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Wednesday, January 9

9th Jan - US Open

Previously on MoreLiver’s:                  

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Roundups & Commentary
US Opening News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight: Micro In Focus; Macro On Backburner; Debt Ceiling Showdown Looms – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Today’s front pages – presseurop
Daily press summary – Open Europe
German opposition parties come out against Cypriot bailout

Morning MarketBeat: As Alcoa Goes, So Goes the Market? – WSJ
Broker Note Briefing – WSJ
FX in Slo Mo: Awaiting Fresh Impulses – Marc to Market

US session ahead
Pre-market Commentary – Marketwatch
Pre-Market Trading – CNNMoney
Pre-Market – NASDAQ
Earnings & Events – The Street
MarketCurrents – Seeking Alpha

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

The Euro’s New Driver? Currency WarWSJ
So, what's driving the euro as 2013 gets under way, asks David Cottle?

Comrade Barroso, the existential threat to the euro is mass unemploymentThe Telegraph
Ambrose Evans-Pritchard: Mr Barroso may be right that the euro will not implode in 2013. But what matters henceforth is whether the victim nations wish to stay in a project that is causing so much damage, or indeed whether is any moral purpose in holding the euro together at this stage.

Special Report: How Mario Draghi is reshaping Europe's central bankReuters
The banker now in charge of rescuing the euro wants his top staff to take Sundays off. Mario Draghi, president of the ECB, eschews long meetings and refrains from lecturing his colleagues, senior ECB officials say.

ECB preview: Keep an eye on the excess liquidityDanske Bank (pdf)

Merkel Economy Shows Neglect as Sick Man Concern ReturnsBB

Germany Looking Up?WSJ

Spanish Treasury 2013 Issuance StrategyTesoro (pdf)
The year 2013 will also be challenging for the Spanish Treasury’s funding. Its borrowing requirements will be high. Although total gross funding will be lower than in 2012, the Treasury’s regular issuance programme will be larger. Moreover, all Euro Zone sovereign issuers have agreed to introduce Collective Action Clauses in new debt instruments of more than one year to maturity, and this change will affect their funding strategies.

Italian Workers Cool on Monti While Jobless Rally Towards HimWSJ

German opposition might oppose EU aid for Cypruseuobserver
German opposition leader Sigmar Gabriel has said he will oppose the EU-Cyprus bailout unless Cyprus cleans up its banking sector.

China’s (not remotely insignificant) rebalancing challengesalphaville / FT
A great new year piece from Standard Chartered’s China economist Stephen Green. The country’s economy, he writes, is “running along at a reasonable pace” as 2013 begins. But potential growth is already sliding, he says, and clouds are gathering…

Morning Briefing (EU/US): France And The "Currency Wars"BNY Mellon
French concerns about "an overvalued EUR" are re-emerging.

What Was Just Watered Down in Basel's Liquidity Requirements?Rortybomb

Why the Basel change was a bad idea Felix Salmon / Reuters