12th Nov - EU Open

US holiday today. To really get into this week, try the 'Weekly Support' below.

 

Previously on MoreLiver’s:

11-Nov Weekender: Off-Topics & Finnish

11-Nov Weekender: Markets

10-Nov Weekender: EU, US, Asia

10-Nov Weekender: Weekly Support (updated)

9-Nov Weekender: Best of The Week

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Roundups

News roundup – Between The Hedges

The 6am Cut London – alphaville / FT

Emerging Markets Headlines – beyondbrics / FT

Reference

TV: Bloomberg, CNBC, BBC

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

MORNING BRIEFINGS

3 Numbers To Watch: Ahead of Cliff, 10yr Treasuries, gold, EURUSD – Saxo Bank

There's not much data today, so let's take a look at the three numbers to watch as the Fiscal Cliff drama unspools over the next days and weeks. Treasuries, always the safe port in a storm, may benefit from a drawn-out battle.

Asia Today: Better China trade data but export growth is patchy – Saxo Bank

It was a steady and uneventful start as trading got underway in this holiday-affected week. Opening currency levels were not much removed from Friday’s NY close. China trade data at the weekend was better than expected at the headline

Market Preview - EU finance ministers meeting on tap – Saxo Bank

European markets are expected to open mostly higher Monday. Over the weekend, the Greek Parliament received an approval for its 2013 austerity budget. Markets await the Eurozone finance ministers meeting in Brussels later today.

Danske Daily – Danske Bank (pdf)

Key news: Stock markets moving sideways. China new loans trail forecast but exports beat expectations. Japan Q3 GDP drops worse-than-expected 3.5%. Very few data releases today. Focus on Eurogroup meeting tonight. Market movers today: Riksbank deputy Per Jansson speaks (09:00 CET), ECB’s Knot speaks (09:00 CET), Eurogroup meeting

Aamukatsaus – Nordea (pdf)

Kreikan parlamentti hyväksyi budjetin – katseet euroryhmän kokouksessa * Kiinan kauppataseen ylijäämä suurimmillaan lähes neljään vuoteen * Japanin talous heikossa vedossa 

Aamukatsaus – Tapiola (pdf)

Osakemarkkinoiden lasku pysähtyi perjantaina, USA:n kuluttajaluottamus jatkaa paranemistaan. Kiinasta viikon aluksi kaksijakoista dataa. Vienti odotuksia parempaa, mutta tuonti laahasi ja lainakysyntä pysyi vaimeana. Talvivaarassa jälleen uusia vuotoja viikonlopun jälkeen, ympäristöministeriöllä tiedotustilaisuus Talvivaaran tilanteesta tänään iltapäivällä. Osakefutuurit lähes nollassa, indikoiden flättiä avausta.  

Morning Briefing (EU/US): Chicken and egg – BNY Mellon 
Projections for growth in the Euro-area hinge upon confidence, which is being undermined by…? 

Markkinakalenteri – Nordnet

Markkinakalenteri – Taloussanomat

EUROPE

The decline in Europe risk premium is not sustainable – Sober Look

Europe's Third "Snake in the Tunnel" – Macronomics

From the internal market to a banking union – voxeu.org

The sovereign debt crisis has revealed severe flaws in the EU internal market. Common monetary policy has not been accompanied by the transfer of authority to supervise banks and risks of banks and states have become dangerously intertwined. This column summarises the proposal of the German Council of Economic Experts for a full banking union which aim at correcting these deficits.

UNITED STATES

Composition of the U.S. Fiscal Cliff – Global Macro Monitor

Background and a nice chart on the fiscal cliff prepared by the IMF for last week’s G20 FinMin meeting.

ASIA

Japan is on the brink of recession – Nordea

Preliminary GDP numbers for Q3 drew a grim picture of the country’s economic strength and the worst since the Great East Japan Earthquake in Q1 2011.

Impressive retail sales numbers from China, but 2015 target seems aggressive – Sober Look

OTHER

FX Comment: On the Defensive – Nordea

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