Markets pretty much doing what was expected of them (see below for my views). The eurogroup meeting will probably be very messy today, after the Finnish comments before the weekend, yield spike and lack of any concrete steps from the last summit. I expect slight risk-off, so we will probably see the support levels in S&P and EURUSD that I was expecting. Then it will be time again to buy ahead of the next, big, fat hope rally leg. Whole Europe is just stupid. Force the losses, recap the banks. Stop bullshitting already, please.
Earlier on
MoreLiver’s:
Sell-Side Research (GS, Citi, CS...)
Weekender: Trading & Markets (incl. my views)
Weekender: Weekly Support (just updated)
News &
Recap – RanSquawk
/ ZH
Frontrunning
– ZH
The Lunch
Wrap – FT
EM New York
headlines – FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
Morning
MarketBeat: Earnings Season Kicks Off – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
Calm before
the Storm? – Marc to
Market
The T
Report: LIBOR, Spain & Value of Economic Data – TF
Market Advisors
Signs of
coordinated central bank action – Kiron
Sarkar / The Big Picture
AM Dear
Dairy: Quietly Lower – 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
EURO CRISIS
The Eurogroup of finance ministers meet today
and although there will be much talk, no formal decision in expected on Spain. However, this will
not prevent some sketching out of the eventual plan that could be ready later
this month.
ECB deposit rate fallout – alphaville
/ FT
Rabobank: The cut in the ECB deposit rate makes it
more likely that EUR/USD will drop below our 1.22 1 mth target near-term, it
also heavily undermines our medium-term expectations that EUR/USD will reclaim
some ground.
Speech Mario Draghi – ECB
Hearing at
the Committee on Economic and Monetary Affairs of the European Parliament
Time for unconventional unconventional policy? – alphaville
/ FT
Eurozone ministers to flesh out EU summit
promises – euobserver
Slow slow quick quick slow – MacroScope
/ Reuters
The Eurozone: A Twenty Year Crisis? – naked
capitalism
OTHER
S&P500 – A macro driven market since 2008;
A gap to close? – Saxo
Bank
100 Most Influential People in European Capital
Markets – The
Source / WSJ