18th Jul - EU Open

Previously on MoreLiver’s:

Wednesday US Close: Ben's testimony nothing new

Wednesday US Open: Ben's Statement out, testimony ahead.

Wednesday EU Open: Ben's testimony today

Weekender: Weekly Support

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Roundups

News roundup – Between The Hedges

The 6am Cut London – alphaville / FT

Emerging Markets Headlines – beyondbrics / FT

Asia Morning MoneyBeat: Bernanke Wants Wiggle Room, and Might Need It – WSJ

Europe Morning MoneyBeat: Look to Athens Ahead of Bernanke II – WSJ

MORNING BRIEFINGS

3 Numbers To Watch: UK retail, US jobless claims, US Philly Fed – TradingFloor

UK retail sales, followed by initial jobless claims and the Philly Fed Manufacturing Index in the US, are among the day’s key numbers to watch.

Market Preview: US initial jobless claims in focus – TradingFloor

European markets are likely to open lower on Thursday. With a light European macro calendar, traders await US initial jobless claims data which is likely to show a decline last week. Also, the Fed chairman's testimony before the Senate will be eyed.

Danske Daily – Danske Bank (pdf)

Central bank communication is currently the main market driver. Fed chairman Bernanke will repeat yesterday’s testimony - this time in front of the Senate... German Finance Minister Schäuble will visit Athens  today... government bond auctions in France and Spain

Market comment: Ben starting to get his message through – Nordea

US Treasuries rally on Bernanke’s repeated message * Bernanke’s dovish line without new big signals sufficient to boost bonds * Details of US housing market data better than suggested by the headline * Italian government not having an easy ride * Commission plays down reports of the big Greek financing gap * More Bernanke and Philly Fed index in store * Spanish bond auctions the highlight on the issuance front

Aamukatsaus – Nordea

Bernanke jatkoi rauhoittelua * Heikko rakennusdata laski korkoja USA:ssa

Markkinakalenteri – Nordnet

Markkinakalenteri – Taloussanomat

EUROPE

Going beyond the mystery of Italy’s price-competitiveness indicators – voxeu.org

Since the mid-2000s competitiveness indicators for Italy have been providing conflicting signals. This column argues that producer prices and labour costs have actually moved hand in hand since 1992, and that the rise in the real effective exchange rate based on labour costs can be attributed to price-cost divergences in its main trading partners. Due to the internationalisation of production processes and fading share of labour in overall costs, price-based indicators may be more appropriate to assess external competitiveness.

 (audio) Can Spain’s scandal-plagued government survive? – The World / FT

Spain’s prime minister, Mariano Rajoy, and his Popular Party are embroiled in a scandal that threatens to bring down the government. The flare-up in the long-rumbling scandal comes at a bad time for Spain, which continues to struggle to revive an economy where unemployment is around 20 per cent.

FINNISH

EU:n laskelma: Espanjan "luonnollinen" työttömyys 23% - "siinä ei ole järkeä" – TE

Euroopan unioni harkitsee Wall Street Journalin mukaan muutoksia tapaan, jolla se laskee jäsenmaidensa budjettivajeita.

Kiristyvät lainat kasvattavat taloyhtiöiden asumiskustannuksia moninkertaisesti – YLE

Myös pankkien pyrkimys lyhentää kiinteistöremonttien laina-aikoja tekee aiempaa suuremman loven osakkaan lompakkoon. Taloyhtiöiden on kuitenkin tehtävä remontteja kiristyvistä lainoista huolimatta.

EU-pomot kuiskivat: Uusin ehdotus Kreikan raha-aukon paikkaamiseksi on pelkkää hämäystä – TE

Kreikan entinen valtiovarainministeri syytteeseen – YLE

Kreikan valtavan tukipaketin neuvotellut entinen valtiovarainministeri joutuu syytteeseen sukulaisten suosimisesta.