Daily Reading – Thursday, July 23, 2011

Macro Man: Qu’est Châteaux Eurobolleaux 2011?

To TMM it looks mightily like the Europeans are dreaming up a cunning new plan. Not as cunning as trimming their toenails with a scythe as the German’s tried last year with their banking regulations, but pretty close.

The Slope Of Hope: Bernanke’s Answer to Every Single Question Today

The Big Picture: What Will the Press Mistakenly Focus on Today?

The Big Picture: QOTD: Bill Gross on US Labor Situation

Not exactly a blinding insight, but interesting regarding who its coming from…

The Big Picture: Are Economists Now Too Pessimistic?

Société Générale has a very interesting piece out this morning looking at the notion of economic surprises and a double-dip scenario…

FT BeyondBRICs: China’s PMI, copper and the Aussie

Another sign of a slowdown in China. On Thursday HSBC published its flash PMI manufacturing index for June (the earliest economic data for the month), showing a sharp drop from 51.6 in May to 50.1.

FT Alphaville: Koo and Gross on what Bernanke will do next

Richard Koo, chief economist at Nomura Research Institute and analyst-in-chief of “balance sheet recessions“, writes in his latest note that the Fed’s lack of options today is reminiscent of the BoJ’s predicament a decade ago.

Meanwhile, another big hitter is conveniently out in front of Wednesday’s Bernanke presser. This is from today, not 2010…

FT Alphaville: And the high-yield boom continues…

It’s the clash of the high-yield press releases this Wednesday.

FT Alphaville: Fact or fiction, Sino-Forest edition

To be sure, the SEC definitely didn’t charge Muddy Waters with anything. Who published that release is a mystery.

But back to the stock price. The way things are going Sino-Forest may not get to wait for the results of its “independent” review into the allegations brought by Muddy Waters.

FT Alphaville: Copper’s inventory inconsistency, charted

There’s a bitter divide amongst the copper market commentariat at the moment.

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