Previously
on MoreLiver’s:
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EUROPE
Time for
a contrarian view: Eurozone's economy is turning the corner – Sober
Look
Is the
Eurozone Poised for Recovery? – WSJ
The
absence of national adjustment tools is the reason why Eurozone countries
continue to struggle
– Europp
/ 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.
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 fragile – Danske
Bank
FRANCE
France's B-grade politicians audition for
showtime 2017 – TradingFloor
Sarkozy
Pledges to Win Voters Back from French Far-Right – FT
EUROPEAN
CENTRAL BANK
Draghi
Effect Subsides as Pressure Builds on ECB Chief – BB
Speech
by Mario Draghi, President of the ECB – ECB
Introductory
remarks at the EP’s Economic and Monetary Affairs Committee
UNITED STATES
Hawkish
Undertone – Tim
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.
A Few
Comments on August Existing Home Sales – Calculated
Risk
OTHER
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
DAILIES
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 Macro – WSJ
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 week – TradingFloor
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 Push – Marc
to Market
WEEKLIES (here
for more)
The
Macro Week Ahead – TradingFloor
Thinking
about the Week Ahead
– Marc
to Market
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 front‐end: One way of
playing a rate cut * SEK swaptions: Minutes increase value in receiver
steepeners
Key
Events In The Coming Week – ZH
What
Matters for Global Markets in the Week Ahead – WSJ
FINNISH
Viikkokatsaus: Vedetään henkeä – ei pidätetä – Nordea
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