Previously on
MoreLiver’s:
EUROPE
Europe is a currency
saint but an egregious demand sinner – The
Telegraph
This year’s burst of euro strength has brought crisis closer and baked a
lot of future damage into the 17-nation bloc
Italy's Mr Euro urges Latin Front, warns Germany won't sell another Mercedes in Europe – The
Telegraph
Falling for Germany – Project
Syndicate
German exceptionalism is obvious. Not only does Germany now seem to be
running Europe, but the rest of Europe seems to be falling in love with Germany
– not least because, in a time of political confusion and economic instability,
Germans are the only Europeans who seem to know what they want.
The Eurozone Great
Depression – The Money Illusion
The current depression has similarities to 1930s:
Autumn forecast
2013
– EC
EU economy: Gradual recovery, external risks
There were no major surprises in the forecasts the European Commission
published today under the title “Gradual recovery, external risks”. The numbers
in general do not differ a lot from our own.
EUROPEAN CENTRAL BANK
Timing and tools are
uncertain, but more ECB easing is likely – Nordea
We now expect a 25 bp refi rate cut in December, a clearly dovish tone
at this week’s meeting, and liquidity will remain ample
ECB preview:
inflation top of the agenda – Danske
Bank
What to do with the
eurozone banking system? – FT
How I learned to stop
worrying and love (eurozone) deflation? – FT
Banking structures
report – ECB
Analyses the main structural developments in the euro area banking
sector: the capacity, consolidation and concentration of banks and related
changes over time. The report covers the period from 2008 to 2012 and includes
indicators for the first half of 2013.
The NPL
standardisation factor – FT
According to Morgan Stanley’s banking research team, one of the focus
areas of the upcoming AQR and banking stress tests is likely to be the
definition of a non-performing loan (NPL). These, as FT Alphaville has noted in
the past, vary somewhat radically across Europe.
MACRO NUMBERS
Spanish unemployment climbs, but improvements are noticeable – TradingFloor
UK Services PMI at record-high – Markit
UNITED STATES
FED SPEAKERS
Powell: Eventual Pullback Shouldn’t Hurt Emerging-Market Economies – WSJ
Bullard: December Bond Taper Remains A Possibility – WSJ
Bullard: Need to see evidence inflation moving towards 2% before Taper –
Calculated
Risk
Bullard: The Tapering Debate: Data and Tools – The
Big Picture
Fed’s Rosengren: Aggressive Policy Needed for Some Time to Come – WSJ
Markets "Taper" On Fed's Rosengren Warnings On QE Costs To
Financial Stabillity – ZH
OTHER
Take-aways from
seminar with Anders Borg – Nordea
Nordea Markets had the pleasure to host Finance Minister Anders Borg on
an event in Stockholm today.
Business Cycle
Monitor: Global growth close to trend in Q4 – Danske
Bank
FINNISH
Euroopan liittovaltiokehitys vastatuulessa – Henri
Myllyniemi / US Puheenvuoro
Mitä EKP tekee deflaatiouhan edessä? – Henri
Myllyniemi / PS
Koskenkylä: Onko poliittinen unioni
tavoitteena realistinen? – PS