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Thursday, October 18

18th Oct - US Open: European Games Begin

Some really good ones on the EU summit.

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight Sentiment: Greece Greets Latest Eurozone Summit With 24 Hour Strike – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop

Morning MarketBeat: Rally Sidesteps Concerns – WSJ
Broker Note Briefing – WSJ
Policy Implications: Japan, UK, Sweden, EuropeMarc to Market
Overdone? – 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

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

François Hollande, viewed from BerlinThe World / FT
Look at the details of Hollande’s statements and it’s clear there are still some crucial differences between Germany and France.

(audio) BizDaily: Do general strikes achieve anything?BBC (mp3)
Greece will today experience its 20th general strike since the eurozone crisis got serious in 2010. So what do the strikers hope to achieve by bringing the country to a standstill? Meanwhile, European Union leaders have had even more crisis summits than Greece has had general strikes. Today sees the 22nd since 2010. Plus: a currency union with a difference, one that actually works.

All EUR countries in violation of their own convergence criteriaNordea
Not a single Euro-zone country currently meets all the Maastricht criteria, i.e. the ones used to judge, whether an EU country is eligible to join the Euro zone.

The institutional foundations of the German economy explain why it has handled the economic crisis more effectively than other European states.europp / LSE

In the Picture: the EU’s October summitThe World / FT
The EU summit that begins on Thursday has enjoyed less fanfare – and less frenzied speculation over its potential outcomes – than many others. That’s because decisions on some of the hot topics will be deferred until later dates.

EU summit: Leaked Q&A to summiteersBrussels blog / FT
The issue of a collective budget for the 17 eurozone members has come roaring out of nowhere to become one of the most contentious issues heading into today’s EU summit.

Schäuble Plan 'Would Fundmentally Change Euro Zone'Spiegel
Days ahead of a European Union summit, Wolfgang Schäuble is pushing for Brussels to be given greater oversight and power over budgets of euro-zone countries. German editorialists say the finance minister's proposal has little hope of success.

EU summit: Hollande says banking union is top priorityBrussels blog / FT

Leaked legal opinion on eurozone banking unionBrussels blog / FT
The headline is that the Commission’s supervision blueprint — as announced in September — is illegal in key parts.

Another EU summit, another round of jawboning to trade in FXSaxo Bank

Why the Tories are ready to risk detonating the Brussels bombThe Telegraph
Withdrawal from the EU has changed from being a fringe view to mainstream opinion

Britain and the banking union: not in the euro but run by the euro?The Telegraph
UK is home to over 36 per cent of the EU’s wholesale finance market, but only accounts for 8.2 per cent or 3.6 per cent – depending on the system used – of the voting weight within the EU’s voting structure…Pushing the UK offshore – in financial services and elsewhere – would be a major own goal for Europe.

The case against EU membershipThe Telegraph
In the event, Britain’s timing could hardly have been worse. We joined the EEC in 1973, at the very end of Europe’s Wirtschaftswunder.

Study: Greek euro-exit could start €17tn 'wildfire'euobserver
Euro Exit by Southern Nations Could Cost 17 Trillion EurosSpiegel
A new study by a German think tank warns that a euro exit by Greece, Spain, Portugal and Italy would cut global GDP by 17 trillion euros and plunge the world into recession, with France suffering the biggest loss. A Greek exit alone would be manageable, but must be avoided to forestall a domino effect, it says

Corruption Continues Virtually Unchecked in GreeceSpiegel
While Athens waits for more aid from the European Union, the country continues to be administered in the same old careless manner. Corrupt politicians and the rich continue to help themselves to Greece's funds, and little is being done about it.

Rating agencies have a funny way of agreeing about Spainalphaville / FT
After the two notch downgrade by S&P about a week ago, both agencies now have the sovereign on equivalent ratings. It’s pretty hilarious to compare and contrast the reasons for each agency’s (in)action.

Buying the wrong tailsMacro Man
…buying 2yr Swap Spreads in the US, buying 2yr Notes outright (assuming Ben keeps his promise) and buying 2yr Notes vs. Schatz all look like reasonable ways to get some tail hedges on the book.

Switzerland update: Stronger no moreNordea (pdf)
The Swiss economy hit a slow path over the summer period. We expect gradual and slow growth during 2013. SNB to maintain its EUR/CHF floor and slightly tighten policy rates. (summary)

Asia FX Outlook: EM Asia became hot againNordea (pdf)
Asian currencies have generally performed well vs. the USD in the past month benefiting from increased risk appetite in the markets and return of the search for carry behaviour. (summary)

G10 Weekly: US Earnings – what’s up…or is it down?Nordea (pdf))
US Earnings – what’s up…or is it down? * Riksbank preview: A fine balance

Vaaleissa muut ovat kokoomusta vastaanPääkirjoitus / HS

EU-maine ei ole verolinjasta kiinniHS
Kolumni: Rahoitusmarkkinaverosta saattaa tulla limbokompromissi: Suomen hallitus ei ota kantaa asiaan, mutta Suomi pääsee kuunteluoppilaaksi neuvotteluihin.

Tästä eurokriisi alkoi, kansanedustajat kertovatTalSa
Kysyimme tätä kansanedustajilta. Paljastui, että vain osa kansanedustajista oli yhtä mieltä kriisin syistä hallituksen kanssa.

Rahoitusmarkkinavero on minustakin huono idea – mutta Rothovius laskettelee lööperiä asiasta - tyhmyri

Venäläiset lapset, joutava kohina ja virheet Hannu Visti

EK ottaa ison riskin Kaleva
Työantajia edustavan Elinkeinoelämän keskusliiton EK:n kieltäytyminen neuvottelemasta koulutusvapaasta panee sopimusyhteiskunnan kovalle koetukselle.

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