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Thursday, September 13

13th Sep - US Open

- Whose that?
- It’s you. You ain’t got hair, but you got gums.
So now we wait the Fed... EDIT: Thanks to the anon commentator on how to push the Savonian printing magnate on the Bank of Finland's balance sheet due to the escalating support of the PIIGS. The message has been forwarded and was welcomed.

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Previously on MoreLiver’s:

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
  German Finance Minister does not rule out legal challenge against ECB bond-buying; Open Europe analysis: Constitutional Court ruling reinforces Bundestag veto over bailout fund and potentially limits ECB bond-buying

Morning MarketBeat: Investors Prep for Bernanke – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Well Fed – Macro and Cheese
FOMC: Gold, Dollar and the S&P 500Marc to Market
The T Report: Black Swan Thursday – TF Market Advisors

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


Do they they think it’s all over?MacroScope / Reuters

Good short list of open issues (Italian elections, Spain, Bundesbank, recession, austerity, Greece)

Meet Europe's leader of last resort Business Spectator

Just as Draghi makes his power grab sound like monetary prudence, Monti dresses his authoritarian demands in the colourful language of European integration and cooperation. But it cannot disguise the fact that what he is actually demanding is a departure from liberal democracy. In the European Union, criticism is denounced as populism, recklessness is called prudence, and disunion becomes integration. It is hard not to be reminded of Orwell’s Ministry of Truth when seeing the façade of the Berlaymont building.
IMF officials say Greece will need a third bailoutZH

Dutch voters give firm support for the euroNordea
Dutch elections – anti-Europe lost, but did pro-Europe win?bruegel
Many observers have concluded that the anti-European strategy of the right-wing populists (PVV) and the left-wing socialists (SP) has backfired and that pro-Europe has won. This observation, however, is too optimistic for two reasons.

Van Rompuy paper floats eurozone budget, parliamenteuobserver
EU council chief Van Rompuy has tabled an 'issues paper' on how to further integrate the eurozone, including a common budget, limited debt mutualisation and a parliamentary assembly.

The SNB’s decision pictorially represented alphaville / FT
SNB’s statement, Swiss franc floor abiding, unchanged at SFr1.20 despite the recent rumour mongering.

ECB staff macroeconomic projections for the euro areaECB (pdf)
Monthly Bulletin, September 2012ECB (pdf)
Statistics Pocket Book, September 2012ECB (pdf)

Preview for 13 September 2012 FOMC statement and presser alphaville / FT

FOMC will do more, not less.... Saxo Bank
Steen Jakobsen: The FOMC has two major reasons for doing more rather than less: rising unemployment and more importantly the approaching fiscal cliff. This means higher risk of a full blown QE3 announcement today.

In'credible' Ben? Is QE3 a step too far?Saxo Bank
The likelihood of QE3 tonight is pretty much 50:50, which by default is the point of maximum uncertainty and thus the least market friendly position. The build up to this evening's FOMC meeting may be less than inspiring.

Ben Bernanke's last throw of the dice... Will he roll sixes?Saxo Bank
Tonight may prove to be a seminal moment in the Fed’s history and Bernanke's chairmanship. The issue of more QE is not only important for markets and USD direction but it is also a political landmine ahead of the US presidential election.

When the US sneezes at the edge of a fiscal cliff, the rest of the world should worryalphaville / FT

Nordea Risk Perception PublicationNordea
Positive outcomes spurs substantial “risk on” – temporary setback may arise (full pdf)

[China myths] Does the world really need China’s rapid growth?alphaville / FT
The mood at the World Economic Forum this week in Tianjin has been a study in contrasts — bullish foreigners and gloomy Chinese.

Ääliöiden EurooppaTimo Soini

Pankkiunionilla asiakkaiden yhteisvastuuseenSari Essayah / IL

Rehn ei usko, että Euroopasta tulee puhdas liittovaltioLänsi-Savo
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