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Friday, December 14

14th Dec - EU Open: China's PMI surprises

Previously on MoreLiver’s:

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

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: EZ PMI, EZ and US Consumer PricesSaxo Bank
Europe’s Flash PMIs for December are expected to show that “the worst is behind us”, although still below the 50-level. US and EZ CPIs will likely confirm that easy monetary policies will be allowed to continue - with plenty of room to ease further.

Market Preview: Focus on PMIs across Europe and Eurozone CPISaxo Bank
European markets are expected to open marginally higher Friday following an improvement in Chinese manufacturing activity for December. Markets are keeping an eye on the manufacturing PMI and CPI data in Europe, and US CPI due later today.

Danske DailyDanske Bank (pdf)
Chinese December flash PMI increases, supporting our case for an ongoing recovery. EU summit delays decision on eurozone budget and economic reforms to June. Fiscal cliff talks show limited progress, negotiations likely to extend beyond Christmas. Market movers today: EU summit, US and euro area flash PMIs, US and euro area CPI

AamukatsausTapiola (pdf)
Osakemarkkinat peruuttelivat eilen USA:n budjettikiista huolten myötä. Kiinan ostopäällikköindeksin ennakko osoitti jälleen parantuvia näkymiä. Tänään paljon makrodataa sekä euroalueelta että USA:sta. Osakefutuurit nyt aamulla plussalla, indikoiden nousuavausta pörssiin (kts. 6).


EU Punts on Creating Timetable for Fiscal and Banking UnionsMish’s
This is a step in the right direction, but only a baby step. What's really needed is a plan and timetable to dismantle the eurozone. Don't count on that any time soon. In fact don't count on it ever.

Europe ends year on front footMacroScope / Reuters
Credit where credit’s due, the EU has surprised on the upside over the last 24 hours or so, not only signing off on a revised Greek bailout plan to keep that show on the road and agreeing that the ECB will supervise 150 or more of the bloc’s biggest banks, but then pledging to set up a mechanism to wind down problem banks.

EU leaders differ on further eurozone integrationeuobserver

Germany’s Favorite Rabble-Rouser Economist Lashes OutTestosterone Pit
Hans-Werner Sinn, President of the German Ifo Institute that issues the closely watched Business Climate Index, is a thorn in the side of bailout politicians and eurocrats.

China: HSBC PMI improves for the fourth month in a row – Danske Bank (pdf)
Flash PMI suggests turnaround in ChinaNordea
China's market responds to improving PMI; institutions getting involved – Sober Look
Has China Turned the Corner? – Mish’s
Further hope to manufacturing and markets – beyondbrics / FT
China Flash PMI at 50.9, 14-month High – Global Macro Monitor