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Friday, October 26

26th Oct - US Open: Greek on table

US GDP ahead. Happy weekends, check back for my weekender posts.

Previously on MoreLiver’s:
26-Oct EU Open                

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Roundups & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Sentiment: Defending 1400 and 1.29 – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
  Bundestag may vote on further assistance to Greece in December

Morning MarketBeat: Doldrums Continue; Should End Soon – WSJ
Broker Note Briefing – WSJ
Europe Raises Bar, Japan Dithers – Marc to Market
Stirred not Shaken – TF Market Advisors
– Kiron Sarkar / The Big Picture

US session ahead
Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney
Pre-Market – NASDAQ
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
Economic Calendar – Forexpros

Austerity continues to kill European credit Macrobusiness
Eurozone nears Japan-style trap as money and credit contract againThe Telegraph
All key measures of the eurozone money supply contracted in September and private credit fell at an accelerating pace, dashing hopes of a quick recovery from recession.

Swedish trade figures weak as expectedNordea

Greece deal delayed by troika discord, government quarrelseuobserver
The EU and the IMF are at odds over how to fund two extra years for Greece, while the Greek government has still not reached agreement on promised budget cuts.

Greek tragedy turns epicMarcoScope / Reuters
…more money – up to 30 billion euros –  is going to be needed be that via lower interest rates and longer maturities on loans and/or a writedown on Greek bonds held by the ECB and euro zone governments.

Two more years of extend and pretend?Open Europe
Total cost of extension: €28.5bn, how? 1. Interest rate reduction, 2. Increased short term debt issuance and further austerity, 3. Rescheduling debt (extending the length of Greek loans), 4. ECB forgoing interest and/or profit, 5. Bond buybacks, 6. Write-down original eurozone bilateral loans… We expect a short term stop gap programme to be created with a mixture of option 1 and 2. This is likely to be the most painful for Greece but the easiest for the creditors to swallow. Unfortunately, this will add to Greece’s debt burden rather than reduce it,

Greek Deadline - Sunday EveningZH

Bank of Japan PreviewDanske Bank (pdf)
BoJ forced to deliver new round of stimulus on weak outlook

Australian Banks at Risk to the CoreThe Daily Reckoning
All is not entirely well in Australia's financial services industry. For the last five years, the pattern in the markets has been the same. A crisis starts at the margin, with a peripheral player, and then moves its way up the food chain.

A China property development recovery… or not?alphaville / FT

A Few Notes on FX Marc to Market

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