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Friday, December 21

21st Dec - EU Open: Cliff Diving

Diving - the fiscal cliff style

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: US Durables, Pers. Income, Cons. SentimentSaxo Bank
While November's US data would normally be important, today's numbers will be more of an excuse than a reason for price action due to the impact of the US fiscal cliff and central bank-driven trading ranges and rumours regarding a bailout of Cyprus.

Market Preview: Eyes on UK GDP and German Consumer ConfidenceSaxo Bank
European markets are expected to open lower Friday amid renewed concerns about the US fiscal cliff after the US House Republican leaders cancelled a vote on John Boehner's Plan-B. Investors await a raft of European and US macro data later today.

Danske DailyDanske Bank (pdf)
US stocks ended slightly up in yesterday’s trade but Republican House Speaker John Boehner failed to get backing from his own party for his ‘Plan B’ to avoid the fiscal cliff. This has sent Asian stock markets lower this morning and futures are pointing to a negative opening for the stock markets in both Europe and the US today. JPY and USD have strengthened on intensified worries about the fiscal cliff. Market movers today Today’s Fiscal cliff worries to dominate today’s trading US data should provide upbeat news on the economy.

Morning BriefingNordea (pdf)
Fiscal cliff: Republican vote on Plan B cancelled. Spain adopted austerity budget

AamukatsausNordea (pdf)
Mitä jännittävää vuosi 2013 tuo tullessaan? USA:n verojyrkänneneuvotteluissa ei merkittävää edistystä.

AamukatsausTapiola (pdf)
Osakemarkkina oli eilen loivassa nousussa kohtalaisen hyvän makrodatan tukemana.
USA:ssa markkinoiden sulkeutumisen jälkeen republikaanit hylkäsivät suunnitelman nostaa rikkaimpien veroja kääntäen osakemarkkinat laskuun Aasiassa. Seuraava aamukatsaus ilmestyy 2.1.2013.


'Much Worse than Greece' - IMF Demands Partial Default for CyprusSpiegel
Euro-zone member state Cyprus badly needs a bailout, but the International Monetary Fund is demanding a debt haircut first, according to media reports. The resulting standoff with Europe has delayed the country's badly needed aid package. To ward off insolvency, Nicosia has raided the pension funds of state-owned companies.

Cyprus says suggestions of a haircut on its debt are unfoundedReuters
Cyprus dismissed as unfounded on Thursday any suggestion the IMF is seeking a writedown of the island's debt before it agrees to participate in a multi-billion euro bailout.

Republicans push own "fiscal cliff" plan; talks frozenReuters
Republicans in the U.S. Congress pushed ahead on Thursday with a "fiscal cliff" plan that stands no chance of becoming law as time runs short to reach a deal with President Barack Obama to avert a possible Washington-induced recession.

House Scraps Vote on Boehner’s Tax Plan Lacking SupportBB

Republican fiscal cliff ‘plan B’ abandonedalphaville / FT

Boehner Scraps Fiscal Cliff Plan "B", Futures Plunge; Why the Surprise?Mish’s

Come on in Equity Market Vigilantes, the Water’s Fine!PragCap

ALERT: Boehner Opts for Time-Honored “Pull and Pray” MethodThe Reformed Broker

Cliff chaos: Boehner pulls GOP billPolitico

A Fiscal Flowchart: Here Is What Happens NextZH

Will Boehner's speakership survive until Plan C?Wonkblog / WP