Mario surprised
all with promises to do “anything it takes”. Good risk rally – or short squeeze
going on. I had a chat with 'people' and one possibility is that as the summer holidays are now on and Spain's bailout is definitely not coming at the moment, they are intervening verbally. I don't see the ECB having "licence to print", but some SMP might come next if the markets start doubting Draghi's message. Is that a bazooka in your pocket or are you just happy to see my yields?
Quote of the Day: Draghi summarized - rating agencies wrong
& markets wrong & negative comments wrong - only he & Juncker are
right - sounds like a 5 year old – TF Market Advisor via twitter
Previously
on MoreLiver’s:
News &
Recap – RanSquawk
/ ZH
Frontrunning
– ZH
The Lunch
Wrap – FT
Emerging
N.Y. headlines – FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
Morning
MarketBeat: Housing Stuck in Bumpy Recovery – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Fed Vigil; Draghi Weighs In – Macro
and Cheese
Draghi
Responds to my “How Dumb is Draghi?” Report – TF
Market Advisors
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
A step backwards by Europe from dystopian fantastical object
of a single currency, to a mini-version of what Bretton Woods should have been,
could thus be a workable way out of this crisis and towards the political dream
of a non-fractious Europe.
EUROPE: ECB
ECB's Draghi Repeats The Party Line, Forces
Another Brief EUR Squeeze – ZH
Draghi on *that* transmission mechanism – alphaville
/ FT
How can the ECB support rates in Germany, when they have to depress rates in the periphery? It is for this
reason we think that the Bundesbank has been holding back ever more bund supply
at auction — since it must now act semi-independently to ease the squeeze in
the bund market.
European Stocks Rally as Draghi Pledges to
Preserve Euro – BB
Stock Futures Jump on Draghi’s ‘Whatever It Takes’ Comment – MarketBeat / WSJ
Stock Futures Jump on Draghi’s ‘Whatever It Takes’ Comment – MarketBeat / WSJ
First Responses To Draghi's "Deliberately
Ambiguous" Remarks Trickle In – ZH
And Here Is What Draghi CAN Do, In His Own
Words – ZH
Draghi’s
Dec 2011 press conference: government financing a no-no, funding EFSF is just
the same.
EUROPE: PIIGS
Emergency on funding costs for sovereigns,
financial and non-financial corporations – bruegel
The funding cost of Spain and Italy are high and continue
to rise. Yet, how does this increase in sovereign riskiness affect the
riskiness of corporate bonds as measured by CDS? We look at the 5 largest
financial and non-financial corporations in Italy, Spain, France and Germany.
Buiter’s now predicting Grexit probability of
90% – alphaville
/ FT
IN FINNISH
Onko eurokriisin
vakavimmat vaikutukset taloudellisia vai poliittisia – eliitti ei ymmärrä mitä
tekee – Tyhmyri
Tuleeko EVM:stä
Euroalueen keiretsu? – Sami
Miettinen / US Puheenvuoro
Hetemäki: Espanjan
tuki EVM:stä vaatii eduskunnan päätöksen – YLE
Valtiovarainministeriön
alivaltiosihteeri Martti Hetemäki arvioi keskiviikkoiltana, että eduskunnalta
tarvitaan uusi päätös, jos Espanjan lainaeriä maksetaan pysyvän kriisirahaston
EVM:n kautta.
BNP Paribas'n ja Soininvaaran kuumat
puheenaiheet – Henri
Myllyniemi / US Puheenvuoro
Europuolustus
kilpikonnautuu, euroerokeskustelu alkakoot – Henri
Myllyniemi / US Puheenvuoro
Urpilainen lupasi,
" Palomuuriratkaisu ei kasvata Suomen vastuita" – Ville
Pihola / US Puheenvuoro