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Friday, September 14

14th Sep - EU Open

Very strong day, EURUSD didn't even pause at the 1.30 level and stocks continue pushing upwards. The commentary on Europe is getting, if not more negative, at least clear that the crisis is not yet finished. But for the time being, markets are "Fed Up" :)

Previously 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

Morning Briefing (Asia): Between Scylla and CharybdisBNY Mellon
Greece's Democratic Left is losing support because of the company it keeps

Market Preview: Eyes on US CPI dataSaxo Bank 
European markets are expected to open sharply higher Friday on the back of the Federal Reserve's fresh monetary stimulus measures to boost the US economy. Investors are also keeping tap on US CPI, retail sales and consumer confidence data due today. 

Danske DailyDanske Bank (pdf)
We believe the Fed move was a game-changer and markets are expected to rally further the next couple of weeks. Hence, more dollar weakness, higher equities and commodities and steeper curves in the forward space are in the pipeline in our view.

Morning Briefing (EU/US): Defiance or compliance?BNY Mellon 
The BOJ is under growing pressure to assist its government

AamukatsausNordea (pdf)
Fed jatkaa lisäelvytystä, kunnes työllisyys paranee * Euroryhmän kokouksesta selvennystä EVM:n aikatauluun * EURUSD nousuun Fedin elvytystoimien myötä, taso 1.30 rikki aamulla

AamukatsausTapiola (pdf)
Superviikon eli viimeisen 7 päivän päätökset ovat olleet osakesijoittajalle odotetun mukaisia tai parempia. Eilisestä FED:n rajoittamattomasta määrällisestä elvytyksestä lisätukea markkinoille. Markkinan suunta:  FED aloittaa erittäin voimakkaan määrällisen elvytyksen, jossa ei takarajaa eli QE∞. Kuukausittain ostetaan $40 mrd. arvopaperistettuja asuntolainoja. Markkinat voimakkaassa nousussa. Etenkin kulta, hopea, perusmetallit ja niihin liittyvät osakkeet välittömiä hyötyjiä FED:n elvytyksestä. Euroopan futuurit selvässä nousussa.

The euro zone’s leaders have turned a corner. Where to, is not yet clearThe Economist
In the end, the euro’s survival rests on the political support for greater economic and financial union. That will be the real game-changer.

The ECB’s bond-buying planThe Economist
Has Mario Draghi done what it takes to save the euro?

Germany and the euro: Yes, but…The Economist
Germany’s highest court affirms that any solution to Europe’s crisis must also be good for democracy

Autumn renewal?The Economist
Having survived a difficult month, the euro zone is grappling with its taboos

Euro-zone banking unionThe Economist
Plans for common supervision could easily turn messy

German Constitutional Court Ruling Market Positive…Or Is It?Economist Meg
Court has just very clearly limited Germany’s contribution to the bailout funds, and the only way to raise Germany’s liabilities is if both houses of parliament vote in favor of it. This seems a long shot. If the lending ceiling of the bailout funds is not raised, then Spain and Italy will be forced to opt for a bail in rather than a bail out.

Fed launches aggressive easingDanske Bank (pdf)

When a central banker almost says that bubble is goodASA

The Fed will buy over half of all new agency MBSSober Look

A Quick Note on the FedKrugman / NYT

Analysts Cutting Their Q3 Revenue ForecastsAlphaNow / Thomson Reuters
Already, it is clear that companies in the S&P 500 companies are likely to post the slowest annual revenue growth rate in the last decade (barring the 2008/2009 financial crisis) and the trend seems to be getting worse, with more disappointments in store.

Friday: Retail Sales, Industrial Production, CPICalculated Risk
even though this week has been heavy event-wise, there are still some important numbers on the real economy coming up…

(audio 12 min) World Weekly with Gideon Rachman The World / FT
A Party Congress next month is expected to confirm the once-in-a-generation leadership change atop the Chinese Communist Party. But things are not going to plan: the transition is occurring against a backdrop of a slowdown in the Chinese economy and now the mysterious disappearance from public view of Xi Jinping, just weeks before his expected elevation to lead the party.

Björn Wahlroos: Piikki kiinniTalouselämä
”Vähän kärjistäen voisi kysyä, että haluatteko todella, että OP-Pohjola takaa koko euroalueen pankkijärjestelmän?” Wahlroos provosoi.

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