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Tuesday, September 11

11th Sep - US Open: Waiting in ranges

ESM vote, leaked European banking union plans, and the latest Finnish 'bribery-like' (I don't want to get sued) Finnish scandal that seems to involve everyone. I'm not sure if they will even get scared or just more careful in the future. If scared, maybe we will see less shit like this in the future. If more careful, it will only be hidden deeper. Pure amateurs, they didn't even give identical stories in police interrogations. They are not accustomed to being investigated, unlike the regular criminals. They are not regular criminals, they are the elite. Do they actually belong to M.O.R.E.? 

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Previously on MoreLiver’s:

All the coverage on ECB’s decision is in my ECB Watch-post (continuously updated).

Roundups & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Summary – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  EU banking union proposal to strengthen role of the EBA through panel of ‘independent experts’

Morning MarketBeat: Fear Making a Comeback – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Speed Bump – Macro and Cheese
Dollar Soft, New Insight into Euro Rise, Japan/China Tensions – Marc to Market 
A Plausible Bear PathTF Market Advisors 

US session ahead
Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney
Pre-Market – NASDAQ
US Equity Preview – Bloomberg
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

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

The countdown for the ESM: press views on Karlsruhebruegel
On Wednesday Germany’s Federal Constitutional Court (FCC) will announce its decision on the ESM as well as on the Fiscal Pact. Immediately after the decision Chancellor Angela Merkel will react in the German Bundestag with a government declaration to the FCC’s decision. The decision is eagerly anticipated by German and EU politicians as well as of both German and international press and we review the German press here.

No delay from Karlsruhealphaville / FT
Eurointelligence have put together a press wrap ahead of the actual decision, including a consensus that the much favoured ‘Yes-But’ option is a lot trickier than is generally assumed:

Banking Union Part II – now for the safeguardsOpen Europe

Non-euro countries raise concerns on banking unioneuobserver
Top diplomats from non-euro countries have held a special meeting in Brussels to air concerns about EU bank supervision plans.

The market ♥ peripheral corporate debtalphaville / FT

Research: Finnish economy - falling starDanske Bank (pdf)
We have revised down our outlook for Finland to take into account the worse-than-expected 2012 Q2 figures: GDP is now forecast to remain flat in 2012. According to the preliminary figures GDP contracted by 1.1% q/q in the second quarter. Given weak leading indicators and statistic flow, Finland has probably fallen into the recession as we expected. For 2013 we expect sluggish growth of 1.0%, because the year will get a challenging start and the weak euro area outlook continues to hurt exports.

FOMC preview - QE3 coming upDanske Bank (pdf)

China Monetary Statistics for August 2012ASA
China's M2 money supply growth came in worse than expected at 13.5%.

China’s August macro data: bad, but not surprisingly badASA

Weekly Market Comment: Late-Stage, High-RiskHussman Funds

9/11 Articles, past and present (2011) – MoreLiver’s Daily

Suomen liittolaiset eurokriisissä käymässä hyvin vähiin?Nordea
Hollanti äänestää huomenna ennenaikaisissa parlamenttivaaleissaan. Vaikka maan eurolinja vaalien jälkeen on aiheuttanut paljon epävarmuutta, Hollannin kriittisyys euroa kohtaan tuskin tulee ainakaan lisääntymään.

Ilmarinen / Toffe / Finnair
Finnairin johto sai eettisen oppitunnin – SSS
Koplausta, mutta lain puitteissa – KS
Hyvä opetus talouselämän eliitille – SM
Keskustelu hyvä veli -verkoista jatkuu – Karjalainen
Opiksi on syytä ottaa, vaikka rikosta ei tapahtunut – SS
Opiksi siitä, että näin ei saa tehdä – Kaleva

Finnair-johdon sähköpostiketju kohubonuksista vuoti julkisuuteen – IS
Lue Vehviläisen 100 000 euron sähköposti – IS
Vehviläinen arvostelee poliisia kovin sanoin – IS
Kansa kuumeni – näin vastaa Jorma Kalske – IS
Kukaan ei saanut syytettä - lue perustelut – IS

Sitra-pomo 1,8 miljardin it-kohuhankkeesta: "Oikeastaan se on edullinen" – TE

Tänä vuonna melkoinen irtisanomisaalto – osaltaan kiitos Nokian ja rahapolitiikan puuttumisen – tyhmyri

Espanjan Mariano Rajoy on tainnut ymmärtää mitä EKP:n suunnitelma tarkoittaa… - tyhmyri

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