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Monday, September 22

22nd Sep - Draghi's speech

Previously on MoreLiver’s:
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Time for a contrarian view: Eurozone's economy is turning the cornerSober Look

Is the Eurozone Poised for Recovery?WSJ

The absence of national adjustment tools is the reason why Eurozone countries continue to struggleEuropp / LSE
The European policy response has remained broadly similar since the crisis: reducing public spending and imposing structural reforms in periphery states to try and improve their competitiveness. There are far more fundamental problems in the Eurozone and one potential way to solve these would be to encourage wage rises in northern economies such as Germany.

Europe’s Single Supervisory MechanismBruegel
A closer look at the ECB’s list shows that the smaller banks are concentrated in a limited number of countries, much more so than larger ones. Most small banks are German (and Austrian and Italian).

Russian markets remain fragileDanske Bank

This Is How Italy "Fixes" Its Unsustainable Debt ProblemZH

France's B-grade politicians audition for showtime 2017 – TradingFloor
Sarkozy Pledges to Win Voters Back from French Far-Right – FT
Nicolas Sarkozy Sets Out Comeback Plans for France's UMP party on TV – The Guardian

Draghi Effect Subsides as Pressure Builds on ECB ChiefBB

Europe looks again to DraghiReuters
Speech by Mario Draghi, President of the ECB ECB
Introductory remarks at the EP’s Economic and Monetary Affairs Committee
Hawkish UndertoneTim Duy’s Fed Watch
The outcome of last week's meeting had little impact on my policy outlook. I continue to expect a rate hike in the middle of next year, with my distribution of risks weighted toward second over third quarter outcomes.

Existing Home Sales in August: 5.05 million SAAR, Inventory up 4.5% – Calculated Risk
A Few Comments on August Existing Home Sales – Calculated Risk


What’s this AUD collapse all about?TradingFloor
Aussie accelerates after record calm over summer * Mining sector suffers slump * Sydney housing market continues to rocket
Albert Edwards Presents "The Most Important Chart For Investors" ZH
Daily Central Banks WSJ
Hilsenrath’s Take: The Fed’s Exit Plan is Still a Work in Progress * Federal Reserve Rate-Hike Tool Limits Stir Concern * Fed’s Fisher: Would Like to See Rate Move Early Next Spring * Fed’s Lacker Protests Holding on to Mortgage Bonds * G-20 Agrees to Raise Global Growth by 2% in Five Years

Daily MacroWSJ
It’s striking how much the outlook for China’s economy has become a driver of global markets. Investors who’ve come to expect high levels of Chinese growth may have to recalibrate their expectations.

FX Update: USD rally seeks fresh fuel this weekTradingFloor
US/EU G20 inaction perhaps a green light for more JPY weakening * Former BoJ deputy governor slams Abenomics and weak JPY * Fed dove Dudley to be interviewed by Bloomberg today

FI Eye-Opener: What will you say now, Mario?Nordea
Bonds end the week with a rally – spreads narrow. Bonds to see more demand today. ECB trying to reassure after the disappointing first TLTRO. Increasing excess liquidity to push the overnight rate into negative territory again. PMI week ahead – Draghi to speak today. Belgian auctions setting the issuance week in motion.

Dollar Slips Marginally, Dollar-Bloc Remains Heavy, Market Awaits Fresh PushMarc to Market

  WEEKLIES (here for more)
The Macro Week AheadTradingFloor

Thinking about the Week AheadMarc to Market

Strategy Sweden: On the radarNordea
ECB: Draghi backed into a corner * Fed: Connecting the dots – where is Yellen territory? * Sweden: Election status, between a rock and a hard place * Riksbank: A new Riksbank…or maybe not? In the light of other central banks… * SEK frontend: One way of playing a rate cut * SEK swaptions: Minutes increase value in receiver steepeners

Key Events In The Coming WeekZH

What Matters for Global Markets in the Week AheadWSJ

Viikkokatsaus: Vedetään henkeä – ei pidätetäNordea
Mennyttä: Euroalue: TLTRO oli pettymys * Iso-Britannia: Skotit jäivät Tulevaa: Luottamuslukuja * Saksa: Ifo-indeksi laskee taas * Suomi: Kotimainen kysyntä on vaisua

Rakenteellinen vai suhdanneongelma?Roger Wessman