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Friday, November 23

23rd Nov - EU Open: IFO ahead, broken budget

 EURUSD keeps ticking higher, EU budget talks gridlocked, German IFO index today's main event.

Previously on MoreLiver’s:

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The Closer (Thu evening) – alphaville / FT
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT
Roundup: Better Chinese PMI dataKiron Sarkar / The Big Picture

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

3 Numbers to Watch: DE Q3 GDP & Nov IFO Index, ITA Retail SalesSaxo Bank
While the German GDP numbers are important for breakdown analysis and political reasons, today's main event will be the IFO Index for November, expected to show deteriorating prospects. Italy's retail sales are of minor interest, but could surprise.

Asia Today: US/Japan holidays put currencies in a comatose stateSaxo Bank
There is not much to report from today’s Asian session, I’m afraid. A Japanese public holiday coming hot on the heels of the US Thanksgiving holiday severely curtailed any market activity and a blank data slate did not help.

Market Preview: German GDP and sentiment indices in focusSaxo Bank
European markets are expected to open higher Friday ahead of the German GDP and sentiment indices data due later today. Additionally, markets are closely watching the EU leaders budget meeting scheduled for today.

Danske DailyDanske Bank (pdf)
Key news: EU leaders still far from a budget deal. Shinzo Abe indicates that Japanese central bank law may not need to be changed. Anger in Argentina after US ruling that it must pay holdouts from its 2001 default. Market movers today: Today’s German Ifo expectations

AamukatsausNordea (pdf)
Euroalue näyttää pysyvän kevyessä taantumassa vuoden lopulla * Kädenvääntö EU:n budjetista jatkuu – viikonloppuna seurataan Katalonian vaaleja * EURUSD korkeimmilleen kolmeen viikkoon

Aamukatsaus – Tapiola (pdf)


Spain Kicks Off 2013 Funding With Strong Bond SaleReuters

Meet the EU budget 'veto team'Open Europe

EU budget summit opens with hard bargainingBBC
European Union leaders have begun talks on the bloc's seven-year budget, with many urging cuts in line with the savings they are making nationally.

EU Spars Over Budget as Chiefs See Possible DeadlockBB

EU budget talks delayed as leaders set out red lineseuobserver

Major confusion over EU budgetpresseurop
Meeting in Brussels for an extraordinary European Council summit, Europe’s leaders are to about to outline the EU’s budget for years to come in an atmosphere that has already been marked by threats of a veto from various countries. The European press examines the bargaining process and attempts to identify the probable winners and losers.

The EU must face up to economic realityThe Telegraph
David Cameron deserves our support as he heads for Brussels to defend Britain's financial interests

EU budget: Maximum spending, minimum gainDer Standard / presseurop
The EU spends a third of its budget to try to narrow the gap between rich and poor in Europe. Despite the billions from Brussels, though, the poorer countries have not caught up. Could the 27 please rethink that when they discuss the EU budget?

France and Poland main winners in first round of EU budget talkseuobserver

Budget Clash Leaves EU Summit Close to FailureAP/ TIME

EU budget talks dim after gesture to French, PolesReuters

Catalonia election: What will happen the morning after?El Periódico de Catalunya / presseurop
The regional elections of 25 November should hand the Catalonian nationalists a majority. The independence referendum they are promising, however, must first get the approval of Madrid and the support of the Catalans.

Catalonia: Much to Do about Nothing and EverythingMarc to Market

W(h)ither China? "The End Of Extrapolation"ZH
UBS’s full note!

EMEA Weekly, Week 48Danske Bank (pdf)

G10 Weekly: Different degrees in hellNordea (pdf)

EM Bond Snapshot: November 2012Danske Bank (pdf)

Kortit pöytään liittovaltiobluffissa!Sampo Terho

Suomen, Ruotsin ja Saksan kilpailukykyvertailu kolmella kuvallatyhmyri

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