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Thursday, September 20

20th Sep - US 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 & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Sentiment – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  El País: Spain plans to request bond-buying with unused money from its €100bn bank bailout; Spanish Foreign Minister: Independent Catalonia risks being left out of the EU ‘eternally’

Morning MarketBeat: Where’d All the Fear Go? – WSJ
Broker Note Briefing – WSJ
Morning Take-Out – NYT
AM Dear Dairy: Tired Markets – Macro and Cheese
Unwinding of Risk-On Continues – Marc to Market
– TF 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

Challenges to the single monetary policy and the ECB’s responseECB
Speech Benoît Cœuré:

Britain and EU close to point of no returnThe Guardian / pressueurop
José Manuel Barroso, Herman Van Rompuy, and now a group of 11 foreign ministers: everyone in the EU seems to be proposing greater integration as a way out of the crisis. But Britain continues to stand apart and the divide may soon become unbridgeable.

Spanish auction: damned if you do/ don’talphaville / FT
The solid auction might just have pushed back the chances of an appeal for aid from Mr. Rajoy.

Spanish bonds on the blockMacroScope / Reuters
There will be a political temptation to wait until regional elections in late October are out of the way but that looks a stretch. More likely is the wheels start moving after the government unveils its 2013 budget and a new round of structural reforms at the end of September, when detailed stress tests of the country’s banks will also be published.

Market pressure not calling for a quick bailoutNordea
Spain is in no hurry to make the aid request for now. Unless the Eurogroup decided to make it especially easy for Spain to succumb to asking for an aid programme (i.e. not making it look like Spain is giving up much of its sovereignty), which does not look likely, it will probably take renewed market pressure (i.e. higher Spanish bond yields) to push Mr. Rajoy to make the request. Spanish yields thus look likely to rise again going forward.

Portugal in crisis after 1 million say no to austerityeuobserver
Portugal is facing a massive backlash against troika-approved austerity measures to raise social contributions for employees. Portuguese President Anibal Cavaco Silva is on Friday (21 September) to convene a rare meeting of the state council in a bid to defuse a political crisis linked to the controversial measure.

EU budget hurdles mounteuobserver
The EU is hoping for agreement on the next long-term budget by the end of the year but two opposing camps in the money negotiations remain about €100bn apart.

Euro area flash PMIs point to sharpest contraction since the crisis – ASA
Euro area: PMIs disappoint – still bouncing at the bottom – Danske Bank (pdf)
Euro-zone manufacturing PMIs mostly good news – Nordea

Fisher Turns to Fear MongeringTim Duy’s Fed Watch
Fisher stays true to form, clutching to his fears of inflation like a drowning man grabs onto a life preserver.  My guess is that he doesn't need to be marginalized by the doves; he does a fine job marginalizing himself.

Charting central banks’ balance sheetsASA

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