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Turkey contagion fears are overblown [Update]

  1. No, the housing crisis will not be solved by building more homes
  2. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  3. 'Short-termism' isn't a thing, say Fed economists
  4. Coinbase wants to be “too big to fail”, lol
  5. Regulation and innovation don't have to be enemies
  6. Retailers get so lonely around the holidays
  7. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  8. The new green evangelism
  9. Tilray, how low can it go?
  10. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  11. Beware the Hindenburg Omen?
  12. The broken conversation about financial regulation
  13. The improbably profitable, loss-making Blue Prism
  14. The EM rout is not made in America
  15. Wages and growth and honestly we just give up
  16. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  17. There is a FIRE that never goes out
  18. The WeWork Garden of Eden
  19. IQE: lumpy 'Apple' sauce at the pricey Cardiff chip shop
  20. There's only so much a central bank can do alone
Turkey contagion fears are overblown [Update]

Only Spain has some exposure to Turkish assets

By: Colby Smith

The monetary aftermath of Italy's chaotic month

The monetary aftermath of Italy's chaotic month

Target2 liabilities skyrocket as cash shifts to the Eurosystem.

By: Jamie Powell

Risk segregation and market fragility in the eurozone

Risk segregation and market fragility in the eurozone

In this guest post, Marcello Minenna discusses Italian markets and risk segregation in the eurozone.

By: Guest writer

Algebris has launched an 'end of the world fund'

Algebris has launched an 'end of the world fund'

Alberto Gallo will manage the new vehicle, as tail risk insurance makes a comeback

By: Dan McCrum

Markets Live

Wednesday, 30th May, 2018

Live markets commentary from FT.com

By: Bryce Elder

Sell Italy, buy the euro

Sell Italy, buy the euro

Cognitive dissonance trading special.

By: Dan McCrum

Germany is fine, thanks for asking

Germany is fine, thanks for asking

After a slow Q1, all is well in the German world again.

By: Jamie Powell

Lies, damn lies, and charticles

  1. No, the housing crisis will not be solved by building more homes
  2. Sorry Civil, 'crypto-economics' and 'constitutions' won't save journalism
  3. 'Short-termism' isn't a thing, say Fed economists
  4. Coinbase wants to be “too big to fail”, lol
  5. Regulation and innovation don't have to be enemies
  6. Retailers get so lonely around the holidays
  7. Folli Follie: $1bn of fake sales, and what to learn from the debacle
  8. The new green evangelism
  9. Tilray, how low can it go?
  10. The ICO behind the tragic Everest stunt is now “airdropping” tokens from rockets
  11. Beware the Hindenburg Omen?
  12. The broken conversation about financial regulation
  13. The improbably profitable, loss-making Blue Prism
  14. The EM rout is not made in America
  15. Wages and growth and honestly we just give up
  16. Britain's first blockchain-enabled co-working space isn't blockchain-enabled
  17. There is a FIRE that never goes out
  18. The WeWork Garden of Eden
  19. IQE: lumpy 'Apple' sauce at the pricey Cardiff chip shop
  20. There's only so much a central bank can do alone
Lies, damn lies, and charticles

The IMK is bearish on Germany, and the Telegraph is enthralled.

By: Jamie Powell

Benn Steil explains the Marshall Plan

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  4. Marcel Fratzscher explores the dark side of the German economy
  5. Emi Nakamura on calculating inflation
  6. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  7. Jonathan Knee explains 25 years of Wall Street’s evolution
  8. Marcus Noland explains the North Korean economy
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

In this week’s episode, Matt talks with the author of a new history of the politics and economics of America’s early involvement in Europe after the end of WWII.

By: Matthew C Klein

Marcel Fratzscher on the dark side of the German economy — now with transcript!!

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher explores the dark side of the German economy
  5. Emi Nakamura on calculating inflation
  6. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  7. Jonathan Knee explains 25 years of Wall Street’s evolution
  8. Marcus Noland explains the North Korean economy
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

Inequality, poverty, infrastructure investment, and more.

By: Matthew C Klein

Understanding the differences between German and Italian investment spending

Minenna-EA4-gfcf-featured

The following guest post on trends in public investment spending is from Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator. The views expressed here are his personal opinions and do not necessarily reflect the views of Consob.

By: Guest writer

Marcel Fratzscher explores the dark side of the German economy

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  5. Emi Nakamura on calculating inflation
  6. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  7. Jonathan Knee explains 25 years of Wall Street’s evolution
  8. Marcus Noland explains the North Korean economy
  9. Brad Setser explains how corporate tax policy affects the balance of payments
  10. Michele Wucker explains “Gray Rhinos”
  11. Listen - The "gray rhino" theory
  12. James Heckman tells us why IQ is overrated
  13. Mihir Desai explains the wisdom of finance — Now with transcript!
  14. Mihir Desai explains the Wisdom of Finance
  15. Can we avoid another financial crisis?
  16. Hirschmania, the final chapter
  17. The life and speeches of Sadie Alexander
  18. Kim Rueben on the fiscal impact of immigration
  19. A sit down with Adair Turner
  20. Stephen Kotkin explains how Stalin defined the Soviet system

There’s more the story than low unemployment and a strong welfare state.

By: Matthew C Klein

The euro area’s fiscal position makes no sense

EA-govt-net-lending-featured

It’s way too tight. Federalism is the answer.

By: Matthew C Klein

Europeans should stop whining about their appreciating currency

Europeans should stop whining about their appreciating currency

The currency bloc has been relying on the largesse of foreigners to compensate for stinginess at home.

By: Matthew C Klein

Why do futures markets imply a Depression-level collapse in European dividends?

Bassman-dividend-term-structure-end-2017-featured

Because there is an arbitrage opportunity.

By: Matthew C Klein

Just how much money did the ECB lose on its Steinhoff investment?

Steinhoff-ECB-bond-price

They may have been investment-grade, but Steinhoff’s bonds have been a bad deal for the ECB.

By: Matthew C Klein

Getting to Eurobonds by reforming the ESM

Minenna-ESM-payments-table-featured

In this guest post, Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator, argues that reforms to the European Stability Mechanism can pave the way for Eurobonds. The views expressed here are his personal opinions and do not necessarily reflect the views of Consob.

By: Guest writer

European leaders seem determined to remake the “global savings glut” on a massive scale

Asian-crisis-CA-adjustment-featured

Turns out that mishandling a banking crisis and then systematically annihilating the supply of local currency safe assets leads to sustained capital outflows.

By: Matthew C Klein

Greece’s membership of the euro is still tenuous

Greece-euro-mistake-featured

A bare majority want to remain on the single currency — and most of those do so out of fear rather than love.

By: Matthew C Klein

Charts of the day, policy divergence edition

CROPPEDMonpol

No pats on any backs.

By: Cardiff Garcia

Further reading

  1. Jim Millstein discusses the financialisation of America
  2. Alphachat is on hiatus this week
  3. Benn Steil explains the Marshall Plan
  4. Marcel Fratzscher on the dark side of the German economy — now with transcript!!
  5. Marcel Fratzscher explores the dark side of the German economy
  6. Emi Nakamura on calculating inflation
  7. Stephanie Kelton explains how the government budget affects the economy and the mechanics of student debt forgiveness
  8. Jonathan Knee explains 25 years of Wall Street’s evolution
  9. Marcus Noland explains the North Korean economy
  10. Brad Setser explains how corporate tax policy affects the balance of payments
  11. Michele Wucker explains “Gray Rhinos”
  12. Listen - The "gray rhino" theory
  13. James Heckman tells us why IQ is overrated
  14. Mihir Desai explains the wisdom of finance — Now with transcript!
  15. Mihir Desai explains the Wisdom of Finance
  16. Can we avoid another financial crisis?
  17. Hirschmania, the final chapter
  18. The life and speeches of Sadie Alexander
  19. Kim Rueben on the fiscal impact of immigration
  20. A sit down with Adair Turner

Elsewhere on Monday…

By: Cardiff Garcia

Petra’s debt takes sparkle off record production

Petra’s debt takes sparkle off record production. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

By: Siona Jenkins

Target2 balances reflect euro area’s potential to be better than traditional exchange rate peg regime

Target-2-balances-featured

Think of it within the context of the balance of payments as foreign exchange reserves that can never be depleted.

By: Matthew C Klein

The ECB’s story on Target2 doesn’t add up

Italy-bop-target2-featured

The following guest post on Target2 imbalances and capital flows is from Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator.

By: Guest writer

Ashmore’s environmental gains

Ashmore’s environmental gains. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

By: Siona Jenkins

Redrow keeps the flag flying

Redrow keeps the flag flying. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

By: Siona Jenkins

Petrofac – forget the watchdog, look at our backlog

Petrofac – forget the watchdog, look at our backlog. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here.

By: Siona Jenkins

Parallel currency talk gains ground in Italy

Italy's former Prime Minister Silvio Berlusconi gestures during the television talk show "Porta a Porta" (Door to Door) in Rome, Italy June 21, 2017. Picture taken June 21, 2017. REUTERS/Remo Casilli

But would a domestic Italian parallel currency further de-stablise or unwittingly empower the wider Eurozone?

By: Izabella Kaminska

Did Greece overpay investors for its bond issue?

Greekeuros

A capital markets rehabilitation

By: Kate Allen

Counting unicorns

unicorn - perception is the experience

Europe has a slew of unicorns, but only when you include old, publicly-traded companies.

By: Kadhim Shubber

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