in the United States. In fact, in each of the six regions shown,
rates are well off their lows of the last year.
FINNISH
Nyt ne puheet vasta alkavat – Henri
Myllyniemi / US Puheenvuoro
Fiilispohjalta, Susanna Koski – Saloniemi
EVA: Työmarkkinoiden kolmikantapäätökset ovat
aiheuttaneet Suomen kilpailukyvyttömyyden – Piksu