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Thursday, September 20

20th Sep - EU Open





For full coverage of the two most important developments, see ECB Watch and Fed Extra.

Previously on MoreLiver’s:

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Roundups
News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT

Reference
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 BRIEFINGS
Morning Briefing (Asia): Crude Oil Plunges on Inventory DataBNY Mellon
Has excoriation given way to eulogy? The Greek saga drags on

Asia Today: Flash China PMI data suggests further weakness aheadSaxo Bank
We had a number of data points during today’s Asian session to keep activity buoyed – Japan trade data, NZ GDP and the flash HSBC manufacturing PMI for September. Overall, risk was soft though no one particular data point triggered the move

Market Preview: Focus on EU Manufacturing PMIsSaxo Bank 
European markets are expected to open lower Thursday ahead of the release of manufacturing and services PMI data across the Eurozone later today. Meanwhile, data indicated a contraction in Chinese manufacturing activity for September. 

Danske DailyDanske Bank (pdf)
Chinese preliminary PMI below 50 for 11th month in a row * Strong data from the US housing market * US long yields continue to drop after the spike last week * Euro Flash PMIs will be released this morning.
 
AamukatsausNordea (pdf)
Kiinan teollisuuden veto yhä heikkoa – Euroalueella luottamus piristynyt hieman? * Saksan lainvalmistelijat hylkäämässä komission ehdotuksen pankkivalvojasta * Brent-öljyn hinta jatkoi laskuaan pudoten päivätasolla eniten kahteen kuukauteen

AamukatsausTapiola (pdf)
Eilen julkaistut asuntomarkkinatilastot USA:sta kertovat positiivisen kehityksen jatkuneen. Sen sijaan Kiinan teollisuuden kääntymistä saadaan vielä odottaa. Markkinan suunta: Osakemarkkinan nousu jatkui, kun USA:n asuntomarkkinoiden tilanne jatkoi kehittymistään positiivisempaan suuntaan. Ostopäällikköindeksin ennakkotietojen mukaan Kiinan teollisuustuotannon hidastuminen jatkuu, mutta aiempaa maltillisemmin. Tänään mielenkiinto kohdistuu euroalueen ostopäällikköindeksien ennakkotietoihin, odotuksissa hidastuvaa supistumista. Osakefutuurit indikoivat laskuavausta, euro heikkenee fokuksen siirtyessä USA:sta Espanjaan.


Morning Briefing (EU/US): La vera lottaBNY Mellon
Mario Monti’s agenda has been impressive; its implementation another matter

EUROPE
Banking union: A federal model for the European Union with prompt corrective actionvoxeu.org
The European Commission’s latest proposals for financial regulation are seen by many as the first steps towards a banking union. This column argues that there are a number of issues that need to be exposed and debated in public before the Commission decides on anything.

The commission’s proposal on bank supervisory powers for the ECBvoxeu.org
The European Commission is planning a shake-up in financial supervision in Europe. This column argues that time will tell whether or not this is a good idea – for now all we have for certain is uncertainty.

CHINA
PMI inches higher, but remains sub-50 – beyondbrics / FT
PMIs: manufacturing is still slowing, but a little more slowly – alphaville / FT
PMI at 47.8, 2-month high – Global Macro Monitor
PMI Prints 'Not Bad Enough' But Still In Contraction For 11 Months – ZH
PMI points to continued weakness in September – ASA
PMI Points to Soft Economy – PragCap 
China: Weak manufacturing confidence underlines growth worriesNordea 
HSBC PMI stays subdued but details stronger – Danske Bank (pdf) 
Japanese Exports Sink 3rd Month; Flash China Manufacturing PMI Shows Output down at Sharpest Rate in Ten MonthsMish’s

 
IN FINNISH
Suomen julkistalouden muutokset samanlaisia kuin kriisimaissa – olemmeko mekin menossa samaa tietä?tyhmyri