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Tuesday, September 23

23rd Sep - PMIs again dark

Previously on MoreLiver’s:
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Ten Lessons from the Scottish ReferendumPIIE
The 55 percent majority that rejected Scottish independence was perhaps not so lopsided as to banish all Scottish nationalist dreams of another vote someday. But it was more decisive than many opinion polls had predicted. At least 10 lessons can be drawn from the process.

Merkel "impressed" by French reforms, defers to EU on deficitReuters
Valls tells Germans France isn't EU's 'sick child'Reuters

Even the ECB thinks Germany needs to start spending moreWaPo

Haushaltspolitik: Schickt endlich die Helikopter!Spiegel
Wolfgang Münchau: Der Bankenrettungsschirm ESM soll jetzt helfen, Unternehmen mit Krediten zu versorgen. Ein Vorschlag von beeindruckender Mutlosigkeit. Wesentlich wirksamer wäre es, das Geld per Hubschrauber über der Eurozone abzuwerfen.

Münchau: Italy debt burden is a problem for us allFT

Why Europe needs to give up on QETradingFloor
In our view, there are two factors behind the euro's continued weakness. Firstly, it is not really all that weak...the dollar is just on a tear. Secondly, markets have been pricing in expectations of an ECB-led QE programme for a long time, but this does not look ready to materialize. In light of all this, could the euro have finally hit bottom?

TLTRO effect is the ECB’s Waiting for GodotReuters

European QE is Not a Given — BlackRockWSJ

U.S. Home Prices Are Now Just 6.4% Below All-Time HighWSJ

Daily Central BanksWSJ
Hilsenrath’s Take: Without Two Hawks, Fed Rate Consensus a Quarter Point Lower * NY Fed Dudley Says Would Be ‘Very Happy’ To Raise Rates Some Time In 2015 *Fed’s Kocherlakota Seeks More Aggressive Approach to Inflation Target * ECB’s Draghi Keeps Door Open to Quantitative Easing * China Manufacturing Activity Grows Modestly in September

Daily MacroWSJ
Markets were poised for the worst going into the opening of trading in Asia, but, in a mark of how important China has become to global investors, all it took was a modest expansion in HSBC’s “September flash” purchasing-managers index to improve sentiment in regional trading. But then it was Europe’s turn for flash PMI results. These showed a dismal performance for the eurozone’s factories, which meant European shares started out their day on poor footing. Divergences in regions are for once causing divergences in regional share markets.

Daily FX Board: JPY pumps and dumpsTradingFloor

Citi Previews How It All Ends, In One ChartZH

China: Slight improvement in PMI suggests slowdown less severe than feared – Danske Bank
China September factory activity edges up but employment shrinks – Reuters
Is China’s PMI uptick for September to be trusted? – FT
Manufacturing Rebound Relieves Growth Concerns in ChinaBB

German Factory Growth at 15-Month Low in Sign of Uneven Economy – BB
Euro zone business growth slows in September as prices keep sliding – Reuters
Euro Area Suffers Unexpected Slowdown From Factories to Services – BB
Euro-Area Surveys Show Slowdown Putting Pressure on ECB – BB
Euro PMI still soft - German manufacturing weakens further – Danske Bank

US manufacturing boom continues in September – TradingFloor
U.S. manufacturing growth continues apace in September – Reuters

VM:n Pikkarainen: Valtioiden velkakirjojen osto olisi kuin eurobondiTE

Oma avustaja ministeriksiIL
Kokoomus saa jatkossakin vastata kysymyksiin sisäpiirin tuolileikeistä, kirjoittaa politiikan toimittaja Tommi Parkkonen.

Elokuun työttömyysaste 7,4 prosenttia – Tilastokeskus
Suomen työllisyyden laskulle ei näy loppua – Roger Wessman