5th Jun - US Open: Spain Asking For It?

Looks more likely that Spain is about to come out of the closet with the official bailout request.

Daily US Opening – RanSquawk / ZH

Frontrunning – ZH

The Lunch Wrap – FT

EM New York headlines – FT

Overnight Summary – Goldman Sachs / ZH

Today’s Front Pages – presseurop

Daily Press Summary – Open Europe

Morning MarketBeat: No Time Left for Misplaced Trust – WSJ

Broker Note Briefing – WSJ

Morning Take-Out – NYT

AM Dear Dairy: Pause – Macro and Cheese

US Open: Economic Data Saps Euro Strength – Marc to Market

Pre-market Commentary – Marketwatch

Pre-Market Trading – CNNMoney          

Pre-Market – NASDAQ

US Equity Preview – Bloomberg

Earnings & Events – The Street

MarketCurrents – Seeking Alpha

TV: Bloomberg, CNBC, BBC

Debt crisis: live – The Telegraph

The Euro Crisis Blog – WSJ

Tracking Europe’s Debt Crisis – NYT

FX Options Analytics – Saxo Bank

European 10yr Yields and Spreads – MTS indices

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EURO CRISIS: GENERAL

More Economic DetEUROration – Goldman Sachs / ZH

Goldman Sachs on recent European macro data

Why the Euro Zone Could Unravel Shockingly Fast – TIME
 I asked why Europe today needed anything more than a free trade zone, easy terms for people traveling and working in other countries, a European military entity within NATO and some multinational bodies to co-ordinate foreign and economic policy. No one had an answer.

Deleveraging and the creation of the Eurozone Keiretsu – Betting the Business

A few large corporations are going beyond that and creating their own banks to make up for the vacuum created by the banks disappearing from the funding scene. Having a bank allows these corporations direct access to funds from the ECB, and enables them to store their excess liquidity in-house, instead of in deposits at outside banks that may be vulnerable to runs.

SocGen’s Galy Says Euro Will Continue to Weaken – BB (mp3)

EURO CRISIS: ECB

ECB Under Pressure to Ride to the Euro's Rescue – NYT

While the situation in the euro zone appears bad now, it could get much worse… The ECB may decide it needs to keep some firepower in reserve, to address even more serious circumstances and to keep the heat on political leaders.

ECB and FOMC focus: Reform or not? C'mon! – Saxo Bank

Steen Jakobsen: It may not be politically acceptable, but Germany is right, and involuntarily so. This week and the next will tells us whether the ECB goes for reform or not. If Draghi does anything then talk of reforms needs to stop – and Europe is worse off. If Draghi waits (until June 17 and the next EU Summit), then at least he tried.

ECB and euro governments play chicken – Hugo Dixon / Reuters

The euro zone crisis is a multi-dimensional game of chicken. There isn’t just a standoff between the zone’s core and its periphery; there is also one between the ECB and the euro zone governments over who should rescue the single currency. In such games somebody usually blinks. But if nobody does, the consequences will be terrible.

EURO CRISIS: SPAIN

Spain says markets are closing to it as G7 confers – Reuters

Spain said on Tuesday that credit markets were closing to the euro zone's fourth biggest economy as finance chiefs of the Group of Seven major economies were to hold emergency talks on the currency bloc's worsening debt crisis.

Spain Caves, Admits It Needs European Bailout – ZH

The Reign In Spain Is Over – Mark Grant / ZH
 

Jakobsen Says Spain Uncompetitive at All Levels – BB (mp3)

OTHER

Global Value: Weak performance continued in May – Saxo Bank

Saxo’s model portfolio

The SNB against everybody else – Lighthouse

Central banks have tried to “manage” currencies in the past. Sooner or later, market forces win. As all other major central banks keep printing additional Euros, Dollars, Yen etc., the SNB looks prone to lose this game.

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