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Thursday, August 23

23rd Aug - EU Open

The European PMI and GDP figures are today's main event. Probably the PMI's will not paint a rosy picture: Chinese PMI came out earlier today and it was simply terrible - just confirms what Japan's earlier trade figures showed - Europe is going down.

Yesterday on MoreLiver’s:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT

TV: Bloomberg, BBC
Debt crisis: live – The Telegraph
The Euro Crisis Blog – WSJ
Tracking Europe’s Debt Crisis – NYT
FX Options Analytics – Saxo Bank
European 10yr Yields and Spreads – MTS indices

Asia Today – Saxo Bank

Morning Briefing (Asia): FOMC Minutes Sends EUR Higher BNY Mellon
Signals from the gold market.

Market Preview: Eyes on PMIs across EurozoneSaxo Bank
European markets are expected to open in the green Thursday after the minutes of the latest FOMC policy meeting raised hopes of another round of monetary easing to boost the US economy. Investors are keeping an eye on PMI data in the Eurozone today.

Danske DailyDanske Bank (pdf)

FOMC Minutes indicate that more US monetary easing could be forthcoming. Chinese PMI data for August dropped quite a bit and surprised on the downside. Both sub-index for exports and prices are at the lowest level since March 2009. Focus today:  Flash PMI for the euro area is expected to show some stabilisation.

Morning Briefing (EU/US): Greek Q&ABNY Mellon
Today we take an in depth look at the question of whether Greece will get the next tranche of aid from the Troika.

AamukatsausNordea (pdf)
Kiinasta yllättävän heikko ostopäällikköindeksi – Euroalueen luvuissa lisää laskua? * Fedin pöytäkirjat tukevat lisäelvytysodotuksia * EURUSD ylitti tason 1.25, korkomarkkinoilla riskinottotunnelmat ottivat takapakkia

AamukatsausTapiola (pdf)
Markkinan suunta: Osakemarkkinalle tukea FED:n muistioista, jossa uuden elvytyksen (QE3) tarve määriteltiin todennäköiseksi. Osakefutuurit selvästi plussalla, indikoiden nousuavausta (kts. 7).
HSBC:n Kiinan ostopäällikköindeksien ennakko indikoi talouden jatkaneen hidastumista. Suomi osakkeiden riskipreemio ja taloudellinen vakaus: Korkopuolelta mahdollisuus siirtyä hakemaan tuottoa vakaista osakkeista.


China’s PMI
Drop in Flash PMI calls for more stimulus from BeijingNordea
The one good note in China’s flash PMI… oh, wait. – alphaville / FT
New Export Orders Collapse To Lehman Lows – ZH
At 9-Month Low, New Export Orders Plunge at Sharpest Rate Since March 2009 – Mish’s

HSBC/Markit Flash China manufacturing PMI points to weak August – ASA
Shanghai composite and PMI’s new orders less inventory track each other – ASA

China Flash Manufacturing PM at 47.8, 9-month low – Global Macro Monitor
China’s Flash PMI Disappoints – PragCap
China: gloomy factory output survey – beyondbrics / FT  
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