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Tuesday, September 16

16th Sep - China's QE, usual europessimism

Previously on MoreLiver’s:
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The Government Europe Deserves?Project Syndicate
Daniel Gros: The most sobering message from the appointment of the EU's new leadership is that the member states will not suffer anyone who might rock the boat and push integration forward. That might come as a relief for those fearing domination by Brussels, but it can only dismay those who hope that Europe can become a relevant global actor.

The AfD bangwagon rolls on - what are the implications?Open Europe

Gaming the TLTROMarc to Market

The ECB is buying, but which Eurozone banks are selling?TradingFloor
On October 2, the full details of the ECB's new asset purchase programmes will be revealed and the impact on the markets could be significant. Which banks has the market already singled out as leading the pack, and which ones are bringing up the rear??

The Price of Scottish IndependenceProject Syndicate
The costs of secession are a matter of choice, not of inevitability. If cool heads prevail on all sides, Scottish independence could proceed at a relatively low cost, sparing the successor states, the EU, and other parts of the world considerable instability.

Scottish Referendum: Origins and Implications – Econmatters
Jakobsen on Scotland: This is just the start – TradingFloor
Independence and union – Coppola Comment

Euro area job vacancy rate stable at 1.7% - Eurostat
Annual growth in labour costs up to 1.2% in both euro area and EU28 – Eurostat
German ZEW declines yet again in September – TradingFloor

No change in FOMC policy, but get ready for rate rise guessing game – TradingFloor
Are Hawkish Fears Overdone? – Global Macro Trading
What to Expect From the Federal Reserve Decision – WSJ
5 Things to Watch at This Week’s Fed Meeting – WSJ
Wonkbook: The Fed is nearing a milestone – WaPo

Australia’s Central Bank Holds Off Macroprudency – WSJ

And Now China FDI Takes a Breather – WSJ
Credit crunch could sink the Chi-tanic: Ambrose Evans-Pritchard – TradingFloor
China Launches CNY500 Billion In "Stealth QE" – ZH
Goldman's Take On China's "Stealth QE" – ZH

Daily Central BanksWSJ
Da Costa’s Take: The Case for Fed Patience on Rates, Message * How Stocks Perform Before and After Fed Raises Rates * China’s Economic Slump Complicates Beijing’s Restructuring Plans * Kuroda Assures Businesses BOJ Will Act if Needed * Brazil’s Central Bank Becomes Unlikely Star in Presidential Campaign

Daily MacroWSJ
There’s mounting nervousness in world markets about what the Federal Reserve might say when it concludes its two-day meeting Wednesday, evident in another down day for Asian shares earlier Tuesday. That’s not necessarily because of any heightened expectation that the Fed will signal a move to increase rates, but rather reflects the deteriorating backdrop in the rest of the world economy. Not only is the eurozone struggling, but the latest set of poor data out of China have raised serious concerns about the capacity of the world’s second-largest economy to engineer a transition from an investment-led economic growth model to one led by consumer spending.

FOMC & ScotlandMacro Credit FX

FX Mostly Quiet, Sterling and Dollar-Bloc HeavyMarc to Market

Yield Forecast UpdateDanske Bank
Monetary policy divergence intensifying

The G-20 to the Rescue?Project Syndicate
The G-20’s upcoming meeting in Brisbane, Australia, comes at a time when a precarious global economy requires big decisions to be made. But it is far from clear who will provide the decisive voice needed to set a bold agenda – and then shepherd its implementation.

Matti Vanhanen: Suomi mokasi luovuttuaan markastaYrittäjät

Uusi oikeistopuolue AfD porskuttaa SaksassaHS

Eurooppa sairastaaHenri Myllyniemi / US

Kansantalouden tuotanto pieneni heinäkuussa vuodentakaisesta – Tilastokeskus
Suomen työvoimakustannukset kasvoivat yli kolme kertaa euromaita nopeammin – TE