The Most Important Financial Links for July 26

Here it goes...

  • QE3 feels near but here’s two reasons why it’s different this time (Economic Musings)
  • Fed strives to replenish depleted toolkit (Reuters)
  • Stephen Roach Smokes Crack-Addicted Market "QE3 Is Not Going To Work" (Zero Hedge w/ Bloomberg Video)
  • Outright asset purchases by the Fed will increase US banking system leverage ratios and potentially limit lending (Sober Look)
  • Fed Moves Closer to Action: "Central Bank Prepares Steps to Spur the Economy Unless the Recovery Picks Up" (Jon Hilsenrath of WSJ) *Spokesman for the Fed?
  • Harry Dent: The 'Baby Bust' Is Sending The Dow To 3,000 (Business Insider w/ CNBC video) *I was thinking this too.
  • Goldman's bullish call on China may be premature (Sober Look)
  • Hong Kong’s Largest Bullion Vault Signals Rising Asia Wealth (Bloomberg)
  • Kyle Bass Vindication Imminent? Largest Japanese Pension Fund Begins To Sell JGBs (Zero Hedge)
  • Midwest drought worsens, food inflation to rise (Reuters h/t JA)
  • Deep Fried Black Swan Goes Global As Drought Spreads From US To Asia, And Now To Southern Europe (Zero Hedge w/ Bloomberg Video)
  • Cisco Plans To Eliminate 1,300 Jobs In Drive To Cut Costs (Bloomberg)
  • Alcatel-Lucent To Cut 5,000 Jobs After Reporting Loss (Bloomberg)
  • SIEMENS AG: Earnings Release Q3 2012: Continued Revenue Growth in More Challenging Markets; Munich, Germany, 2012-Jul-26 (Siemens.com PDF h/t B2T)
"The deceleration of the world economy has increased in the past few months. We see growing reluctance among our customers regarding capital expenditures and stronger economic headwinds, especially in our industrial short-cycle businesses. Therefore our focus above all is on increasing our productivity and efficiency. Given the deteriorating environment it becomes more difficult to achieve our guidance for the fiscal year." - Peter Löscher, President and Chief Executive Officer of Siemens AG

  • SPAIN: Banco Santander profit sinks 93% on property provisions (MarketWatch)
  • Telefonica Suspends Dividend, Cuts Pay As Spanish Crisis Deepens (Bloomberg)
  • Citigroup Sees 90% Chance That Greece Leaves Euro (Bloomberg)
  • Moody's changes outlook on 17 German banking groups to negative following outlook change on German sovereign and sub-sovereigns (Moodys.com h/t El Economista.es)
  • Valuing Micro-Cap Stocks (Value Walk via Aleph Blog) *DistressedVolatility.com will cover this space soon folks, soon.
  • Pressure is Growing on Financial Services to Adopt Social Media (ISM Search & Social, h/t FLYir) *Embrace the horror financial services industry.
  • Bond Trading Loses Some Swagger Amid Upheaval (New York Times) *There needs to be exchange traded mini-bonds, exchange trade mini-CDS and/or exchange traded mini-bond options available for retail investors that are holding unsecured debt. Why isn't there a way for unsecured debt holders to hedge? It seems like it could have been easy to do for at least the exchange traded mini-bonds out there. Like all of those unsecured GM retail bonds that ended up paying pennies on the dollar.

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