Best of the Web: 13-05-24, nr 774

Good morning. Interesting chart on the strong improvement of external balances
of the periphery. It came at a cost, though…
http://libertystreeteconomics.newyorkfed.org/2013/05/foreign-borrowing-in-the-euro-area-periphery-the-end-is-near.html

…’growth’ expectations for real GDP growth in 2013 are looking dismal… Too dismal, perhaps?
7Ko4tN9ApTLedVyS93BEqN0ReVPmxI9tDMNldwfqnuDGOXX9m5Z9FjiulDIBFgaIftdIy_s4iw0LHewwfWjOPjxdrNvAIFboqs2StMUKRkbl-SuVVmmGoh3z
http://soberlook.com/2013/05/can-eurozone-surprise-to-upside.html

Just as a word of warning. “Fears grow over EM sovereign bond bubble”
http://www.ft.com/intl/cms/s/0/9001774a-c30f-11e2-bbbd-00144feab7de.html

Ouch….
7aL6p-czFDZrGqEgQFIUArmBJjfVrbiPcWmRL7S-B8XNS5l86SSAw4nqnY53_kfIGd4g37cpOczDohBmx3PTC1knG9ADdnOQ0oRstKwPNXH0GsZKEC5VlPY9pw
http://ftalphaville.ft.com/2013/05/23/1514142/pessimism-and-priorities-in-advanced-economies/

Not to marginalise a solid sell-off, but still: yesterday’s sell-off in the Nikkei put into perspective…
nIpcj5ZBb1IDIOY6DhMs_yUZIyRU6CLtYOOEPaA6bOR5_SjcpEQM5NFmmvG9QAO0jTlLH9nHTqcJDRSFlLztGKM4TKQ5NdgSd-K-rTOXM06LrYdc2hqxMUIQnQ
http://www.businessinsider.com/the-nikkeis-historic-plunge-in-context-2013-5

…and this is what’s happening this morning: nervous trading, stocks lower and headlines on BoJ buying bonds
Agx0ST2XX_Z5WZ81zR4Dl_DP2_8AIymq1TsBksTHc7asJDMcHWIxW1TYmU3T2mWndA6tYvWjUKdP1PMsNM287fqidiIsdTZ3fAW8aZVsGadNpn0vavgPMzoy
http://www.zerohedge.com/news/2013-05-24/despite-promises-japanese-market-chaos-continues

The decline of the yen has not been because Japanese have been moving assets outside Japan, looking at this chart
hcDyjlIoAEcWXsY1BiiVBx_zu3Dg24fXzd5IjiQBcgGkCyskH39P0olBwqdsoYhif4tUSE0QiN97R5LYqWsGHFE_rPRsy5VwvBveuzTEZQaTCdIVUfHCpBrz-g
http://www.bondvigilantes.com/blog/2013/05/23/japanese-investors-are-not-buying-foreign-bonds-theyre-selling/

A complete overview of all previous editions of Best of the Web can be found herehttp://tinyurl.com/c8ge4c5. All links provided are collected from public websites, unless otherwise specified. I have not checked the data or information for accuracy used, and therefore do not guarantee that all data provided will be 100% correct. The links provided do not necessarily reflect my personal opinion and should be seen as general interest: oftentimes I do not agree with arguments presented, but nevertheless think it is worthwhile to read them. It is up to the reader to make up their own mind. Suggestions or discussions are more than welcome. Do not quote unless specifically cleared beforehand!

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