Good morning. Wow! Has the reign of emerging markets already come to an end…?

http://www.economist.com/blogs/freeexchange/2013/08/emerging-markets

Study in the Journal of Economic Perspectives into the weakness of the Eurozone as a currency bloc

http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.27.3.167
http://krugman.blogs.nytimes.com/2013/08/11/the-euro-a-pre-mortem/

Some nice info (and graphics) on liquidity

http://www.zerohedge.com/news/2013-08-12/phantom-markets-part-1-why-tbac-suddenly-very-worried-about-market-liquidity

For what it is worth” ‘Investor allocation’ (they didn’t ask me, though) to stocks is now slightly overweight

http://www.ritholtz.com/blog/2013/08/aaii-asset-allocation-survey-equities-deviation-from-mean/

This looks like an interesting chart, but I do not exactly know at what correlation I am looking… Not earnings growth, because than the line should start rising…

http://www.zerohedge.com/news/2013-08-12/expensive-valuations-and-complacency-risk-measures-btfath

A bit of research by the RBS team into bank deleveraging…

http://ftalphaville.ft.com/2013/08/12/1598902/the-long-road-to-eurozone-bank-deleveraging/

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