Roundups &
Commentary
Frontrunning – ZH
Overnight: Friday Is Just Friday (For Now) – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MoneyBeat: Big Bad Taper Nothing to Fear – WSJ
Morning Bond Update: Not what the Fed wanted – TradingFloor
Markets Calmer into Weekend – Marc
to Market
Morning Briefing
(EU/US) – BNY
Mellon
What might be running through Bernanke's mind
ahead of FOMC
EUROPE
Euro Area Macro Handbook – Danske
Bank (pdf)
77 pages of deeper
reading.
The ECB is doing the right thing – The
A-List / FT
The hearings of the
German constitutional court this week in Karlsruhe raise a series of interesting questions, in
particular about the independence and accountability of the European Central
Bank.
Blogs review: Tackling youth unemployment – Bruegel
EZ banking union with a sovereign virus – voxeu.org
Daniel Gros: The
doom-loop between banks and the national governments played a dominant role in
the Eurozone crisis for Ireland and Cyprus. A Eurozone banking union is usually viewed as
the solution. This column argues that the doom-loop cannot be undone as long as
banks hold oversized amounts of their government’s debt. A simple solution
would be to apply the general rule that banks are prohibited from holding more
than a quarter of their capital in government bonds of any single sovereign.
May 2013 Euro area annual inflation up to 1.4%
EU up to 1.6% - Europa
UNITED STATES
The Fed is still keen to be investors’ best
friend – The
A-List / FT
Mohamed El-Erian: Markets
rallied sharply late on Thursday on unconfirmed indications that the Fed may
push back more forcefully on investors’ fear of a pre-mature tightening in
monetary policy. To sustain the change in market sentiment for more than a few
days, the Fed would need to follow up with greater details
Fed Likely to Push Back on Market Expectations
of Rate Increase – WSJ
An adjustment in the
program won’t mean that it will end all at once, officials say, and even more
importantly it won’t mean that the Fed is anywhere near raising short-term
interest rates. Investors aren’t listening.
Is the Fed Going to Dial Down Its QE Taper
Talk? – naked
capitalism
The Fed has a
difficult task ahead - TradingFloor
Nick Beecroft: The Federal Reserve
has embarked on an ambitious journey, during which they intend to
simultaneously burst bubbles, avoid a bond market rout, and boost lending to
consumers and businesses. This may prove to be an enormously difficult task.
US Bonds In "Panic" Mode – ZH
Based on
Credit-Suisse's Panic-Euphoria model of risk appetite, US bond markets are on the verge of the
short-term capitulative "Panic" mode. Each time we have reached this
level of 'selling' in the last 6 years, Treasury yields have compressed
significantly.
ASIA
Abenomics: Is Shinzo aiming in the right
directions? – Bruegel
Nikkei Slides After BOJ Minutes Released – ZH
OTHER
The US economy is
working its way through a soft patch due to substantial fiscal tightening…The euro
area is finally showing signs of improvement in hard data…China continues to
disappoint and we have revised our growth forecast down…
What Wall Street's Cross-Asset Trading Desks
Are Saying Right Now – ZH
Deutsche: markets rough, economies mostly
stable – beyondbrics
/ FT
Don’t panic, says
Deutsche Bank, about the emerging markets sell-off. Once the dust has settled,
investors will see that most emerging markets are in better shape for a post-QE
world than most developed markets because debt levels are lower.
European Commission
MEMO Brussels, 13 June 2013 What are the main topics on this year's
agenda? The United Kingdom, who is holding this year's annual G8
presidency, has set out three main topics on the summit's agenda: trade,
taxation and transparency ("the three Ts").
Can’t Win a Currency War? Try Protectionism
Instead – WSJ
The incidence of
protectionist policies in one form of another has risen over the last six
months to its highest level since the start of the global financial crisis in
2008.
The Blurring of the Risk-on/Risk-off Effect – Sober Look
As a follow-up to the
discussion on "risk-on/risk-off" (see post), there is further
evidence that the market dynamics that have been in place over the past four
years have recently been altered. The negative correlation between the US
dollar and the US equity markets is nearly gone.
10 Nagging Concerns – ZH
Gluskin Sheff's David
Rosenberg has ten nagging concerns...
Weekly Credit Update – Danske
Bank (pdf)
Yield Forecast Update: Volatility is back – Danske
Bank (pdf)
Book Review: Value Investing: From Graham to
Buffett and Beyond – The
Aleph Blog
Weekend Reads for Financial Advisors – CFA
Institute
Retirement, Behavioral
Finance, and Paul Revere
FINNISH
Perusteollisuuden
asiat unohdetaan – EK
Antolainauskanta
lähes 7 miljardia euroa maaliskuun 2013 lopussa – Tilastokeskus
Elintarvikkeiden
kallistuminen ylläpitää inflaatiota – Tilastokeskus
Maksutase
huhtikuussa 2013 – Suomen
Pankki
Huhtikuun 2013 vaihtotase oli 1,4 mrd. euroa
alijäämäinen, eli alijäämää oli noin 0,4 mrd. enemmän kuin vuosi sitten.
Maksutaseen mukainen kauppatase1 oli 0,2 mrd. euroa ylijäämäinen. Viimeisen 12
kuukauden yhteenlaskettu vaihtotaseen alijäämä oli 2,9 mrd. euroa.
Talouskasvu
ja alhaiset korot ovat ristiriitainen tavoite – molempia ei voi saavuttaa yhtä
aikaa – tyhmyri
Suomen
kansainvälinen kilpailukyky on heikentynyt merkittävästi kymmenessä vuodessa – Nurkanvaltaaja
/ SK