Roundups &
Commentary
Frontrunning – ZH
Overnight: It's Central Banker Appreciation Day – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open
Europe
Cameron: Regardless of any pressure my Europe policy
is not going to change
Morning MoneyBeat – WSJ
Morning Bond Update – TradingFloor
Central Bankers' Day – Marc to
Market
Morning Briefing
(EU/US): Once In A Lifetime? – BNY
Mellon
Is a sustained rally in the USD justified?
EUROPE
Mark Carney, the
incoming Bank of England Governor, has warned that Europe could
face a decade of stagnation unless it takes the kind of bold measures seen in Japan.
Almost every other
parliament in the EU has been weakened by the euro-crisis, but the Bundestag
has been strengthened.
The European Union’s unending quandary – Reuters
John Lloyd: As
recession deepens in the euro zone, the political questions about what comes
next are resurfacing.
It never rains… – MacroScope
/ Reuters
The British government
faces another potentially thorny day with the IMF delivering its annual review
of the UK economy…German officials have been getting active in recent weeks in
some potentially interesting ways.
Nick Beecroft: if the
Eurozone crisis remains 'in its box', the US continues to outperform and the UK Housing
Market continues to gather speed, then QE will never go up again.
Alternatively.....My best guess is the former and that the market will even
start pricing in rate rises for late 2014.
Commodity super cycle ending versus QE in the
eighth inning – TradingFloor
Steen Jakobsen: Get
ready for the UK version of QE to Infinity. We are very negative GBP for the second half
of 2013, and awaiting the catalyst to this trade… Singapore’s Deputy Prime Minister and Finance Minister
Tharman Shanmugaratnam struck a tone we should all embrace: “The global economy
could face the risk of stagnation if it does not embark on fiscal consolidation
and structural reforms for more sustainable growth in the next 10 years”.
Why not shrink the European Commission? – Open
Europe
UNITED STATES
Schizophrenic investors expect slump: bet on
boom – The
Telegraph
The latest poll of
Morgan Stanley's top clients from across the world says it all. Chief economist
Joachim Fels tells us that not a single investor at the bank's Florence forum thought the world economy would rebound
with any strength later this year… We will find out tomorrow from Ben
Bernanke's testimony to Congress whether he aims to "taper" QE sooner
or later. The markets are all on one side betting that it will be later. They
are probably right, but they had better be. As Warren Buffett said, it will be
the shot heard around the world the day Bernanke hints at anything else.
ASIA