The PIIGS
bond yields are now back to levels seen before the “great summit”. Macro has been bad and we've seen easings from China, UK and ECB. Bad payrolls
from US = increased chance of Fed’s guido fist pump, good payrolls =
earnings outlook is improved. I expect the stock markets to shortly wake up to
the bad reality. EDIT: added payrolls section.
Frontrunning
– ZH
The Lunch
Wrap – FT
EM New York
headlines – FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
Morning
MarketBeat: Optimism Builds Ahead of Jobs Report – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
The Two
Drivers – Marc
to Market
The T
Report: – TF Market Advisors
– Kiron
Sarkar / The Big Picture
AM Dear
Dairy: Another NFP Number – Macro
and Cheese
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
Joschka
Fischer: Germany is strong, but not strong enough to take on Europe's other major players in tandem
BNP: Because of the progressive
worsening of the crisis, the hidden costs of failure have mounted. These can be
counted in two ways: first, the increase in the size of the ECB’s balance
sheet, accompanied by a worsening of the quality of credit it takes as collateral,
and second, the increased size of the TARGET2 balances, now exceeding EUR
900bn.
Eurozone Composite PMI Signals Steep Rate of Contraction;
Germany Contracts at Steepest Rate in 3 Years; German Construction Activity
Plummets 3rd Month
– Mish’s
PAYROLLS
80,000 Jobs, 8.2% Unemployment Rate – Calculated
Risk
Instant View: Job growth sluggish in June – Reuters
Stocks Fall as Treasuries Rise After U.S. Jobs Report – BB
Thoughts on Jobs Data – Marc to
Market
OTHER
Q2 2012 reporting season: First earnings miss
since late 2010? – Saxo
Bank
Weekly Credit Update – Danske
Bank (pdf)
Mid-2012 Market Outlook – RCS
Investments
BizDaily: When Does Crisis Become Disaster? – BBC
(mp3)
After two and a half years can the eurozone
disaster still be described as a crisis? We explode the myth of decoupling -
showing how the pernicious effects of Europe's troubles are now spreading across
the world. And, the secrets of selling to China's elusive consumers.