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Tuesday, September 18

18th Sep - EU Open

Good morning!
All the coverage on ECB’s decision is in my ECB Watch-post (continuously updated). The Federal Reserver’s QE3 is in Fed Extra.

Previously on MoreLiver’s:
17.9. US Close: Realization (I really liked this)

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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): Profit-Taking On Risk Assets in NY AfternoonBNY Mellon
Due to popular demand, “currency wars” is returning to a theatre near you

Asia Today: Dovish RBA minutes, China/Japan tensions hit riskSaxo Bank
RBA minutes of the September meeting dominated Asia and a slightly dovish post-meeting statement was reinforced by a firmly dovish tone in the minutes. Risk also traded heavy during the session as traders focused on rising Japan/China tensions

Market Preview: German ZEW survey on tapSaxo Bank
European markets are expected to open lower Tuesday amid ongoing concerns about the Eurozone debt crisis. Markets are keeping a close eye on German ZEW investor sentiment and UK CPI data due later today.

Danske DailyDanske Bank (pdf)
US equities decline on weaker-than-expected US key economic data and the lack of statements from this weekend’s Eurogroup/ECOFIN meeting. Asian markets follow the bearish trend from the US markets. Modest movements in the major FX crosses this morning. Focus today on the German ZEW indicator and several speeches by Fed governors.

AamukatsausNordea (pdf)
USA:n teollisuudesta heikkoja lukuja * Merkel ei usko pankkiunionin aikatauluun – euroalueen ongelmat painavat vientiä * Öljymarkkinoilla noin kolmen dollarin syöksy alle minuutissa

AamukatsausTapiola (pdf)
Suomen osakemarkkinan riskipreemio (tuotto-odotus) on korkealla viimeaikaisesta kurssinoususta huolimatta. Tämän hetkisiin ennusteisiin nähden suhteutettuna osakemarkkinan arvostus on edullinen. Markkinan suunta:  Osake- ja hyödykemarkkinat peruuttelivat eilen, kun elvytyksen alkuhuuma ohitettiin. Huolia markkinoille aiheutti Espanjan korkojen hiipiminen jälleen ylöspäin. Inflaatio-odotukset hypähtäneet hieman sekä USA:ssa että Euroopassa. Osakefutuurit indikoivat laskuavausta. 

Morning Briefing (EU/US): In Japan they call it ‘Ushinawareta Jûnen’BNY Mellon
Hope in successful post-crisis outcomes is being replaced by a growing sense of déjà vu


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Things That Make You Go Hmmm: Zor and ZamThe Big Picture
Grant Williams’ newsletter, very good – better than The Economist!

It's Just Getting Stupid!ZH
Barclays: Investors seem to misremember history; monetary policy was not the only driver of the rallies following QE2 and Operation Twist. (good charts)

Risk aversion the lowest in over two yearsSober Look

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