Good morning. European banks are having a tough time….

http://ritholtz.com/2016/07/eu-banking-post-brexit/

Ah! Earnings season has started in the US! Let’s see if that can explain that all time high in the S&P!

http://ftalphaville.ft.com/2016/07/11/2168927/the-next-wave-of-news-on-the-us-earnings-recession-starts-today/

A country report by the IMF on Italy. And it is not just about banks either…

http://www.imf.org/external/pubs/ft/scr/2016/cr16222.pdf

Get y’er bonds while they are still yielding positively!

http://www.wsj.com/articles/black-hole-of-negative-rates-is-dragging-down-yields-everywhere-1468174982

Or are bonds overpriced? No really?

http://uk.businessinsider.com/goldman-the-us-bond-market-is-getting-overrun-2016-7

Brexit and the impact on UK stocks

http://uk.businessinsider.com/goldman-sachs-charts-how-the-ftse-100-masks-the-brexit-risks-to-the-uk-2016-7

A bit of reading on Germany

http://blogs.ft.com/gavyndavies/2016/07/10/the-german-balance-of-payments-quandary/

And here is a bit more reading, but on the Eurozone

http://www.ecb.europa.eu/press/pdf/ffi/eaefd_1q2016_early.pdf

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