Google Analytics

Tuesday, August 20

20th Aug - EU Open



Previously on MoreLiver’s:

Follow ‘MoreLiver’ on Twitter or Facebook

Roundups
News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Asia Morning MoneyBeat: Bulls, Bears, Bonds, and Bills – WSJ
Europe Morning MoneyBeat: Weakness as Fed Minutes Draw Near – WSJ


MORNING BRIEFINGS
3 Numbers to Watch: Japan All Industry Index, US CFNAI & RedbookTradingFloor
Today’s updates to watch include Japan’s All Industry Index and two reports for the US: the Chicago Fed National Activity and the Johnson Redbook Sales Index.

Market Preview: German producer prices in focusTradingFloor
European markets are likely to open lower Tuesday amid fears that the US Fed could taper its monthly bond purchases as early as September 2013. Meanwhile, traders will keep an eye on today's German producer prices and EU construction output data.

Danske DailyDanske Bank (pdf)
In Germany the campaign ahead of the general election on 22 September moves up a gear today. Chancellor Merkel is scheduled to speak at two campaign rallies and Finance Minister Schäuble is scheduled to speak at no less than four events

Market comment – Where did all the buyers go?Nordea
Core bonds fail to post a rebound * Equity markets continue to feel pressure on a broad front * Emerging market currencies taking a beating * Spanish bad loans not peaked yet * Lack of fresh drivers continuing

AamukatsausNordea
BRICS: Elämää eskimokäännöksen jälkeen * No johan pomppas! * Öljy laskussa reilun viikon nousun jälkeen

AamukatsausTapiola (pdf)
Saksan pitkien valtiolainojen koron nousu on vetänyt tuotot kuluvana vuonna pakkaselle. Yrityslainoissa tilanne on ollut toistaiseksi parempi, koska yrityslainojen riskipreemiot ovat laskeneet. USA:n pitkien korkojen nousun jatkaa osakkeiden piinaamista. Korkoriski toteutumassa myös euroalueen riskittömissä pitkissä koroissa. Yrityslainoissa riskipreemioiden sulaminen antaa vielä tukea. Eforelta jälleen heikko tulos – 3Q13:n liikevaihto EUR 16,7m (-21,2% yoy) ja EBIT EUR -1,7m. Osakefutuurit miinuksella, indikoiden laskuavausta OMX HEX:iin.

MarkkinakalenteriNordnet
MarkkinakalenteriTaloussanomat


EUROPE
Europe's Next Crisis? Migrant Flows Are SurgingZH
The issue, as Stratfor notes, has been magnified by high unemployment rates in destination countries, where social security systems are strained and anti-immigrant sentiment is high.

UNITED STATES
The bond market’s fear of SummersMacroScope / Reuters
There does seem to be a decent chance that the markets are sending a signal that (a) Summers is likely to be the next Fed chair, and that (b) they’re not happy about the prospect. Which could set us up for a nice market pop if Obama announces Yellen as the nominee.

What Every Fed Head Will Be Looking At For The Next MonthZH
Guide to what happens before 17-18 Sep FOMC meeting

ASIA
Asian FX Markets Are 'Turmoiling'; EM Stocks Pushing Lower, Bond Yields SurgingZH

OTHER
Weaker earnings will result in higher corporate default rates; "zombie companies" yet to be hitSober Look
Credit Suisse is ringing alarm bells on corporate earnings - both in the US and Europe. The Wal-Mart negative earnings surprise last week for example could be signaling a slower earnings trajectory for other firms.

FINNISH
Suomea varoitetaan: Yli 40 000 teollisuuden työpaikkaa katoaaIL
Mikäli Suomi ei saa pian kilpailukykyään nousuun, jää teollisuuden alalta pian vapaille työmarkkinoille valtava määrä työntekijöitä.

Työllisiä 43 000 ja työttömiä 10 000 vähemmän kuin vuosi sittenTilastokeskus