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Tuesday, July 15

14th Jul - Central Banking Week





Previously on MoreLiver’s:

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EUROPE
  POLITICS
Door open for Marine Le Pen to move to mainstreamEuropp / LSE
With both the French government and opposition in crisis, the door is open for Marine Le Pen to move firmly into the mainstream of French politics

The dynamics of migration in the euro areaDB Research
Due to the crisis, migration patterns within the eurozone have changed fundamentally. While prior to the crisis many citizens from Central and Eastern European EU countries migrated to Spain and other peripheral countries, the westward migration is now primarily directed to the core. The crisis has also triggered increasing migration from the periphery to the core.

Government Negotiations in Belgium: 50 Days of Talks, Zero Need to PanicWSJ

Why the US and EU are failing to set information freevoxeu.org

  EUROPEAN CENTRALBANK
Draghi introductory statementECB
Hearing at the Committee on Economic and Monetary Affairs of the European Parliament

ECB's Draghi says appreciated euro a risk to recoveryReuters

ECB caught up in economists’ spatFT
BIS and IMF have completely different ideas on what the ECB’s next step should be.

Draghi Seen Handing $1 Trillion to Banks in ECB OfferBB
Mario Draghi’s newest stimulus tool will hand banks more than 700 billion euros of cheap funding, economists say.

  IMF ARTICLE IV
IMF Concludes 2014 Article IV Consultation on Euro Area Policies – IMF
IMF Survey: Eurozone: More Reforms Needed to Strengthen Recovery – IMF
Euro Area Policies: Selected Issues – IMF
Euro Area Policies: 2014 Article IV Consultation – IMF
Euro Area – Q&A on QE – IMF
IMF Touts Quantitative Easing Benefits for ECB – WSJ
IMF warns further shocks would stall euro zone recovery – Reuters

  MACRO NUMBERS
Industrial production down by 1.1% in euro area and EU28 – Eurostat
Euro zone industry stumbles in May, recovery still frail – Reuters

UNITED STATES
Should the Fed crash the economy now to prevent a crash later?Noahpinion

What to Watch in Fed Chairwoman Janet Yellen’s Testimony This WeekWSJ

Can't Get a Job From an Algorithm, or So It Seems as Hot Resumes Go Nowhere FastBB
The Beveridge curve in the latest recovery has shifted out to the right, a graphic representation of a statistical fact: There’s a higher level of job vacancies for a given level of unemployment.

ASIA
Parity? What parity? There's none between Chinese and US buying powerTradingFloor
Purchasing power parity lacks meaning in the China context * Equations cannot capture the odd, the different, and the unexpected * China’s own statisticians see the concept as 'controversial'

BOJ to stick to recovery scenario despite tax hike impactReuters
The Bank of Japan is set to maintain its stimulus program on Tuesday and its projection that inflation will approach its 2 percent target next year, unfazed by recent data casting doubts over its scenario of an investment-led economic recovery.

China's premier warns of economic growth headwinds: TVReuters
China’s Local Governments Pile On Stimulus – BB
China’s regional governments are starting to pull out their own stimulus cards to shore up growth as central authorities limit aid for the economy.

OTHER
Daily Central BanksWSJ
Da Costa’s Take: Fed Minutes Show Some Worries About Financial Stability * Rate Debate Heats Up Among Fed Officials * Bank of Canada Chief Looking Beyond Models to Probe Economic Challenges * Not Enough U.S. Workers Quitting * At Bundesbank, a New Approach to Transparency



Central Banks Calendar for Week WSJ


Commodities Reverse Their Gains!Short Side of Long
Commodity rally is in reversal, as CCI trades below 200 MA * The grand daddy of all commodities has now sharply reversed! * Can metals like Copper continue higher with selling pressure? * Grains have been slaughtered, with Wheat making 4 year lows * Cotton has crashed all the way back to middle of 2012 lows

Great Graphic: The Pound and Short SterlingMarc to Market

FINNISH
Teollisuuden liikevaihto supistui helmi-huhtik. reilun prosentin YoY – Tilastokeskus
Palvelujen liikevaihto kasvoi helmi-huhtikuussa 1,8% YoY – Tilastokeskus
Inflaatio kesäkuussa 0,9 prosenttia РTilastokeskus