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Thursday, October 18

18th Oct - US Close: Googod...

If there is a way to fail, we will find it. Google's outsourced paperwork did not work that well - but neither did their earnings. In Europe, plenty of stuff on the presummit statements - I'm not expecting much, and it looks like markets are preparing to a good old-fashioned "buy the summit, sell the news".

Previously on MoreLiver’s:

Roundups and Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

Roundup: BP, finally, to do a good deal? – The Big Picture
Tomorrow’s Tape: GE, McDonald’s Post Earnings WSJ
US Summary: Google Implodes But Dow Ramps To Unchanged – ZH

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

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Felix Zulauf: Eurozone on Track to Be the Shortest Currency Union in HistoryCFA Institute

Europe’s Periphery Cliff: Postcard from the EurozoneEconoMonitor
Despite some recent gains, the Eurozone continues to teeter closer to the periphery cliff. During the past half a decade, the international community has consistently and systematically over-estimated the strengths of the global economy and under-estimated its vulnerabilities.

European Wage Austerians are getting Desperate!Social Europe
What really happened with Greek Exports

A Small Printed Note Saying "Wait!"Mark Grant / ZH
 “More Europe” not only lacks a common European definition but it lacks agreement from one nation to the next. We are just not reaching some sort of crunch time but we are reaching a point and perhaps the point where the European Muddle ends and the division begins.

Riksbank under pressure from low inflationNordea (pdf)
At the time of writing, the market is pricing in around a 30% probability of the Riksbank cutting the rate at the monetary policy meeting on 24 October (announcement on 25 October). We agree. We feel strengthened in our view that one more cut will be implemented this year, but that it will hence not emerge until December.

How to Launder Money – Swiss StyleBruce Krasting

Comments before EU leaders' summitReuters
Following are comments by EU leaders and officials ahead of Thursday's talks:

France and Germany head into summit divided, UK seen as sidelining itselfeuobserver

Berlin wants "decisive step" towards fiscal unionReuters
Germany urged its European partners on Wednesday to agree to cede control over their budgets to a central authority in Brussels, setting up a clash with France and other single currency members at a summit of the bloc's leaders this week.

Merkel, Hollande clash on EU budget czar before summitReuters
Germany and France, Europe's two central powers, clashed over greater European Union control of national budgets and moves towards a single banking supervisor before a summit of the bloc's leaders began on Thursday.

European Council | Hollande launches broadside against Merkelpresseurop
The Guardian, Le Figaro and Der Tagesspiegel on the summit

EU summit: Implement growth policies, stupid!Brussels blog / FT
José Manuel Barroso, president of the European commission, attacked EU member states for failing to implement growth measures that could balance the short term negative impact of harsh austerity policies

EU summit: Prudent optimismBrussels blog / FT
Olli Rehn seemed more relaxed and upbeat about the eurozone’s economy than usual at the pre-EU summit conference held by the European Liberal Democrats (ELDR).

Greece and Spain Marc to Market
European officials’ ability to reduce the tail risks appears to have been quite successful.  And they have achieved this without spending a single penny.  Yet the tension between the interests of the creditors and the interests of the debtors has not been resolved.

Spain Banks Face More Pain as Worst-Case Scenario Turns RealBB
Spain’s banks face more loan losses as the pace of an economic slump risks turning a worst-case scenario dismissed in stress tests into reality.

Downside RisksCalculated Risk
Europe, China, fiscal slope

Three Fed notesFree exchange / The Economist
Comments on recent Fed chatter: 1) is the recent upturn in economic data, and in housing in particular, down to QE3? 2) should we be a little cautious in interpreting recent data? 3) possible replacements for Chairman Ben Bernanke and their potential impact on the state of monetary policy.

Goldman on housing and the consumeralphaville / FT
The impact of housing is shifting into positive territory…the housing recovery won’t have the same kind of effect as in prior expansions because mortgage lending standards are easing more slowly this time round.

EMEA Weekly, Week 43 Danske Bank (pdf)
Country-specific fundamentals back in fashion

Talousjournalismin lyhyt historia SK
Voittoja ja tappioita sekä uutissulku ”isänmaallisista syistä”

Suomen ulkopolitiikalle rökäletappio YK:ssaJyrki Virolainen

Hyperinflaatio ja Mikki-hiiren korvattyhmyri

Valtion raha-asiat rempallaan syyskuussakineuroetana

Maan etu - vai maan tapa?Juhani Huopainen / US Puheenvuoro

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