EUROPE
BANKING UNION
Italy’s Saccomanni
Attacks German Bank-Resolution Plan – WSJ
In a letter to some of
his counterparts, Italy’s Finance Minister Fabrizio Saccomanni has composed his
wish list for a new system to wind down failing euro-zone banks.
Banking union: the
limits of the backstops deal – Brussels
blog / FT
Whenever it comes to eurozone backstops, it usually pays to be beware of
fine print and Germans bearing gifts.
Banking union …
timber not steel – MacroScope
/ Reuters
If a government could not foot the bill, it could borrow from the euro
zone’s ESM bailout fund. All that means the doom loop comprising weak banks and
sovereigns will not be comprehensively broken for several years yet. In 2025,
when the common fund is fully stocked, it could borrow on the markets itself to
generate more funds. That’s a long time away.
GERMANY
Merkel urges EU
treaty change in first speech of new term – Reuters
Merkel urged European partners to tackle flaws in their currency union
by ceding control over economic policy and making politically sensitive changes
to the bloc's treaty. Crisis had not yet been overcome but that first signs of
success were evident, especially in countries like Ireland and Spain.
Germany: Companies
end the year in festive mood – Nordea
German companies are
clearly looking forward to 2014. The Ifo index and other sentiment indicators
are pointing towards an upside risk for our GDP forecast for Q4. But then France might surprise on the downside so that the
Euro-area economy as a whole is still struggling.
German economy ends
year with high hopes – Merkelnomics
CRISIS COUNTRIES
Spanish Bad Loans
Jump To New Record As Banks Come Clean Over Mortgage Defaults – ZH
UNITED STATES
Housing Starts,
Permits Surge On Seasonal Adjustments, Rental Units – ZH
(see my earlier special for Federal Reserve)
ASIA
BOJ Beat: Kuroda Ends
2013 Facing Heavy Dose of Skepticism – WSJ
Since Gov. Haruhiko
Kuroda led the Bank of Japan to sharply expand its monetary easing eight months
ago, he has tried to convince the public through 17 news conferences and 22
public speeches that the central bank can meet its inflation goal in time. But
his year-end report card doesn't look impressive.
PIMCO DECEMBER MONTHLIES
Weakness in the core, credit tightness in the periphery and external
risks may derail the eurozone’s positive (if low) growth in 2014.
Cyclical Outlook:
Synchronized Optimism – PIMCO
Many challenges to growth are gradually exhausting themselves or are
being overcome via alternatives, yielding a brighter growth outlook for 2014.
Cyclical Outlook for
Asia: Growth Is Stabilizing but Not Stellar – PIMCO
Asia’s
economic outlook will be shaped by global growth and central bank policies, as
well as several regional influences in the coming year.
UK Perspectives: A
Much Better Dilemma – PIMCO
The UK recovery must be allowed to recover lost output rather than risk
a pre-emptive monetary tightening.
Australia Perspectives:
Australia Inc. – PIMCO
The elevated exchange rate is restraining non-mining business investment
in Australia.
European
Perspectives: Muddling Through – PIMCO
The ‘Realpolitik’of the Eurozone Crisis - It remains to be seen whether
current policy tools can maintain economic momentum across Europe’s heterogeneous
regions
Global Central Bank
Focus: Coal in the Fed’s Stock-ing – PIMCO
Forward guidance has become an increasingly common practice among global
central banks. Communicating a possible change in the policy rate could have a
large effect on long-term interest rates. * Capital has moved literally around
the globe as a result of central bank activism in developed countries. * Looking
ahead, we expect 2014 to be a year of increased differentiation across emerging
markets in terms of economic fundamentals, policy reactions and market
outcomes.
Global Credit
Perspectives: Settling In – PIMCO
U.S. housing-related investments should remain attractive as the economy
and private sector heal.
Long/Short Equity
Strategy: Pick Your Spots – PIMCO
U.S. equities have surged this year. We believe equities are still
investable, but you need to pick your spots.
OTHER
Goldman's Top 100
Charts Of 2013 - Part 2 – ZH
Global Update - Happy
New Year 2014 – Nordea
The world economy
looks set to get a good beginning to the New Year. Confidence indicators from
the major countries have been quite extraordinarily strong recently, and the US economy seems heading in the direction of a
self-sustaining recovery.
Three 2014 bond
market predictions for your Christmas stocking – TradingFloor
Our last bond update
for this year takes a glance into 2014 with three specific predictions that
look to have more than a fighting chance of unfolding as the year progresses.
Things That Make You
Go Hmmm... – ZH
Grant Williams newsletter: Like Being Completely Out Of Touch With
Reality
FINNISH
Tämän takia Suomeakin hoputetaan pankkiunioniin – Jan
Hurri / TalSa
EU-komissio,
EKP ja finanssikeskusten suurpankit haluavat euromaiden pankkiunionin valmiiksi
mahdollisimman pian. Ne haluavat, että yhteinen tukipiikki on valmiina
avattavaksi, kun pankkien pääomia on taas paikattava. Mutta miksi Suomi hosuu
pankkiliittoa euromaiden eikä Pohjoismaiden kanssa?
Asiantuntija tyrmää pankkiunionin: Valta
katoaa jäsenmailta, maksumiehen rooli jää – YLE
Valtiovarainministerit
jatkavat neuvotteluja pankkiunionin kriisinratkaisumekanismista
Yrityksillä edelleen kipukohtia
rahoituksessaan – myös merkkejä paremmasta näkyvissä – EK
Aiempaa
suurempi osa keskisuurista ja suurista yrityksistä on hankkinut viimeksi
kuluneen vuoden aikana uutta rahoitusta. Samaan aikaan rahoituksen
hankinta-aikeissaan epäonnistuneiden tai näistä aikeista luopuneiden yritysten
osuus näyttäisi kyselyn perusteella kasvaneen. Tiedot käyvät ilmi
Yritysrahoituskysely 2013 -raportista.