Daily Reading – Friday, August 5, 2011

Wall Street Journal: Barroso: Euro Crisis No Longer Only in Periphery

The Big Picture: In gold terms, S&P’s back to Mar ’09 low

Macro Man: Now What?

Equities are the obvious expression of the underlying stresses visable to the media and the public, but the pain that really hurts the world is in the bond markets.  Equities matter squat by comparison and are only a response.. This weekend better see some serious policy response as the markets are in cardiac arrest and in our eyes well beyond responding to any NFP sticking plaster.

FT Alphaville: Keep calm and carry on [updated]

Friday’s newspaper round-up (with a little help from Sky News and now with added Daily Mirror).

FT Alphaville: There are many ways to impair a Greek bond

Many ways to fudge them too.

Compare and contrast…

FT Alphaville: Il sorpasso

Only just (by all of 5bps — it was 60bps back in the depths of the late 2008 crisis) but interesting that it’s punched straight through further rumours of Spanish and Italian bond purchases by the ECB. Even flogging this dead horse is getting tired…

FT Alphaville: The cash killing BNY Mellon: details

Cash may be king but it’s going to cost the subjects. Negative interest-rates are here and that’s rarely a good sign.

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