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Friday, December 28

28th Dec - Abnormal Update

The blog is still in a holiday mood, but some interesting picks:

Previously on MoreLiver’s:

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3  Numbers to Watch: ITA auction, US Chicago PMI, Pend. Home SalesSaxo Bank
Italy's bond auction should show the way to longer-duration financing and less drama next year, while US Chicago PMI and Pending Home Sales give early indications of what December's data will likely show.

Market Preview: US pending home sales and budget talks eyedSaxo Bank
European markets are expected to open mostly higher Friday. Markets await the outcome of a slew of meetings held by US lawmakers to avert the US fiscal cliff. Traders are also keeping an eye on French GDP and US pending home sales data later today.

Behind the Scenes in Brussels: EU Summit Reveals a Paralyzed ContinentSpiegel
What happens behind closed doors at an EU summit, when European leaders are among themselves? SPIEGEL has reconstructed the negotiations at the most recent meeting in Brussels in December based on documents and accounts given by numerous sources. It was a summit of hopelessness.

A Second Chance for European ReformHans-Werner Sinn / Project Syndicate
The ECB has calmed the markets with its promise of unlimited purchases of eurozone government bonds, because it effectively assured bondholders that taxpayers and pensioners in the eurozone’s still-sound economies would, if necessary, repay them. This respite offers an ideal opportunity to push forward with reforms.

A Dose of Its Own Medicine: Schäuble's Secret Austerity Plan for GermanySpiegel
The German government and opposition are pledging higher benefits for pensioners, families and the long-term unemployed ahead of elections next year, but Finance Minister Wolfgang Schäuble is secretly planning cutbacks to prepare for a weakening economy and possible fallout from the euro crisis.

Euro doomsayers adjust predictions after 2012 apocalypse avertedReuters
Back in May, as the euro zone veered deeper into crisis, Nobel Prize-winning economist Paul Krugman penned one of his gloomiest columns about the single currency, a piece in the New York Times entitled "Apocalypse Fairly Soon".

ECB's Nowotny cautiously optimistic about 2013Reuters
Measures taken this year by policymakers to address the economic crisis in the euro zone allow for cautious optimism regarding 2013, European Central Bank ratesetter Ewald Nowotny said on Friday.

Europe poised for a renaissanceHumble Student
The short and long term technical picture, as well as attractive valuation of European equities, suggest that these stocks are poised for significant gains and outperformance in the medium term. If I had to make one forecast for 2013, this would be my favorite long for the coming year.

Embedded in the Brussels bubblepresseurop
The Belgian capital is the heart of the EU power machine, where dozens of journalists try to cover the activities of all the institutions. But as an Australian newcomer founds out, they have too much information and too little time to make sense of what’s going on.

El País: delusions of grandeurpresseurop
A success story of the transition to democracy and a showcase for Spanish journalism, today the left-wing daily is struggling to cope with huge losses, which have even affected its editorial line — a crisis exacerbated by the newspaper’s managers who have refused to take responsibility for their actions. Excerpts.

Evictions Become Focus of Spanish CrisisSpiegel
After a record number in 2012, evictions in Spain have become the symbol of a crisis that shows no signs of improving. Next year isn't likely to be any better, but with more attention now being paid to those losing their homes, relief in the form of legal reform may soon be on the way.

Social Trap in Spain: Mortgage Nightmare; Why Spain (or Germany) is Guaranteed to Leave EuroMish’s

Some pigs can flyNordea
What do Portugal, Ireland and Italy have in common? Their government bond markets have all produced a return of more than 20% in 2012.

Monti tables political manifesto, comeback plan still uncleareuobserver
Outgoing Prime Minister Mario Monti has tabled his own political manifesto, but his comeback plans are unclear as he remains reluctant to join any political force ahead of the February elections.

Is Portugal’s €78bn bailout really €82.2bn?Brussels blog / FT
The European Commission is out with its latest assessment of Portugal’s €78bn bailout. But buried in the report is a two-page box that raises the intriguing question of whether the bailout is actually bigger than leaders have disclosed.

27-Dec: Abenomics and other Drivers of Holiday MarketsMarc to Market

28-Dec: Euro Winds DownMarc to Market