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Wednesday, October 9

9th Oct - EU Open: Yellen to head the Fed

Previously on MoreLiver’s:

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News roundup – Between The Hedges
The 6am Cut London – alphaville / FT
Emerging Markets Headlines – beyondbrics / FT
Asia Morning MoneyBeat: Are We Concerned Yet? – WSJ
Europe Morning MoneyBeat: Yellen News Gives Markets Something Else WSJ

3 Numbers to Watch: UK & German industrial output, US 10 yr yield TradingFloor
Industrial production updates for the UK and Germany are among today’s crucial numbers. Meanwhile, keep an eye on the US 10-year Treasury yield as the budget war in Washington rolls on and large Treasury holders - Japan and China - watch anxiously.

Market Preview: Eyes on FOMC minutes as budget deadlock continues TradingFloor
European markets are likely to open lower Wednesday amid rising concerns over the US budget impasse. Meanwhile, the US president will nominate Janet Yellen as the new Fed head today. Traders eye today’s FOMC minutes and German industrial output data.

Danske DailyDanske Bank (pdf)
In the US an agreement on increasing the debt ceiling does not appear to be imminent. Obama is expected to announce the nomination of Janet Yellen as chairman of the Federal Reserve. The minutes from the last Fed meeting released this evening are expected to show that the surprise Fed decision to delay tapering of its bond  purchases was a very close call. In Europe focus today will be on industrial production data for August in Germany and the UK. The weaker-than-expected German factory orders released yesterday suggest that there also could be some downside risk to German industrial production today.

Market comment: Yellen to the rescueNordea
US curve continues to flatten, as short yields rise * Equities taking another beating * Spanish and Italian bond yields rise, as more issuance in the  pipeline * Increased market pressure adding to chances of an agreement on the debt ceiling * Dovish line to continue at the Fed – Yellen picked to succeed Bernanke * Small business confidence suffering only mildly in the US * ESM finding strong demand for its first bond issue * German industrial orders remain bumpy * Fed minutes to reveal the central bank’s worries over tighter fiscal policy * More issuance from the US and Germany

Kuka maksaa viulut? * Yellen Fedin johtoon * Ei merkkejä Suomen viennin piristymisestä

AamukatsausTapiola (pdf)

Osakemarkkinoilla ollaan yhä huolestuneempia USA:n velkakattokiistasta, joka vaikuttaa olevan nyt umpikujassa. Yellenistä uusi USA:n keskuspankin pääjohtaja. Yellen tunnetaan elvytysmyönteisyydestä. IMF laski kehittyvien markkinoiden kasvuennusteita. Osakefutuurit miinuksella, indikoiden laskuavausta OMX HEX:iin. Stora Enson Q3 odotuksia vahvempi, mutta loppuvuosi puolestaan jää heikommaksi.

Chart of the Day - France in LimboMacronomics

Europe should ask the US to shutdown political uncertaintyBruegel
The debt ceiling discussion and its impact on Europe

Against European Decadence: Is Europe doomed to debt slavery?Craig Willy

Economic Confidence Collapses At Fastest Pace Since Lehman ZH

What’s happening in the Treasury bill market today should terrify you WaPo
The un-terrifying Treasury bill marketFelix Salmon / Reuters
The Treasury-bill market, then, is a bit like the market in US CDS: it’s a thin market which is being asked to support much more rhetorical weight than it can reasonably bear. In the real world, Treasury bills remain an absolutely safe market

A very simple timeline for the debt-ceiling crisisWaPo

Goldman: "Today Was The First Day That Concerns About The Debt Ceiling Really Started To Be Felt"ZH

Shutdown Now 6th Longest In History (Longer Than Average Of All Others)ZH

How does the Washington impasse end? Ask Italy!Humble Student
OK, the Tea Party didn't make an ideological stand over the fiscal cliff, but it is doing so now over the debt ceiling as leverage with Obamacare as their casus belli. How does the Establishment wing react? Go along with the Tea Party and commit electoral suicide or do what the PDL did to Silvio Berlusconi? My bet is that when push comes to shove, they take the latter path.

Picturing The Slow Rise And Quick Fall Of Fed Credibility ZH

White House Statement On Yellen Nomination – WSJ
Janet Yellen: Timeline of Her Career – WSJ
Yellen Nomination Positive for Asian Economies – WSJ
Economists React: Yellen ‘What We Really Need in a Fed Chair’ – WSJ
Five Things You Need to Know About Janet Yellen – WSJ
Yellen! (But don’t forget the other slots…) – alphaville / FT
White House Set To Announce Yellen Fed Nomination Tomorrow – ZH
This is the biggest challenge Janet Yellen will face as Fed chairWaPo
Janet Yellen called the housing bust and has been mostly right on jobs. Does she have what it takes to lead the Fed?WaPo
Yellen Nomination Rally Half-Life 90 Minutes – ZH
In the Picture: Janet Yellen – The World / FT
Thank You Mr. President And All The Best To Janet Yellen – EconoSpeak
Smart reads – Janet YellenThe World / FT

Obama to choose Yellen for top Fed job, markets relieved – Reuters

Yellen brings dovish bent, communications skill to Fed table – Reuters
Factbox: Five facts about Fed chair nominee Janet Yellen – Reuters
Factbox: Policy challenges looming for Yellen as likely next Fed chair – Reuters
Yellen to Be Named Fed Chairman, First Female Chief – BB

Yksittäisen vientiyrityksen etu ja Suomen etu eivät ole sama asia – yritys voi pärjätä vaikka Suomi ei pärjäisiTyhmyri