Roundups &
Commentary
Frontrunning – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Midday Express (EU daily
news) – Europa
Daily press summary – Open Europe
Morning MoneyBeat: Dog Days of Summer Ain’t So Bad – WSJ
Morning Bond Update: 'Mind the gap' in bunds – TradingFloor
Much Data, Little Price Movement in FX – Marc
to Market
EUROPE
More fiscal union, differentiated austerity – Bruegel
Recent discussions on
self-defeating austerity neglect the monetary union dimension of fiscal policy.
National austerity is unavoidable when financial pressure is high but should be
gradual. Reversing austerity can have negative effects on the economy through
the confidence channel in countries in difficulties. However, the negative
effects of austerity call for temporary fiscal union, credible long term fiscal
reforms, more public investment in countries with fiscal space and potentially
some debt restructuring.
Results of the Q2 / July 2013 euro area bank
lending survey – ECB
European Banks Face Capital Gap With Focus on
Leverage – BB
Europe’s biggest banks, which more than doubled their
highest-quality capital to $1 trillion since 2007 to meet tougher rules, may
have further to go as regulators scrutinize how lenders judge the riskiness of
their assets.
Comments on Munchau
and Sinn
Portugal and Cyprus are insolvent, says French
bank report – euobserver
MARKIT
PMI
Euro zone private
industry unexpectedly bounced back to growth this month but its recovery risks
being derailed as China's huge manufacturing engine is losing steam.
Euro zone private
industry unexpectedly bounced back to growth this month but its recovery risks
being derailed as China's huge manufacturing engine is losing steam, surveys suggested on
Wednesday.
Eurozone PMI offers tantalising glimpse of
growth – TradingFloor
Juhani Huopainen: The
Eurozone could be on the brink of, wait for it, a return to growth. The Markit
July Flash Purchasing Manager Indices offer a tantalizing glimpse of a prospect
that we've not seen in a long time.
France PMI – Markit
Germany PMI – Markit
Eurozone PMI – Markit
UNITED STATES
Why Yellen should be the next Fed chair – alphaville
/ FT
Discuss: Larry Summers, Front Runner – The
Big Picture
Larry Summers is the Front-Runner? WTF? – Economist’s
View
OTHER
Anatomy of a bank run – Coppola
Comment
SAC, oh dear – alphaville
/ FT
The Final Straw For
SAC: Criminal Charges To Be Filed This Week – ZH
The Death of High
Inflation – Krugman
/ NYT
Chart Of the Day –
Asset Class Correlations – PragCap
Don't analyse the
wrong time series – TradingFloor