Wednesday, December 31
Tuesday, December 30
Monday, December 29
Sunday, December 28
Thursday, December 25
Wednesday, December 24
Saturday, December 20
20th Dec - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
This post will be updated as new
material is published.
Friday, December 19
Thursday, December 18
Wednesday, December 17
Monday, December 15
Sunday, December 14
Saturday, December 13
13th Dec - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
This post will be updated as new
material is published.
Friday, December 12
Thursday, December 11
Wednesday, December 10
Tuesday, December 9
Monday, December 8
Sunday, December 7
Saturday, December 6
6th Dec - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here. This post will be updated as new material is published.
Thursday, December 4
Wednesday, December 3
Tuesday, December 2
Monday, December 1
Saturday, November 29
29th Nov - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, November 28
Thursday, November 27
Wednesday, November 26
Tuesday, November 25
Monday, November 24
Saturday, November 22
23rd Nov - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, November 21
Thursday, November 20
Tuesday, November 18
Monday, November 17
17th Nov - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Thursday, November 13
Wednesday, November 12
Tuesday, November 11
Monday, November 10
Sunday, November 9
9th Nov - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, November 7
Thursday, November 6
Wednesday, November 5
5th Nov - ECB ahead, my bet
I challenged the Nordea's head strategist:
@JanVonGerich
three months, Feb-5 2015, yield diff now 1.53, I pay if 1.8 touched, you pay if
1.26 touched. Ok? pic.twitter.com/Ucv1BlHX5r
Tuesday, November 4
Monday, November 3
Sunday, November 2
2nd Nov - W/E: Linkfest
The world, economics, markets, off-topic and Finnish-language stuff for your weekend.
Saturday, November 1
1st Nov - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, October 31
Thursday, October 30
Wednesday, October 29
29th Oct - Fed ends QE3
After all, the job of the market is to thieve and steal as much money as possible, from as many participants as possible, in as many occasions as possible.
Tuesday, October 28
Sunday, October 26
Saturday, October 25
25th Oct - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, October 24
Thursday, October 23
Wednesday, October 22
Tuesday, October 21
Sunday, October 19
19th Oct - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, October 17
Thursday, October 16
Wednesday, October 15
15th Oct - Nasty risk-off moves
Thought of the day: I've noticed it is not wise to underestimate the resiliency of European stupidness. In Finland, being critical toward the euro currency is a luxury that only few can afford, as it is a career-killer. Only few economics professors dare to say anything negative about it. I really wonder how Europe turned this way. Perhaps it was a dream, that no-one wants to give up, even if it has to be turned into a nightmare.
Tuesday, October 14
Monday, October 13
Sunday, October 12
12th Oct - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Thursday, October 9
Wednesday, October 8
Tuesday, October 7
Monday, October 6
6th Oct - Bears take control after lousy data
#Dombrovskis said (kudos to Open Europe)The next Commission will be committed to bringing € agreements into EU framework, means treaty changeIf EU states demanded a mechanism for country to leave € COM would provide tech support. Refuses to say personal viewPointed out earlier flaws in the EMU structure, yet when questioned on it he rejected euro as cause of crisisEuro has been a huge success despite crisis, even countries outside the euro had crises so I think euro is not the problemPoints out that his country went through a deep crisis without the euro - (does not mention his currency was pegged to euro)
Sunday, October 5
Saturday, October 4
4th Oct - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, October 3
Thursday, October 2
2nd Oct - ECB Preview
A collection of recent ECB-preview and related articles. Consensus does not expect "QE", but sees more aggressive ABS-implementation than several euro members would like to have.
Tuesday, September 30
Monday, September 29
Sunday, September 28
Saturday, September 27
27th Sep - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
27th Sep - W/E: Charts
Plenty of downside left in the German stock index - at least to the lower end of the trading range. |
US positive surprise index has turned down from high levels (expect negative surprises in the near future), while Euro zone negative surprises are largely behind us now. |
During the past two expansions, only the better-off minority has seen an increase in their income - and the trend remains clear. |
European purchasing manager indices did not show any growth ahead |
The euro's weakness after the ECB's threats and plans of further monetary policy easing have largely been against the USD. Against AUD, JPY etc, the net change is zero. |
Greece's stock index looks technically bad, but from a bit lower levels could provide a nice quick swing trade higher. |
27th Sep - W/E: Best of the Week
Here are
the best picks from my ending week’s posts. Bottom line & summary: Ukrainian crisis not going anywhere, growth outlook in Europe remains terrible, ECB's QE doubted.
Friday, September 26
Thursday, September 25
Wednesday, September 24
Tuesday, September 23
Monday, September 22
Sunday, September 21
21st Sep - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, September 19
Thursday, September 18
Wednesday, September 17
Tuesday, September 16
Monday, September 15
Sunday, September 14
Saturday, September 13
14th Sep - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Thursday, September 11
Tuesday, September 9
Monday, September 8
Sunday, September 7
Saturday, September 6
6th Sep - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, September 5
Thursday, September 4
Wednesday, September 3
Tuesday, September 2
2nd Sep - Credit Guest: The European Catharsis
Here is the latest from Macronomics, kindly cross-posted to MoreLiver's.
Monday, September 1
Sunday, August 31
Saturday, August 30
31st Aug - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
31st Aug - W/E: Best of the Week
The more interesting articles from the ending week's posts. Last week’s
edition here.
European data weakened, even more than was expected, while US data improved - also even more than was expected. After ECB's Draghi gave THE speech at Jackson Hole a week ago, eyes are now firmly on the ECB's next steps. The central bank will probably sit and wait to see how the TLTRO is picked up in early September and do more preparations to get the ABS-program up and running.
Germany sees opposed to more unconventional monetary tricks - so that's it, then. Until things get so bad that even the Germans drop their pretense.
Voices against austerity in Italy and France, so France's government remixed and Merkel's new toyboy is Spanish. The lesson is that unless you drive the agenda of Germany, you will not get top jobs in the EU and you are labeled as liberal, anti-European and whatever.
Equity markets at all-time-high in US, and even Germany bounced nicely, but toward the end of the week Ukraine soured the moods.
Friday, August 29
29th Aug - Doubts about ECB rising
Quote of the day: Despite decent M1 growth, broader monetary aggregates in the EU have been very weak. As I’ve mentioned before, this is likely a result of the impaired banking system – something that the AQR (along with forced recapitalization programs) will hopefully fix. I think this is a problem that the ECB recognizes, and a reason why the TLRTO’s specifically target bank lending, as well as coinciding with the AQR. IMO, this is also a reason the ECB is reluctant to pursue QE outright. There are many views on how QE affects the economy, but one of the clearest effects is the growth in base money… that really isn’t the problem at this juncture. – Global Macro Trading
Thursday, August 28
Wednesday, August 27
27th Aug - Hollande kisses Merkel, yields hit new lows
Previously
on MoreLiver’s:
W/E: Weekly Support (updated)
Follow ‘MoreLiver’ on Twitter
EUROPE
Optimism?
In the Eurozone? Forget it – TradingFloor
It may be
the long European summer but in reality this is the perfect time for the
Eurozone to send a few ferrets down the many holes in the system and see what
startled rabbits pop up. They're likely to be very sickly.
Sharp
decline in intra-EU trade over the past 4 years – Bruegel
Divergence
between the Euro Area and the European Union as a whole is almost non-existent
Where
European Banks are Lending – Marc
to Market
Lending at
their strongest pace since 2008, but not to European counterparts, to Asia.
Italy must cut its output growth
forecast, its economy minister told a newspaper, adding that economic weakness
was a European problem that the region's governments needed to tackle together.
BONDS
How Low
Can Euro-Zone Yields Go? – WSJ
With yields
already at rock bottom levels, how much good could central bank buying of
sovereign debt possibly do to the wider euro-zone economy? Maybe not much. But
it shouldn’t be written off completely.
The
Greatest Depression? German Yields Now Negative Through 2017 – ZH
FRANCE
Hollande
takes a hard line against anyone questioning his subservience – Krugman
/ NYT
Yes, in the
fullness of time, supply-side reform is indispensable. For now, though,
monetary and fiscal accommodation should be Hollande's most urgent priorities.
Facing
record low approval ratings at home and skeptical European partners in Berlin,
Frankfurt, and Brussels, the French president had little alternative but to
double down on his recent political shift right toward a more mainstream
European center-left social democracy for the French Socialists. Hollande is
hoping that his commitment to austerity and reforms at a time when Europe is turning to a more activist
fiscal policy earns him some appreciation from Germany and the European Central Bank (ECB).
UKRAINE / RUSSIA
Nadia
Kazakova: Both Ukraine and Russia need a deal brokered for economic
reasons * Russia is pushing Ukraine to recognise the separatists as a
legitimate party * Ukraine preparing to tough it out, but
faces harsh winter
EUROPEAN CENTRAL BANK
ECB easing
- will it work? No. 3: Carry trades and 'hot potato' effect – Danske
Bank
Still
possible to do carry trades, but less attractive than earlier * The first three
months of negative rates: signs of the ‘hot potato’
Can
Mario Draghi save the euro again? – WaPo
Draghi only
had to say "whatever it takes" to end Europe's financial crisis. But Draghi will
actually have to do whatever it takes to end Europe's economic one. That's what he's
trying to do now, but the eurocrats might not let him. They have their rules,
after all.
BMO
makes the case for ECB asset purchases – FT
ECB
Hires Blackrock For ABS-Buying Advice – ZH
ECB says
selects Blackrock to help develop ABS plan – BB
ECB’s
Coeure Says ABS Push May Fail Unless States Back Debt – BB
“Europe is facing a very fundamental choice
if it wants to move to an ABS market that is as deep and liquid as the U.S. market. To reach this goal, the
securitization market will require a significantly different amount of public
sponsoring than is currently the case.”
German
consumer confidence drops for the first time in 20 months – TradingFloor
A single
month, wiped nearly all gains of the boom of the last 12 months – Wolf
Street
UNITED STATES
The budget
deficit in the U.S. this year will be wider than
predicted four months ago as weaker- than-expected economic growth in the first
half hurt tax revenue, the Congressional Budget Office said.
Bringing
It Back Home – Project
Syndicate
An
increasing number of American companies are making plans to shift their
headquarters to Europe, in order to escape the United States’ uniquely unfavorable corporate tax
rules. So what should US policymakers do?
ASIA
Since 2006
there has been a substantial slowdown in new home investments. Our calculations
suggest that structural growth in new home investments could already have
declined below 7%...Nonetheless, at least 70% of the decline in new home
investments over the past year appears to be cyclical and can largely be
explained by tighter financial conditions.
Foreigners
in the firing line as Chinese regulators take aim – TradingFloor
Pauline
Loong: Foreign companies swept up in China’s anti-trust investigations may
soon find company in misery. The threat of rising defaults in wealth management
and other investment products is focusing regulatory attention on the
liabilities of fund management companies and that of their foreign partners.
OTHER
Daily
Central Banks – WSJ
Blackstone’s
Take: The ECB’s New Math: 5+5=QE * ECB and Fed Face Policy Divergence, For Now
* Hungary Leaves Key Rate Unchanged After Two Years of Cutting * Europe’s Banks Boost Lending in Asia
Daily
Macro – WSJ
Euro-zone
bond yields slide to yet new record lows as expectations grow that the European
Central Bank is lining up a massive dose of quantitative easing—perhaps focused
on purchases of private sector assets, such as ABS, rather than government
bonds. It has put the onus very strongly on ECB President Mario Draghi, who
helped create this anticipation with his speech in Jackson Hole last weekend. Some are calling
those comments “Whatever it Takes 2,” a rerun of his pledge from two years ago
to save the euro, but this time he absolutely has to deliver concrete policy
action. Words are not enough. If, after all this talk, nothing happens, the
snapback in the market will be violent. Let’s hope he has the full backing of
the Germans.
ECB and
Fed Face Policy Divergence, For Now – WSJ
The
linkages between the euro zone and the U.S. could make it difficult for the two
central banks to run markedly different policies for long. “Either the global
environment gets good enough for the euro-zone outlook to improve–then the ECB
will not be on a different path as the Fed for long–or if the global outlook
goes down, then the Fed would delay a policy tightening”, said Berenberg chief
economist Holger Schmieding.
EURUSD: Further weakness ahead – TradingFloor
Sell EURUSD about 1.3175, stop 1.3204
initially, trailing stop to break-even and better once 1.3145 is broken, target
50% at 1.3115 and 50% at 1.3070
When FX wars become negative
interest wars – FT
FX strategist at UBS has been
wondering about what the Swiss National Bank may do if the ECB’s measures to
weaken the euro begin to test its 1.20 EURCHF floor.
Dollar Slips, while Bond Market
Rally Continues – Marc
to Market
Another USD regime shift? – FT
BofAML’s David Woo: The momentum
behind the outperformance of Eurozone peripheral debt and Eurozone high yield
credit has been slowing since the start of Q3….Investors maybe rotating out of
European bonds into US bonds… If we are right that foreign private buying of US
bonds (on a currency unhedged basis ) is picking up, the USD will be the
primary beneficiary.
Explaining
My Portfolio – The
Short Side of Long
Where does
one see value in current global macro environment * Silver’s bear market is now
ongoing for almost 3 and half years * Sugar is one of the most disliked
agricultural commodities… * Uranium is one of the most oversold industries in
the world… * Australian economy has not
suffered a recession for 23 years! * I do not want anything to do with US
stocks or US bonds!!! * I am closely tracking Russian stocks & Gold Mining
Juniors
FINNISH
Venäjä-pakotteiden ja vastapakotteiden talousvaikutukset
vähäisiä – Verkkouutiset
EU:n ja muiden maiden rajoittavilla toimenpiteillä ja
Venäjän tuontikiellolla on vain vähäisiä suoria vaikutuksia Venäjän ja sen
kauppakumppaneiden kokonaistaloudelliseen toimintaan, arvioidaan keskiviikkona
hallitukselle luovutetussa raportissa.
Onko rahapoliittisen keskustelun käymisessä mitään
järkeä? – Tyhmyri
sekä kertauksena heinäkuulta 2013:
Vaarallinen elvytysharha – yhtä vaarallinen kuin säästämisen
harha – Tyhmyri
Masokistinen talouspolitiikka johtaa talousanemiaan –
Jan
Hurri / TalSa
Hallitus tasapainoilee budjettiriihen linjauksia muka yllättyneenä
talouden heikosta yleiskunnosta. Talouden anemian ei kuitenkaan pitäisi olla
yllätys, sillä se on seurausta EU:n ja Suomenkin varta vasten harjoittamasta
masokistisesta talouspolitiikasta. Samaa talouden temppurataa on kuitenkin
tarkoitus jatkaa.
Stubb: Valtion budjetti pienenee taas – TalSA
Budjettiriihen ensimmäisen päivän tiedotustilaisuudessa ei
saatu tarkkoja tietoja ensi vuoden budjetista ja rakennepaketista, vaan niitä joudutaan
odottamaan huomiseen. Venäjä-pakotteista sen sijaan esitettiin huojentavia
arvioita.
EKP jatkaa ajanpeluuta – Vesa
Varhee / TalSa
Euroopan keskuspankin pääjohtaja Mario Draghi antoi
viikonloppuna selvän viestin. EKP jatkaa elvyttävää rahapolitiikkaa ja on
valmis erityistoimiin taloutta uhkaavan deflaation torjumiseksi.
Palkansaajien ansiot Q2 +1,2% – Tilastokeskus
Myönnettyjen rakennuslupien kuutiomäärä Q2 -11% – Tilastokeskus
Kuluttajien luottamus heikkeni elokuussa – Tilastokeskus
Konkurssien määrä tammi-heinäk. -4,5 prosenttia YoY – Tilastokeskus
Tuesday, August 26
Monday, August 25
Sunday, August 24
Saturday, August 23
23rd Aug - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Thursday, August 21
Wednesday, August 20
Tuesday, August 19
19th Aug - New Worries
Quote of
the Day:
My guess is that the ECB will not do any of these things. It will continue blaming eurozone governments for not implementing structural reforms. Eventually, it will adopt a programme of asset purchases that is too small, which it will abandon prematurely at the first sign of recovery. The result is that the eurozone will end up looking like Japan, but with one difference. Countries whose policy goes off track have nowhere to go. The member states of a monetary union have alternatives. By failing to deliver on its inflation target, the ECB could give member countries a good reason to leave the eurozone: they could have a better central bank. My advice to the ECB: do not let that happen. (Münchau / FT)
Monday, August 18
Sunday, August 17
Saturday, August 16
16th Aug - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, August 15
Thursday, August 14
Wednesday, August 13
Tuesday, August 12
12th Aug - Credit Guest: Cognitive Dissonance
Please find attached the latest cross-post from and by Macronomics - the trucker pill-solution to market anxieties!
Monday, August 11
Saturday, August 9
9th Aug - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Friday, August 8
Thursday, August 7
Wednesday, August 6
Tuesday, August 5
Monday, August 4
Sunday, August 3
Saturday, August 2
2nd Aug - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here. Post will be updated as new stuff comes along.
Friday, August 1
Thursday, July 31
Tuesday, July 29
Monday, July 28
Saturday, July 26
27th Jul - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
27th Jul - W/E: The World
Here is a collection of some of this week's more interesting articles on Europe, US and Asia.
Monday, July 21
Saturday, July 19
19th Jul - W/E: Off-Topic & Finnish
This weekend's links to interesting reads not related to markets / econ - you know, for the curious ones!
19th Jul - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here.
Thursday, July 17
Wednesday, July 16
Tuesday, July 15
Sunday, July 13
13th Jul - W/E: Weekly Support
Here are
the links to the weekly roundups, reviews and also previews of the beginning
week. Last week's 'Support' here. Note that some houses are already on holiday mood, thus several missing links...
Friday, July 11
11th Jul - W/E: Roundup of the world's week
Due to holidays and lack of daily posting, here are the articles and events of the ending week that I wanted to make a note of.
Tuesday, July 8
8th Jul - Credit Guest: The Golden Mean
Not everyone is having a blogging holiday. Macronomics is busy, and here's his latest:
8th Jul - Time off
Since there isn't much happening on the economic calendar, and the weather is nice after a terrible June (worst for like 50 years or so), I'm taking a blogging holiday. Back for the next weekend updates.
Sunday, July 6
6th Jul - W/E: Best of the Week
Here
are the ”best” from my posts of the ending week. Last week’s edition here.
Last week:
Juncker named the next president of the EU Commission.
Italy’s
Renzi demands breaking fiscal pacts
BIS warned of a bubble similar to 2007
US June employment report stronger than expected
ECB moves to less frequent meetings, begins to publish
minutes
Sweden’s
central bank surprised with a large cut, disagreement
BNP Paribas was made an example
BoE is scared of housing bubble
Saturday, July 5
5th Jul - W/E: Weekly Support
Here are the links to
the weekly roundups, reviews and also previews of the beginning week. Last
week's 'Support' here.
Thursday, July 3
Wednesday, July 2
Tuesday, July 1
Monday, June 30
Sunday, June 29
Saturday, June 28
28th Jun - W/E: Weekly Support
Here are the links to
the weekly roundups, reviews and also previews of the beginning week. Last
week's 'Support' here.
Thursday, June 26
Wednesday, June 25
Tuesday, June 24
Monday, June 23
Sunday, June 22
Saturday, June 21
21st Jun - W/E: Weekly Support
Here are the links to
the weekly roundups, reviews and also previews of the beginning week. Last
week's 'Support' here.
Thursday, June 19
Wednesday, June 18
Tuesday, June 17
Monday, June 16
Sunday, June 15
15th Jun - W/E: Weekly Support
Here are the links to
the weekly roundups, reviews and also previews of the beginning week. Last
week's 'Support' here.
Thursday, June 12
Wednesday, June 11
Tuesday, June 10
Monday, June 9
Sunday, June 8
8th Jun - W/E: Weekly Support
Here are the links to
the weekly roundups, reviews and also previews of the beginning week. Last
week's 'Support' here.
Saturday, June 7
Friday, June 6
Wednesday, June 4
Tuesday, June 3
Monday, June 2
Sunday, June 1
Saturday, May 31
31st May - W/E: Weekly Support
Here are the links to
the weekly roundups, reviews and also previews of the beginning week. Last
week's 'Support' here.
Friday, May 30
Thursday, May 29
Wednesday, May 28
Tuesday, May 27
Monday, May 26
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