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Tuesday, December 4

4th Dec - US Close: Merry MF Global Christmas

The stock market rally has lost steam, ECB's non-event on Thu, FX boring and in ranges, but EUR surprisingly resilient. European summit schedules look like more 'roadmaps' to a federal Europe will be signed. No good economic news in Europe, but US has looked relatively ok recently. My gut feeling is that the Eurocrisis is about to light up again. Merry Christmas everyone.

Previously on MoreLiver’s:

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Roundups and Commentary
Markets – Between The Hedges
The Closer – alphaville / FT

Tomorrow’s Tape: ADP Jobs, ISM Services Index – WSJ
US: Equities Fade To Red As Gold, VIX, Bonds Signal Weakness All Day – ZH
Morning Briefing (Asia): BOC Maintains Tightening Bias – BNY Mellon
  A few more thoughts about Japan’s debt dynamics

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

Europe Faces €123 Billion In December Coupon Payments: Full Forward CalendarZH

Q&A with the top Brussels banking mandarinBrussels blog / FT
Jonathan Faull, EU Commission's director general for internal market and services

Outlook mixed for Europe’s party politicspresseuropp / FT
By picking Pierluigi Bersani as the centre-left Democratic Party’s candidate for premier, Italian voters have challenged the notion that the eurozone crisis is uprooting the established party political systems of southern Europe.

Bond Buyback May Succeed, but Greek Crisis Far From ResolvedWSJ

London Mayor demands pared back EU links for BritainReuters
London Mayor on Tuesday calling for a referendum on a deeply pared back British membership of the EU.

Osborne Walks Tight RopeMarc to Market

Will EU summit back eurozone reform “contracts”?Brussels blog / FT
The “for discussion” only papers are to be signed – surprise!

EU summit to consider 'reform contracts' for all euro stateseuobserver
Draft ideas ahead of next week's EU summit foresee reform contracts for all euro states, political agreement on a full banking union and, post-2014, a budget for the eurozone.

ECB to hold rates, guidance for 2013 eyedReuters
The ECB may give a guide to next year's policy path when it delivers fresh forecasts for the euro zone economy on Thursday at a meeting where it is expected to leave interest rates at a record low.

ECB Set to Keep Policy on HoldWSJ

ECB preview: Draghi sees signs of improvementDanske Bank (pdf)

House Prices up 6.3% Year-over-year in October, Largest increase since 2006Calculated Risk

The Fiscal CliffWonkblog / WP
“Absolutely everything you could possibly need to know, in one FAQ”

My Christmas Wish ListSteen Jakobsen / Saxo Bank
Could you please take all politicians, central bankers and chief economists far, far away for the next five years? I promise you Europe will be growing at 3%+, the US at 5% and Asia will be reformed and moving smartly towards its proper role in the world economy when they come back. Yes, it is that simple.

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