FURTHER FURTHER READING
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Ok, we’ve been slow to get this up. That’s because…
But here, belatedly, is a paper from Achim Dübel of Finpolconsult: Creditor Participation in Banking Crisis in the Eurozone – A Corner Turned? Read more
Click for the C-Span feed for Ben Bernanke’s last appearance before the House Financial Services Committee, live at pixel time. They’re trying to fix the audio feed. But sadly not the House Rep preening.
Stephen Roach recently wrote for Yale Global Online arguing that yes, rebalancing is happening, but the new leadership have it under control because they are enacting the necessary reforms to facilitate this transition.
A quick look at the composition of second quarter growth statistics suggests that is not happening — at least not now. Read more
It’s clear to everyone that something big is happening in China.
Double-digit growth is long forgotten and even high single-digit growth is above the consensus (for whatever that’s worth). The implications of this alone are quite massive and you could throw around any number of predictions about what it might mean for commodities, global imbalances, and more. Nomura sees a 30 per cent chance of growth falling below 7 per cent later this year, and Barclays are talking about the odds of growth slowing to as little as 3 per cent growth. Even entertaining the possibility of an outright economic contraction would not get you accused of being a crazed permabear these days. Read more
Live markets commentary from FT.com
Barclays fined $470m over US power prices || UK MPC vote unanimously for no increase in QE as forward guidance takes centre stage || The EU is proposing to cap card transaction fees || China has vowed to step up its fight against bribery as premier Li says he would keep growth within limits, avoiding “wide fluctuations” || Yahoo’s sales fell 7% to $1.2bn in Q2 and the company cut its full-year revenue guidance || BHP’s iron ore production beats expectations || Chevron back in Argentina || Google eyes internet tv service || Markets wrap || FTAV’s latest Read more
Bernanke is starring today at the House Financial Services committee, and his comments there and at the Senate Banking committee tomorrow are probably his best communication opportunity for some time, as the FT’s Robin Harding points out — there being no July FOMC press conference scheduled. Plus, there has been all that, er, confusion and consequent attempts to clarify/smooth things over since the June FOMC meeting.
So we’ve assembled here some what-to-look-for highlights from the FT, WSJ, and Goldman Sachs, plus a few others. Read more
Asian shares rise ex-Japan || Yahoo Q2 sales fell, guidance lower || China’s Li says ‘wide fluctuations’ will be avoided || EU plans to cap credit/debt card fees || Singapore’s exports fell sharply in June || China to become biggest wheat importer || Don’t expect Bitcoin ETF any time soon || On GSK and China’s messy healthcare system || Mark-to-market flaws Read more