Coming: guest credit post, possibly an evening post later, and surely a Best of The Week and Weekender tomorrow. News 13-Jan – the trader
Morning Briefing – BNY Mellon
Daily 13-Jan – Danske (pdf)
Market Preview 13-Jan – Saxo
Tape 13-Jan – MarketBeat / WSJ
FX option vols – Saxo
Debt crisis: live – The Telegraph
Europe Crisis Tracker – WSJ
EURO CRISIS
Merkel is wrong about EU fiscal regulation – Foreign Affairs
Problem is that no country has reason to live up to its obligations or to force its partners to do the same. Solution is a sovereign credit club; accept the cost of performance standards and get access to low-cost capital.
Spain and Italy: only just begun – alphaville / FT
Credit Suisse has an epic-length report on European public finances that includes useful summaries of the financing needs of both countries.
Credit Suisse has an epic-length report on European public finances that includes useful summaries of the financing needs of both countries.
Somewhere In Europe – Krugman / NYT
Yesterday, the European Commission issued a stern warning to Hungary. In blunt language, the EU asserted that it “reserves the right to take any steps that it deems appropriate, namely the possibility of launching infringement procedures” against Hungary for violating the basic conditions of membership in the European Union.
Yesterday, the European Commission issued a stern warning to Hungary. In blunt language, the EU asserted that it “reserves the right to take any steps that it deems appropriate, namely the possibility of launching infringement procedures” against Hungary for violating the basic conditions of membership in the European Union.
Eurozone Sovereign Spread Tightening – Global Macro Monitor
Bank funding and liquidity has been solved with LTRO. Open problems sovereign liquidity/funding (ability to roll debt), sovereign debt sustainability/solvency (growth), bank capital/solvency.
OTHER
Barron’s Roundtable: Tough 2011, Stellar Decade – PunditTracker
To put the percentages in context, if you had spread $1000 across Felix Zulauf’s picks in 2002 and then rolled into his new recommendations each subsequent year, you would now have $9423.
Annual Forecast 2012 – Stratfor
There are periods when the international system undergoes radical shifts in a short time. The last such period was 1989-1991 (and now again – M)
Securities dealers' inventories at 2002 levels – Sober Look