Links for 23 August 2012

Global Macro:

  • The Hottest Trade on Wall Street: European Stocks – The Reformed Broker
  • Citi Expects Only Two Countries Will Have AAA Ratings In The Long Run – Business Insider
  • Iron Ore-Contract defaults as price slides, Shanghai rebar record low – Reuters
  • Iron ore floor becomes iron ore trapdoor – FT Alphaville

United States:

  • FRB: FOMC Minutes, July 31-August 1, 2012 – Federal Reserve
  • FOMC Minutes: Discussion of policy tools the FOMC “might employ” – Calculated Risk
  • Fed minutes show active discussion of QE3 – The Fed – MarketWatch
  • Existing Home Sales in July: 4.47m SAAR, 6.4 months’ supply – Calculated Risk
  • MBA: Mortgage Refinance Activity declines as Rates Increase – Calculated Risk
  • John Cochrane says the Fed can’t create more inflation—here’s why he’s wrong. – Slate
  • Inflation Should Be Feared – Room for Debate – New York Times
  • Existing home sales rise in July – Reuters


  • Last Man Standing Means Europe Investment Banks Resist Shrinking – Bloomberg
  • Special Report: UK banks face scandal over toxic insurance products – Reuters
  • Spanish and Italian bond issuance, once the holiday is over – FT Alphaville
  • The Definitive ‘Game-Changer’ in the Euro Zone? – CNBC
  • Spain Deficit Goals at Risk as Cuts Consensus Fades: Euro Credit – Bloomberg
  • Merkel’s Dilemma: Risk Euro Zone or Her Government – Wall Street Journal


  • China bubble in ‘danger zone’ warns Bank of Japan – The Telegraph
  • Chinese steel and iron ore prices plunge – Financial Times
  • China’s Graduates Face Glut – Wall Street Journal
  • Japanese exports slump – The Big Picture
  • The China problem – part I | Nick Butler – Financial Times
  • Japan exports slump on Europe, China; raise global demand worries – Reuters
  • China steel mills ramp up production, even as steel and iron ore prices plunge, raising fears of coming crash – Financial Times
  • Banks’ NPL ratio in China’s Wenzhou at decade high – Reuters
  • China “is sitting on a mountain of unsold products – Financial Times


  • Australia’s capex cliff – FT Alphaville
  • Downer: Olympic Dam setback bad as State Bank collapse – Herald Sun
  • BHP’s $20bn dam buster – AFR
  • BHP’s Olympic Dam decision a damn shame for a sorry state – AFR
  • Is the mining boom over? – The Age


  • The Lost Decade of the Middle Class | Pew Social & Demographic Trends –