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Tuesday, October 8

8th Oct - US Open: The Eighth Day

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Earnings Season Starts With Government Still Shut; 9 Days Till The Debt X-Date – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
EU daily news – Europa
Daily press summary – Open Europe

  CDU/CSU clashes with European Commission over EU migrants and benefits; CDU/CSU spokesman: Commissioners are as far removed from reality ’as the moon from the earth’
Morning MoneyBeat: Worry Over Washington? ‘I’m Not Nervous at All’ – WSJ
Morning Bond Update – TradingFloor
Dollar Mixed, Market Looking Elsewhere for Inspiration – Marc to Market

Financialisation is on the march againeuobserver
The scheme, presented by the European Investment Bank and the European Commission to the Council of Ministers back in June, involves risk-sharing, whereby EU member states would contribute a portion of their EU budget funds for 2014-2020 in support of lending to small- and medium-sized enterprises (SMEs).

Hugo Dixon: Bundesbank right to focus on doom loopReuters
Germany’s Bundesbank is not afraid of playing the role of bad fairy. Last week, it criticized rules that encourage euro zone banks to load up on their own governments’ debts.

How to make Europe's incipient recovery durable – A
The causes of the Eurozone’s slow growth are much debated. This column argues that fiscal consolidation will be less of a drag going forward but that the ongoing recovery remains fragile. A policy strategy is needed to support the recovery based on three mutually reinforcing elements – reducing policy uncertainty, repairing the financial system, and undertaking structural reforms.

Seigniorage – the good old fashioned way!Bawerk
Of the national central banks printing cash over their quota. Or where is the ECB money going to?

Periphery business cycle monitorDanske Bank (pdf)
Euro area periphery countries continue to show improvements in sentiment, although a setback in some indicators in September underlines the fragility of the recovery. Sovereign spreads have continued to tighten on the back of a decline in political risk

German new orders disappoint in August – Merkelnomics
German Factory Orders Unexpectedly Fall on Weak Recovery – BB
Sputtering German trade engine points to modest growth – Reuters

Joseph E. Stiglitz: Five Years in LimboProject Syndicate
The US financial system may be more stable than it was five years ago, but that is a low bar – it was teetering on the edge of a precipice. Those in government and the financial sector who congratulate themselves on banks’ return to profitability and mild regulatory improvements should focus on what still needs to be done.

China Data to Prove Doubters WrongWSJ
Not long ago analysts were pondering whether China could meet its 7.5% growth target for the year. Now, after a series of happy surprises on the economic front, the question is how far third quarter growth will exceed that goal.