Posts from Tuesday Jul 16 2013

The Closer


– Why the answer (still) isn’t wage cuts. Read more

Reuters/UMich, and ‘the public interest’

A big tip of the hat to James Politi, the FT’s man in Washington, for tracking down the letter below…

Chuck Grassley, the high-ranking Senate Republican from Iowa, has a hunch that those exclusive two seconds of early Thomson Reuters/University of Michigan consumer sentiment data might not have been, well, in the public interest, given the involvement of a public university. Read more

A mere £141bn

From the UK National Audit Office’s look at the Treasury’s accounts:

Much more here. It’s largely because of the withdrawal of the biggest crisis-era sovereign guarantees for banks: Read more

The Great US bond sell-off, Carib account edition

Presenting, the latest US TIC flows as put together by Gennadiy Goldberg at TD Securities:

 Read more

Forward guidance, the ECB way

This is really good stuff from the FT’s Michael Steen, summing up the confusing welter of communications that has bubbled from ECB board and council members since Mario Draghi attempted some light forward guidance at the last ECB press conference:

During his press conference on the subject, the ECB chief did his best not to define that extended period but became unstuck when asked if it was six or 12 months, replying: “It is not six months, it is not 12 months, it is an extended period of time.”

 Read more

Markets Live: Tuesday, 16th July, 2013

Live markets commentary from 

The (early) Lunch Wrap

Bernanke faces grilling over bond buying || Baidu offers $1.9bn for online app store || Rio Tinto raises full-year copper output guidance || Indian stocks fall and the rupee strengthens || Spanish PM rejects calls to stand down || The UK peer-to-peer lending market expands || European car sales fall as unemployment and sluggish growth bite || Bitcoin ETF plan struggles to find support || Markets Read more

Further reading

Elsewhere on Tuesday,

Loose lips sink markets?

– 24 percent said they would “engage in insider trading to make $10 million if they could get away with it.

– A Day with a Russian BillionaireRead more

The 6am Cut London

Asian stocks mostly higher on US earnings optimism || Indian stocks fall 1%, rupee strengthens on currency rules || Spain’s Rajoy rejects new corruption claims || 13 global engineering firms in Brazil cartel probe || UK peer-to-peer lending seen doubling to £1bn || Pimco exposure raised as yields jumped || US banks getting to profitable to complain about regulation Read more