Weekend Links 4-5 July, 2015

China

• China’s stocks hit critical low despite government lifelines – SCMP
• Nearly quarter of Chinese investors ‘suffer over 50 per cent losses’ as stock market slumps, survey suggests – SCMP
• Gov’t Once Again Tries to Pull Stock Market out of Nosedive – Caixin
• Share Price Tumble Puts Tycoon Linked to Fallen Officials, Businessmen in Spotlight – Caixin
• Were foreign puppet-masters really behind the tanking Chinese stock market? – SCMP
• China’s latest rate cut to power housing market recovery in second half – SCMP
• Central Bank Shows It Is Concerned about Stock Market – Caixin
• As China stocks sink, some accuse Morgan Stanley, other foreign forces – Market Watch
• China stock rout worsens as watchdog opens probe – CNBC
• China’s Stock Markets Plunge Further Amid Rumors That Foreign Manipulation Is To Blame For Fall – IB Times
• Chinese buyers looking for Australian property ‘bling’ – BBC
• Chinese investors panicky as falling stocks give up most of year’s gains – Guardian
• Xi Jinping has run into the one thing in China he can’t control – Quartz
• China’s college students embrace stock trading, thanks to money from mom and dad – Quartz
• China issues catastrophe bond overseas for first time – China Daily
• PBOC chief reiterates prudent monetary policy,financial risk control – China Daily
• Chinese Stock Markets Are in the Middle of an ‘Unprecedented’ Slide – Time
• China to lift ban on entry of miner Vale’s mega-ships – Reuters
• China Tells Investors: Go Ahead, Bet the House on Stocks – Bloomberg
• China Futures Exchange Halts Some Short Sales, Reuters Says – Bloomberg
• China’s Boom Has World Bank Worried – Bloomberg
• Chinese authorities move to prop up market as rout deepens – FT.com
• China market crash could be a blessing in disguise – Nikkei Asian Review
• China cannot reign in its ‘shadow’ banks, but could make use of them – Nikkei Asian Review
• Xi uses anti-graft drive to cow factional rivals – Nikkei Asian Review
• Panic sets in as Shanghai Composite drops 30pc, $3.7 trillion wiped of China share market despite crackdown – ABC
• What Is to Be Done? Possible Steps to Stem China’s Stocks Rout – Bloomberg
• Good Idea at the Time: China Eyes Cost of Relying on Stocks – Bloomberg

Asia

• S Korea to inject $10bn into economy after Mers outbreak – BBC
• India’s push to save cows starves Bangladesh of beef – CNBC
• Vietnam to relax foreign investment rules – World Finance
• New Silk Road A Disaster Waiting To Happen? – Oilprice.com
• Japanese government frets over low growth capability – Japan Times
• Salarymen sidelined as Chinese descend on Japan property market – Japan Times
• Japan Still Set for 2017 Tax Hike Even as Economy Struggles – Bloomberg

Europe …and Greece…

• Can the Grexit Lemon Be Made into Lemonade? – Peterson Institute
• What Does the Tsipras Referendum Bode for Greece’s Neighbors? – Peterson Institute
• Ukraine’s default ducks are all in a row – BNE
• As referendum looms, Greece struggles to agree on the question – Washington Post
• The forgotten origins of Greece’s crisis will make you think twice about who’s to blame – Washington Post
• Saving Ukraine – Project-Syndicate…wild work to be done…
• Why the Greek Bailout Failed – Project-Syndicate
• M.F. Agrees With Athens That Greece Needs Debt Relief – NY Times
• The Hard Line on Greece – NY Times
• Europe’s Many Economic Disasters – NY Times
• Program Notes for the Greek Endgame: Austerity, Cyprus, and Currency Union Exits – Economonitor
• Greek banks may not re-open any time soon – CNBC
• Grexit: Why even ‘yes’ could see Greece leave – CNBC
• HOW THE GREEK CRISIS BROKE THE TROIKA – Pieria
• LET THEM EAT BAKLAVA – Pieria
• Greek debt crisis: Lessons from Cyprus and Iceland – BBC
• Greece bossed by European Central Bank – BBC
• Decisions that will shape Greece’s future are being made in Frankfurt – Guardian
• The politics of debt relief – Politico
• Greece owes less than Europe says: How its creditors use their political clout to keep the debt number high. – Politico
• Think Greece is better off ditching the euro? Read this first – Quartz
• Lose-lose, in Greece – RWER
• Designing a new EU-Turkey strategic gas partnership – Bruegel
• “Juncker plan”: the EIB in the driver’s seat – Bruegel
• What is at stake in the referendum? – Bruegel
• Greek debt crisis: Economist explains fallout if Greece goes back to drachma – ABC
• Enough of this charade: Greece must be told to leave the euro – Telegraph
• Greek banks down to €500m in cash reserves as economy crashes – Telegraph
• Scandinavia’s errors: lessons for Greece and Britain – Telegraph
• Europe has suffered a reputational catastrophe in Greece – Telegraph
• The EU’s handling of the Greek crisis risks helping the ‘better-off-outers’ – Telegraph
• Greek crisis poses questions for Kosovo and Montenegro – EU Observer
• Crumbs of comfort don’t hide Europe’s employment divide – EU Observer
• An economic crisis never seen before in Greece – Globe & Mail
• Grexiting: why you should not (only) blame the big bad creditors – The Conversation
• Poison pill? Key events in the history of Greece and the eurozone – The Conversation
• Greece: when is it time to forgive debt? – The Conversation
• How to jump Greece’s next debt hurdle – Reuters
• Greece’s self-inflicted tragedy and the catharsis to come – Reuters
• ECB Said to Extend Backstop to Bulgaria as Greece Roils Region – Bloomberg
• When Greek Banks Reopen, Will All the Money Be There? – WSJ
• Sovereign Bond Purchases and Risk Sharing Arrangements: Implications for Euro Area Monetary Policy(pdf) – Peterson Institute
• What Yes, No Votes on the Greek Referendum Mean for Investors – Think Advisor
• ‘Yes’ camp takes slim lead in Greek bailout referendum poll – Reuters

United Kingdom

• UK Services PMI Jumps in June, Signalling Faster Economic Growth – NY Times
• UK growth set to rise as services sector enjoys post-election rebound – Telegraph
• What to expect at the ‘Emergency Budget’ – Telegraph

United States

• U.S. economy adds 223,000 jobs in June; unemployment rate falls to 5.3% – LA Times
• An unfruitful jobs recovery rewrites the definition of full employment – Washington Post
• The June Jobs Report in 10 Charts – WSJ
• Fed still on track for September hike, economists say – Market Watch
• America’s labour market: Is it working yet? – Economist
• Don’t Let The Disappointing June Jobs Report Distract From The Long-Term Trend – FiveThirtyEight
• US Employment Data Disappoints, but Recovery Remains Intact – Marc to Market
• Why Americans’ waning love affair with homeownership could spell trouble – Guardian

Americas

• Canada is already in a recession, says Bank of America, and the loonie is set to get hammered – Financial Post
• Why the Bank of Canada’s ’emergency surgery’ rate cut didn’t work – Financial Post
• Trade with Cuba? We already do $300 million worth – Politico
• Brazil investigates 15 large banks, including HSBC and Stanchart, for rigging its currency – SCMP
• Puerto Rico’s ‘death spiral’ gets a reprieve – CNBC
• Former IMF economists give damning assessment of Puerto Rico economy – Guardian

Terra Speculatorus

• Tax Cuts Dead in Australia as Abbott Cuts Review Off at Knees – Bloomberg
• Australian dollar on brink of six-year low after retail sales data disappoints – Fairfax
• Milking it – when your main commodity sours – Fairfax
• Australia’s economy in ‘vicious circle’, with sluggish growth set to continue – Fairfax
• Arise Steve Keen, forecaster of the year – Fairfax
• Aussie Drops to 6-Year Low as Retail Sales Add to Iron Slide – Bloomberg
• Top economist warns of NZ recession risk – NZ Herald
• Bank drops apartment minimum deposit threshold – NZ Herald
• More Mining Hopium Needed Fast! – The Idiot Tax
• Sydney and Melbourne real estate not off the bubble yet – Fairfax
• BusinessDay Economic Survey: Real estate the only bright spot for the economy – Fairfax…real estate as tumour…
• Chinese stock market crash far worse than Grexit – Fairfax
• Victoria shoulders biggest tax burden in the nation – Fairfax

Commodities

• China’s low rates sound death knell for copper carry trade – FT.com
• The real reason gold has been falling – Market Watch
• Oil traders rush into WTI spread blowouts on anticipated price slump – Reuters
• Rain Makes Grains (Die?) – Attain Capital
• What the hell has happened to the price of ground beef? – Quartz
• Graphene’s potential sparks a flurry of mining companies exploring for graphite – ABC
• Will Iran enter the oil market with a bang — or more of a whimper? – Financial Post
• Could stress tests save the fossil fuels industry? – World Finance
• Is Gold Dead Money? – Think Advisor
• This Could Be A Good Moment To Buy Natural Gas Stocks – Oilprice.com
• The exploration Elephant in the room – Mineweb
• Platinum sector faces crunch time – Mineweb
• Prepare for sub-$40 iron ore on glut – Mineweb
• Oil drops on rising U.S. rig count – Reuters
• Oil Oversupply Meets Rising Demand in Quietest Market Since 2013 – Bloomberg

Capital Markets

• Slower US bond demand may urge Fed rethink – FT.com
• Traditional currency correlations breaking down, warn observers – Euromoney
• Risk-free rate reversion – Abnormal Returns
• First to ‘read’ the news: News analytics and institutional trading – VoxEU
• Bond markets remaining calm – Bruegel
• Understanding Market Making for ETFs – Think Advisor
• Now’s Really Not the Time for a Liquidity Crisis – Financial Sense
• S. Shale In For New Wave Of Pressure As Hedges Expire – Oilprice.com
• Chart Of The Day: Stock outperformance seems to be stalling once more – Short side of long
• Corporate-Bond Liquidity at Risk as ECB Seen Entering Market – Bloomberg…keep an eye on this…

Global Macro

• Fed rate rise and the euro – an inextricable link – SCMP
• Chinese Investment Could Energize Europe’s Juncker Fund – Economonitor
• Wall Street traders are killing it—again – Quartz
• Cross-border acquisitions and labour regulations – VoxEU…no need if your nation sells out in a TPP…
• Did The IMF Just Open Pandora’s Box? – Zero Hedge
• Grantham Keynote: Investing in a Slower-Growth World – Morningstar…an hours worth of video too…

…and furthermore…

• How airlines decide how much to charge for a plane ticket – Washington Post
• Gorgeous maps show the most expensive painting in each country – Washington Post
• What if the middle-class kept up with the top 1 percent? – CBS
• THE DATAFICATION OF BUSINESS AND SOCIETY – Pieria
• A World Without Work: For centuries, experts have predicted that machines would make workers obsolete. That moment may finally be arriving. Could that be a good thing? – The Atlantic
• The art world has entered a new era of corporate patronage – Quartz
• Firm types and jobs creation in developing countries – VoxEU
• First-day criminal recidivism – VoxEU
• The meaning of a referendum: Austerity and sovereignty – VoxEU
• Kentucky is toasting new boom times for bourbon – CBS
• Why the Era of Airfare Price Wars Is Gone, Perhaps Forever – Time
• ‘Neglected Prophet’ of Economics Got It Right – Bloomberg
• “To Lean or Not to Lean?” That is the Question – IMF Direct
• Vast promise, huge challenges: IEA outlines critical steps to advance hydrogen and fuel cells – IEA