Very nice short notes from the big banks in this post - also see yesterday's US Close for plenty of European thoughts.
Previously
on MoreLiver’s:
Roundups
Thursday
Watch – Between
The Hedges
The 6am Cut
London – alphaville
/ FT
Emerging
Markets Headlines – beyondbrics
/ FT
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
MORNING BRIEFINGS
Once again, Asia started today’s session in a
positive mood with the spillover from better US data encouraging risk
appetite. It didn’t last, however, and currency pairs were slumped at the
bottom of the day’s (albeit narrow) range by lunch.
Today we return to the issue of the decline in
reserve growth in China.
Market Preview: Eyes on EU confidence indices – Saxo
Bank
European stocks are expected to open in the red
Thursday as investors remain cautious ahead of Ben Bernanke's speech at Jackson Hole tomorrow. Markets are keeping an
eye on Eurozone confidence indicators and US consumer spending
data due later today.
Danske Daily – Danske
Bank (pdf)
Stocks markets lower on concerns about global
growth * Japan’s weak retail sales suggest GDP could contract in Q3. Fed’s Beige
Book was mixed but overall sees ‘gradual’ expansion * ECB could have a draft
for its bond purchases ready as soon as this weekend * Waiting for Bernanke’s
speech tomorrow. Focus today on Italian bond auction, German unemployment, euro
area confidence indicators and US spending data
Morning Briefing (EU/US): September – BNY
Mellon
The next two weeks could prove decisive for
Spain
Aamukatsaus – Nordea
(pdf)
Draghi hakee
saksalaisten tukea valtionlainojen osto-ohjelmalle * USA:n talouden hidas kasvu
kasvattaa odotuksia lisäelvytyksestä * Isaac-myrskystä Meksikonlahden
öljyntuotannolle aiheutuva uhka väistymässä
Aamukatsaus – Tapiola
(pdf)
Tuottohakuisen
korkosijoittajan vaihtoehdot yrityslainoissa ovat joko riskin kasvattaminen
maturiteettia pidentämällä (= inflaatioriski) tai siirtyminen korkeamman riskin
HY-lainoihin. Markkinan suunta: Odotettu talousdata ja FED:n Beige Book eivät liikutelleet markkinaa. Draghi
jatkoi saksalaislehdessä puhumista poikkeuksellisten
rahapolitiikkatoimenpiteiden puolesta.
Osakefutuurit nyt
marginaalisesti negatiiviset, indikoiden laskuavausta. Samsung esitteli Win8
puhelimensa ennen Nokiaa. Efore teki 0-tuloksen 3Q12:lla.
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
Markkinakalenteri – Taloussanomat
EUROPE
Citigroup Has The Best Summary Of Europe's Fiasco Yet: "Losses Are
Unquantifiable"
– ZH
Matt King’s “Passing the potato”-headlined report.
Matt King’s “Passing the potato”-headlined report.
Draghi’s Master Plan Matrix – ZH
Morgan
Stanley’s thoughts with charts
The Complete 'Ranked' World Calendar Of Events
To The End Of The Year – ZH
UBS’s list of events with estimated levels of market impact included.
OTHER
Will The Current Market Distortions Last? – ZH
'scarcity factor' has suspended normal market
relationships. The question is, across a variety of scenarios, which recent
market trends are more vulnerable than others.
EM FX Monocle – Test time – Nordea
(pdf)
15 pages of
emerging currencies