Links 1 August 2013

Global Macro/Markets:

• P/E ratios to drop 20% in coming years – Mark Hulbert – MarketWatch
• What is the payoff structure of gold? – Noahpinion

North America:

• Federal Reserve issues FOMC statement – Federal Reserve
• The case for Larry Summers as Fed chair – Washington Post
• Obama defends Summers on 2009 economic stimulus – Reuters
• Parsing the Fed: How the Statement Changed – Wall Street Journal
• The Power Behind the Throne at the Federal Reserve – New York Times
• Bankrupt Detroit Receives Less U.S. Aid Than Colombia – Bloomberg
• 2Q growth numbers indicate a US recession is on the way – aei-ideas.org
• Q2 GDP: More Weakness, Data below FOMC June Projections – Calculated Risk
• We should be horrified at 1.7 percent GDP growth – Washington Post

Europe:

• Brazil refused to back new IMF aid for Greece, says billions at risk – Reuters
• Greece’s second bailout is €11bn short of cash, IMF says – Financial Times
• Spain Weighs Home Demolitions as Wrecking Crews on Alert – Bloomberg
• First fall in euro zone unemployment points to muted recovery – Reuters
• Eurozone calm belies brewing political storm – Financial Times
• UK economy close to ‘escape velocity’, say top economists – The Telegraph

Asia:

• Beijing offers growth assurance in its economic balancing act – Reuters
• China Stocks World’s Worst Losing $748 Billion on Slump – Bloomberg
• Chinese Banks’ Outstanding Bad Loans Reach 539.5 Billion Yuan – Bloomberg
• Fresh signs of life in Asia debt markets – Financial Times
• The latest stimulus strategy for the global economy is wooing Chinese immigrants – Quartz

Local:

• Australia’s poblems “luxury ones”: Citigroup – The AFR
• Cigarettes to save surplus – The AFR ; The Australian
• CBD office vacancies hit decade high – The AFR
• FBT has cost 1000 car sales – The Australian
• Income spread evens out a bit – The Age
• Dollar hits 3-year low – The Age
• Australia’s “surplus of fiscal virtue” – The Age