Mitä tulee valtiovarainministeriöön, sen puheet ovat olleet
ihan karmeaa soopaa tähän asti ja varmasti myös jatkossa. Valitettavasti laitos
on vahvasti hallituksen ohjauksessa ja tämä näkyy kyllä kannanotoissa. Mitenkäs
se meni - Suomen saatavat Kreikasta eri kanavien kautta 5000 miljoonaa ja VM
kovasti vakuutti puolisen vuotta sitten, että max tappio on n. 400 miljoonaa
(samaan aikaan mm. Benkku puhui jo yli miljardin kuramahdollisuudesta). Ilmeisesti
Hetemäki haluaa oikein kovasti tulla Sailakseksi Sailaksen paikalle, ja SDP:n
mielistely sotkee tämän takia hänen virantoimitustaan. – Juhani
Huopainen 18.12.2012
Previously on MoreLiver’s:
Roundups &
Commentary
Frontrunning – ZH
Overnight: G-7 Officially Kicks Off The Currency Wars
By Denying – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Daily press summary – Open Europe
Morning MarketBeat: Rally Loses Momentum – WSJ
Broker Note Briefing – WSJ
G7 Calms Currency War Fears – Marc
to Market
Morning
Briefing (EU/US): Political machinations – BNY
Mellon
Further thoughts on a couple of particularly
pertinent issues
EUROPE
Steen
Jakobsen: The EU has decided to investigate money laundering in Cyprus before launching a rescue package.
This investigation is now a bailout precondition and will instill fear among
investors.
Italian elections – what if Berlusconi wins? – Nordea (pdf)
Italian
general elections, due 24-25 February, are nearing and hence we take the
opportunity to sum up our views and add a scenario, where Berlusconi
unexpectedly wins the lower house. The election is most likely to produce a
favorable outcome in the sense that a reform-minded government can be formed.
However, from a market point of view, risks are clearly skewed towards a
negative surprise and hence this note will focus on what could go wrong and how
markets will react before and after the elections. (summary)
Deal near on eurozone economic governance laws,
says Rehn – euobserver
MEPs and
ministers are on the verge of agreement on far-reaching economic governance
proposals for eurozone states, according to EU economic commissioner Rehn.
ASIA
OTHER
Nordea Risk
Perception Index – Nordea
(pdf)
Streched pricing finally perceived as overdone –
gradual reversal taking effect, supported by ECB-President Draghi. Surges in
vol markets lifted Nordea Risk Perception Index above 80, but recent downward
correction made it only temporary. FX, equity and credit markets keeps up NRPI
in late 70’s. Monetary stimulus and substantial weakening of JPY make USDJPY
ATM vol term structure to stick out. Markets set to take a breather before
Italian elections and LTRO II redemptions. Exploit recent moves in vol markets
to position for markets being kept fairly at bay.
A physical vs forward
commodity market disconnect – alphaville
/ FT
What the physical supply and demand situation is
telling us is getting increasingly disconnected from what the forward and
futures markets are saying. The curve, in short, is feeling mispriced (includes
Goldman Sachs-note)
IN FINNISH
Martti Hetemäestä tulee Raimo Sailaksen
seuraaja – Demokraatti
Demokraatin saamien
tietojen mukaan valtiovarainministeriön nykyinen alivaltiosihteeri Martti
Hetemäki, 56, valitaan ministeriön ylimmäksi virkamieheksi valtiosihteeri Raimo
Sailaksen jälkeen. Sailas jää eläkkeelle helmikuun lopussa. Nimitys on
tarkoitus vahvistaa valtioneuvoston yleisistunnossa torstaina.
EU-rahoituksen spinnaus meni pieleen – HS