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Monday, September 24

24th Sep - EU Open

If it ain’t broke, don’t fix it. If it is broken, Fixit. – MoreLiver

 Before this post gets updated with the still missing links (only MoreLiver and Pokeri1 never sleep), take a look of what I posted during the weekend: 
23.9. Weekender: Off-Topics & Finnish (mukana äänestyssuositukset!)
22.9. Disregard This Post (links to euro breakup analysis)
21.9. Weekender: Weekly Support (weekly reviews and previews)

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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

Asia Today: China issues: growth, ties with Japan hit risk againSaxo Bank
We had a slow start to the week in Asia with currencies trading with a slight risk-off feel to them while equity markets floundered small in the red. Strained relationships between Japan and China appear to be one of the drivers of the risk-off mood

Market Preview: Eyes on German Ifo confidenceSaxo Bank
European markets are expected to open lower Monday ahead of the German Ifo business sentiment index due later today which is expected to hover near its lowest level in more than two years. Some regional US manufacturing activity data is also on tap.

Danske DailyDanske Bank (pdf)
French PM Ayrault calls for Greece to be given more time to reach austerity targets. Spain continues to be in focus, as pressure mounts for the country to seek help. Risky assets suffered minor setback last week and are also trading lower this morning.

AamukatsausNordea (pdf)
Katseet tällä viikolla Espanjassa – Saksan IFO-indeksissä luvassa pientä nousua? * Ranska: Kreikalle lisää aikaa budjettileikkauksiin * Öljyn hinta viikkotasolla selvästi pakkaselle huolimatta perjantain korjausliikkeestä

AamukatsausTapiola (pdf)
Viikko alkaa heti painavalla datalla, kun Saksan talouden tilaa seuraava ja ennakoiva IFO-indeksi julkaistaan. Odotuksissa on kokonaisindeksin kääntyminen nousuun ensimmäisen kerran sitten kevään. Markkinan suunta:  Eurokriisi eskaloituu edelleen: EVM:ää ehkä vivutetaan EUR 2000 mrd:iin ja Kreikka jäi kiinni budjettivajeidensa valehtelusta troikalle. Viikko alkaa painavalla datalla, kun aamupäivästä julkaistaan Saksan IFO-indeksi. Odotuksissa indeksin kääntyminen nousuun ensimmäisen kerran viime kevään jälkeen. Osakefutuurit nyt miinuksella indikoiden laskuavausta. Lyhyen ja pitkän ajan sijoittamisen yhdistäminen: Hyviä ostokohteita nyt olisivat: Fortum, Metso, Sanoma. Hyviä myytäviä osakkeita nyt: Outokumpu, Sampo, Pohjola, Pöyry, Finnair

Morning Briefing (EU/US): Happy MondaysBNY Mellon
Summing up the state of play in Greece.


In the Eurozone, the more things change the more they stay the same: structural adjustments remain elusiveSober Look
Eurozone crisis has eliminated the periphery trade deficitSober Look
of course it has – they are broke!

European Leaders Struggle to Overcome Fresh Crisis StalemateBB
good update on where we are now.

The case for euro deposit
Daniel Gros, Dirk Schoenmaker: As the EZ takes its first steps towards banking union, this column warns that such an approach – with banking supervision first and resolution and deposit insurance postponed to some undefined later stage – will lead to an unstable banking union. It adds that a strong European supervisor and a credible European resolution and deposit insurance authority should be introduced as part of the package.

Greece Caught Underreporting Its Budget Deficit By Nearly 50%ZH
Surprise, surprise…

The Global Trade Cycle Turns LowerZH
Charts from Barclays show Europe leads the way down.

Weekly ChartopiaZH
Picks from Goldman’s weekly

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