DAILY TWITTER-LIKE POSTS ON GLOBAL LIQUIDITY ...
[Latest Endogenous Liquidity Index: -65.6%; latest Global Dollar Liquidity measure: +40.3%]

. A resilient market as credit spreads widen. The market is showing some resilience here in the face of surging credit spreads. At 612 bps, the Moody's Baa spread trades at record highs — a sure sign that corporate earnings are collapsing as we speak. [Selected Interest Rates]

. Hugh Hendry: bullish on government bonds. Eclectica Asset Management's Hugh Hendry is always a highly entertaining guest over at CNBC Europe. Mr. Hendry looks at inverted yield curves a sure sign of danger in terms of riksy assets. He now thinks that US equities "could remain in the doldrums" for another 15 ... years! [Steve Johnson: "Bold hedge fund star says stellar performance no longer enough", Financial Times]

. The UK & the euro. Denmark's prime minister and central bank chief both recently stated that the key lesson from the financial crisis was that the country had to join the euro. The ECB, after all, represents a very large source of liquidity. Is the United Kingdom now thinking in similar terms? [BBC News: "No 10 denies shift in euro policy"]