27th May - Market holiday updates

Previously on MoreLiver’s:

Credit Guest: The week that changed the CDS world

Weekender: Finnish links

Weekender: Linkfest

Weekender: Best of the Week

Credit Guest: Japanese Whispers

Weekender: Weekly Support

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Emerging Markets Headlines – beyondbrics / FT

Overnight: Quiet Action On America's Day Off – ZH

Emerging N.Y. headlines – beyondbrics / FT

Europe: Markets Close Higher As Japanese Exodus Sparks European Bond-Buying Frenzy – ZH

3 Numbers to Watch: USDJPY, Spanish and Italian bonds – TradingFloor

With no important events scheduled for today we take a look at USDJPY, approaching support levels, and Spanish and Italian government bond yields, which seem to have bottomed out.

Danske Daily – Danske Bank (pdf)

ECB’s Asmussen speaks on Europe’s fundament this morning. Otherwise, the calendar is very thin. US and UK markets are closed and liquidity is likely to be lower than usual

Aamukatsaus – Nordea

Kahden mantereen viikko * What's up, Japan? * Espanjan ja Italian koroissa pientä nousua

Aamukatsaus – Tapiola (pdf)

Tarkastelimme Suomi-osakkeita teknisesti edellisviikolla päivitetyn pisteytysmallin ja suositusten jälkeen. Tällä hetkellä mielenkiintoisia ostokohteita mm. Outotec, Metso ja Nokian Renkaat. Perjantain positiivinen data USA:sta ja Saksasta riitti rauhoittamaan osakemarkkinat.

Japanin osakemarkkinoiden volatiliteetti jatkuu, Nikkei voimakkaassa laskussa.

Osakefutuurit nyt ylös, indikoiden nousuavausta OMX HEX:iin.

Markkinakalenteri – Nordnet

Markkinakalenteri – Taloussanomat

EUROPE

Europe’s Troika Should Grow Up – Project Syndicate

Jean Pisani-Ferry: In early 2010, the IMF, the ECB, and the European Commission formed the "troika" to coordinate financial assistance to distressed eurozone members. Three years later, the results are mixed at best.

Waging war on cartels – Bruegel

In total, the results of 22 cartel cases will hit the headlines in the coming months or years. The cases cover sectors including cement, retail food packaging, trucks, smart chip cards, power cables and shrimps, to mention just a few. Collusion is a more pervasive phenomenon than commonly thought.

Germans Won’t Spend Southern Europe’s Recession Away – WSJ

A back-of-the-envelope survey of consumers and analysis of import data suggest that any additional demand won't be directed to Southern European products. All indicators point to an imminent surge in private consumption in Germany.

Italy: ‘EU, a €12bn green light’ – La Stampa / Presseurop

On May 29, the European Commission will cancel the excessive deficit procedure launched against Italy in 2009, even if its deficit has yet to be brought below 3 per cent of GDP.

Scandi markets ahead – Danske Bank (pdf)

Heavy issuance and weak Swedish GDP in the pipeline

Europe healing? – Humble Student

Mired in deep recession and possibly a multi-year depression. Yet I am seeing signs of improvement.

Speech: Mr Vítor Constâncio – BIS (pdf)

Vice-President of the European Central Bank, at a Public Hearing on Financial Supervision in the EU, Brussels, 24 May 2013.

ASIA

Japanese Stocks Extend Overnight Plunge - Down Over 14% From Highs – ZH

Quantitative and qualitative monetary easing and the financial system - toward realisation of a vigorous financial system – BIS (pdf)

Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the 2013 Spring Annual Meeting of the Japan Society of Monetary Economics, Tokyo, 26 May 2013.

OTHER

FX Comment: take a breath! – Nordea

IMF rethinks sovereign defaults, again – MacroBusiness

http://www.macrobusiness.com.au/2013/05/imf-rethinks-sovereign-defaults-again/

In other words, Europe, and its banks, weren’t prepared for a Greek default so the IMF was forced to pretend that the countries position was better than it actually was.

FINNISH

Koottu IMF-aiheinen tietopaketti suomalaisille – Henri Myllyniemi / US Puheenvuoro

Suomalaisyritysten suhdannekuva yhä vaisu – EK