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Tuesday, January 29

29th Jan - US Open: Quiet



FED begins its two-day meeting, statement tomorrow. US GDP on Wednesday the next important macro, followed by more US data on Thu + van Rompuy & Barroso speeches.  This week’s main event still the US employment report on Friday. Fears that good US numbers are ending the QE earlier than expected could start weighing on the EURUSD exchange rate - today's break from the recent range is one sign of that. 
Quote of the Day: Suomessa lopetaan kansanäänestykset täysin, SDP:n puheenjohtajan Jutta Urpilaisen esityksestä. Suomessa ei enää ole tarpeen järjestää kansanäänestyksiä, kun Hesari ja Yle eivät enää pysty takaamaan vaalien tulosta. Kansa on siinämäärin ymmärtämätöntä että kansanäänestysten järjestäminen olisi yhteiskunnallinen riski! – Anonyymi


Previously on MoreLiver’s:

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

Roundups & Commentary
Frontrunning – ZH
Overnight: Sentiment Pulled Lower By Drop In Carry Funding Currency Pairs – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe

Morning MarketBeat: Short Sellers Perched on Sidelines – WSJ
Broker Note Briefing – WSJ
Flattish Consolidation Featured – Marc to Market


EUROPE
LEAKED: Mario Draghi And His Triumvirate Shut Up German Finance Minister To Keep Cyprus From Blowing Up The EurozoneTestosterone Pit

Italian bank saga not just a local affairHugo Dixon / Reuters
Revelations that the bank Monte dei Paschi di Siena used complex transactions to hide losses triggered a political firestorm, potentially helping Silvio Berlusconi in the coming election. Mario Draghi’s competence is also being questioned, as is the role of foreign banks.

Mario Draghi confronts Berlin over contagion from Cyprus defaultThe Telegraph
Leading European Union officials have warned Germany it would be a grave mistake to let Cyprus default or to impose losses on private creditors, fearing a repeat of errors made when Greece first flew out of control.

The surprisingly long path to US monetary unionalphaville / FT
Deutsche Bank strategist Stuart Parkinson makes the interesting argument that it took about 147 years

Political parties drive hate in EU, commission sayseuobserver
Far-right political discourse is feeding hatred throughout the EU and could harm the European project in the upcoming 2014 European Parliament elections, says the European Commission.

ASIA
China’s banks have become ‘too big to manage’The A-list / FT
These big four state-owned commercial banks are huge profit centres, but many who see vulnerabilities in China’s economy think that these banks are the problem when they actually reflect symptoms of distortions elsewhere.

OTHER
Morning Briefing (EU/US): High NoonBNY Mellon
The timing of some Euro-area risks is easier to pin down than for others

What Happened in 2012?Place du Luxembourg
This post takes a long overdue look at the monetary, financial, economic and political developments that took place during 2012 and the trends at the end of the year.

Government debt in the emerging markets – a comparative viewDeutsche Bank
Governments in the advanced economies are facing sizeable short-, medium- and long-term debt sustainability challenges. By contrast, government debt in the EM has been trending down due to a combination of solid economic growth, low interest rates and, generally speaking, sustainable fiscal policies. More specifically, gross general government debt is set to remain stable or will decline only minimally over the next five years.

Easing of the Basel III rules - a test case on conflicts of interest?Open Europe

Full text: Moody’s downgrades Canadian banksCredit Writedowns
High household debt burden, real estate price bubble -> banks exposed.

IN FINNISH
Professori ampuu kovilla: VM:n salailu seis – presidentinvirka lakkautettavaYLE
Valtiovarainministeriö salaa laskelmia, joihin päätökset nojaavat, sanoo Turun yliopiston valtio-opin professori Matti Wiberg. Vallan vastuuta ja valvontaa penäävä professori vaatii myös presidentin viran lakkauttamista.

Tulisiko presidentin virka lakkauttaa?Jyrki Virolainen

Peltomäellä satojen tuhansien eurojen velat Forma-FuturaltaVantaan Sanomat

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