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Monday, October 1

1st Oct - EU Open




Previously on MoreLiver’s

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Roundups
News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT

Reference
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
Asia Today: PMIs unimpressive; holidays result in muted reactionSaxo Bank
HSBC's China PMI stayed in contraction territory for the eleventh month in a row. The official PMI reading also failed to break back into positive territory, registering 49.8 in Sep, the first time since 2009 it has posted two months of contraction

Market Preview: EU manufacturing PMIs on tap Saxo Bank
European markets are expected to open lower Monday amid rising concerns over Spain's economic crisis and on dismal economic data from China, Australia and Japan. Markets await manufacturing data across the Eurozone and the US due later today.

Danske DailyDanske Bank (pdf)
As there were no big surprises in the estimate for the recapitalisation need of Spanish banks in the Wyman report released late Friday, focus today is expected to be back on macroeconomic data. Manufacturing PMIs will be released across the world...Bernanke is scheduled to speak about monetary policy in Indianapolis at 18:30.  German ECB board member, Jürg Asmussen, and Austrian board member, Ewald Nowotny, are both scheduled to speak at a conference in Vienna starting at 18:30. Finally, we are still waiting for Moody’s verdict on Spain’s sovereign debt rating.  

Aamukatsaus Nordea (pdf)
Espanjan pankkien pääomatarve ei yllättänyt * Kiinan teollisuuden luottamus vahvistui hieman * Brent-öljyn hinta nousi 15 prosentilla kolmannella vuosineljänneksellä

Aamukatsaus Tapiola (pdf)
Kiinan teollisuuden luottamusluvut olivat edelleen vaisuja. Maan virallinen indeksi osoitti teollisuustuotannon jatkaneen yllättäen hidastumistaan syyskuussa, joskin aiempaa hitaammin. Edellisviikko päättyi markkinoiden laskuun heikon datan painamana, kokonaisuudessa viikko oli heikoin osakkeille sitten kesäkuun. Viikonloppuna julkaistut ostopäällikköindeksit osoittavat Kiinan talouden hidastumisen jatkuvan, joskin aiempaa hitaammin. Viikon tärkeimmät tapahtumat tänään julkaistava USA:n ostopäällikköindeksi, EKP:n torstainen korkokokous ja perjantain USA:n työmarkkinaraportti. Osakefutuurit ovat miinuksella, indikoiden laskuavausta.

Morning Briefing (EU/US): Slip sliding away BNY Mellon 
The UK’s growth is key to deficit reduction which underpins the country’s prized AAA rating


MarkkinakalenteriNordnet
MarkkinakalenteriTaloussanomat

Reference
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


EUROPE
Spanish Bank Stress TestsTF Market Advisors

Great Graphic: European Taxes and the Division of the Social PieMarc to Market

Swedish manufacturing PMI further downNordea

USA
If QE Causes Commodity Price Inflation...Tim Duy’s Fed Watch
If anything, inflation is lower, both for commodity prices and headline PCE, after quantitative easing.  So isn't it finally time to put to rest the myth that quantitative easing is causing runaway inflation?  Nothing to see here folks, move along. 

ASIA
China official leading indicator rose in AugustASA
China official manufacturing PMI points to continued contraction in SeptemberASA
China’s PMIs: Official vs. HSBC/MarkitASA

OTHER
FX Comment: action time?Nordea

Deflating the emerging markets bubbleSober Look

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