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Friday, October 19

19th Oct - US Open: '87 Crash turns 25

Disappointment on the EU summit, technical resistance levels and general anxiety over the 25th birthday of the stock market crash of '87 could turn the session to negative territory. (EDIT: Calendar updated)

Previously on MoreLiver’s:

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Roundups & Commentary

US Opening News And Market Re-Cap – Ransquawk / ZH 
Frontrunning – ZH
Overnight Sentiment: Another Disappointing European SummitZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  EU Council legal advisors conclude that without treaty change ECB bank supervisor would lack formal powers

Morning MarketBeat: Google, Microsoft Illustrate Tech’s Struggles – WSJ
Broker Note Briefing – WSJ
Europe: Still Center StageMarc to Market
Monster Trucks, Summits, and GravityTF 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

Italian funding outlook brightened notablyNordea
Italy has really managed to get its wealthy household sector involved in funding the government. The country placed a massive EUR 18bn BTP Italia bond yesterday, a new 4-year government bond linked to Italian inflation. This was the biggest Italian bond issue ever.

Economic Fact Book: GermanyDanske Bank (pdf)

EU summit: What, exactly, was agreed Friday?
Merkel, the German chancellor, has now said she is willing to work towards “agreeing” the package by the end of the year. That’s incremental, but important…Far less clarity was achieved on the next step of the process, which many officials consider far more important: when will the eurozone’s €500bn rescue fund, the European Stability Mechanism, be able to pump cash directly into failing banks.

Half time at the summitalphaville / FT
Here’s a handy run down from JP Morgan’s Alex White:

Europe pushes ahead towards ECB bank supervisionReuters
European Union leaders agreed on Friday a single supervisor will take responsibility for overseeing euro zone banks from next year.

Highlights: Comments after EU leaders' summitReuters
Weekly Credit Update Danske Bank (pdf)
In the absence of high issuance volume in the primary market recently, cash-rich investors have emptied the shelves for bonds to an extent reminiscent of a Soviet supermarket. Consequently, spreads are moving  tighter again

Onnen kantamoinenHannu Visti
Suomi selvisi onneksi diplomaattisilta ongelmilta kun ei tullut valituksi YK:n turvallisuusneuvostoon. Potkut tosin voitaisiin antaa niille, joiden kuningasajatus koko hanke ylipäätään oli, siinä määrin järjetön se pienen maan kannalta on.

Suomi velkaantuu - julkista velkaa jo 40,000€/työssäkäyväPetri Kivikangas / US Puheenvuoro

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