11th Oct - EU Open: Near Lows

Markets near the lows.

Previously on MoreLiver’s

10.10. US Close: Bottom - or double top?

10.10. US Open: Weak weeks?

10.10 EU Open: Previous lows visited

9.10. US Close

Roundups

News roundup – Between The Hedges

The 6am Cut London – alphaville / FT

Emerging Markets Headlines – beyondbrics / FT

Reference

TV: Bloomberg, CNBC, 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): Dow Drops Over -100 Points For Second Day – BNY Mellon

Increasingly, government preoccupation with ‘plain vanilla’ fiscal austerity is getting a bad press

3 Numbers to Watch: EZ CPI, US Jobless and WASDE – Saxo Bank

Inflation in the Eurozone is expected to be little unchanged in September, although Spanish inflation will see a one-time hop. US jobless numbers are expected to rise, while the USDA's latest WASDE crop report is also due out.

Asia Today: AUD lifted by strong jobs data; EURUSD retests 200-MA – Saxo Bank

The Australian jobs report for September was the major focus for Asia – and what a shock it was! - but this time to the upside. A net 14.5k jobs were added in Sep. (32.1k full-time jobs added with 17.7k part-time jobs lost. A relatively solid release

Market Preview: S&P cuts Spain's credit rating – Saxo Bank

European markets are expected to open lower Thursday amid concerns over weak corporate earnings and global economic growth. S&P lowered its credit rating on Spain by two notches. Meanwhile, markets await CPI data across the Eurozone due later today.

Danske Daily – Danske Bank (pdf)

S&P cuts Spain’s credit rating to ‘BBB-‘ with a negative outlook. Fed’s Beige Book said that activity ‘expanded modestly’ last month. Australian employment rose more than expected in September. Market movers today: Sweden CPI, ECB monthly report, US initial jobless claims, US budget statement

Aamukatsaus – Nordea (pdf)

Espanjan luottoluokitusta laskettiin * Mitä jos euroalue hajoaa?  * USA:n talouskasvu jatkunut maltillisena

Aamukatsaus – Tapiola (pdf)

Moody’s laski eilen Espanjan luottoluokitusta USA:n markkinoiden sulkeutumisen jälkeen. Luottoluokitus laski kaksi pykälää tasolle BBB-, joka on viimeinen taso ennen roskalainaluokituksia. Markkinoiden peruuttelu jatkui tuloskauden alla, öljyjätti Chevron varoitti tuloksen heikkenemisestä.

PKC Groupin osake ei vielä eilen reagoinut Cumminsin tulosvaroitukseen, mutta yön aikana USA:ssa PKC:n vertailuyhtiöiden kurssit romahtivat  Osakefutuurit nyt aamulla miinuksella, indikoiden laskuavausta pörssiin.

Morning Briefing (EU/US): – BNY Mellon

Markkinakalenteri – Nordnet

Markkinakalenteri – Taloussanomat

EUROPE

Spain Downgraded: S&P Cuts Rating Two Notches – MarketBeat / WSJ

S&P Downgrade Undercuts Confidence in Spain – MarketBeat / WSJ
S&P Downgrades Spain To BBB- (Negative Outlook) – ZH

S&P downgrades Spain – alphaville / FT

Spain Dissed by S&P – Marc to Market

Spanish aid request a step closer – Nordea

While everybody was waiting for Moody’s decision on the Spanish rating, Standard & Poor’s was the one firing the next bullet. Still, the S&P 2-notch downgrade to BBB- just left Spain within investment grade, albeit with a negative outlook.

Italy in market after Spanish downgrade – MacroScope / Reuters

USA

US Economic Outlook Q4 – Bloomberg / scribd

Equities Approach Trend Support – Macromon

OTHER

Pimco’s El-Erian Warns of Central Bank Put Bubble – naked capitalism