Google Analytics

Wednesday, October 22

22nd Oct - EUR slides on ECB bond rumours





Previously on MoreLiver’s:

Follow ‘MoreLiver’ on Twitter


EUROPE
Reform alone is no solution for the eurozone – FT
Martin Wolf: A policy that may work for Germany alone cannot work for an economy more than three times as big

EU to warn France and Italy on budget plans – FT
The European Commission will on Wednesday tell five eurozone countries, including France and Italy, that their budget plans risk breaching EU rules, say three officials briefed on the decision.

Europe’s Brush with Debt – Project Syndicate
Hans-Werner Sinn: French Prime Minister Manuel Valls and his Italian counterpart, Matteo Renzi, refuse to comply with the eurozone's 2012 fiscal compact; instead, they intend to run up fresh debts. Their stance highlights a fundamental flaw in the European Monetary Union’s structure – one that Europe’s leaders must address before it is too late.

Financial fragility of euro area households – ECB
Albeit euro area households are relatively resilient as a whole, there are large discrepancies in the impact of macroeconomic shocks across countries…calibration of country level loant-to-value ratio caps.

Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area? – IMF

Weekly Bond Update: Corporate bonds may not address Eurozone woes – TradingFloor
Reports of the European Central Bank allegedly considering adding corporate bonds to its bond purchase programme have sparked optimism in European credit markets.

  EUROPEAN CENTRAL BANK
David Marsh: Draghi has his back to the wall – MarketWatch
5 reasons the ECB’s position isn’t as strong as it was in 2012

ECB Stress Tests Could Shake Bank Ratings, S&P Says – WSJ
Stakes high for Europe’s bank stress tests – FT

Preliminary Thoughts about the ECB and Corporate Bonds – Marc to Market
How an ECB Corporate Bond Program Could Work – WSJ

UNITED STATES
Fed on inequality, and the lawless border town between fiscal and monetary responsibilities – FT

How Far Do Stocks Need to Fall to Get the Fed to Intervene? – WSJ
Bank of America Offers a Clue

QE Timeline Update – Calculated Risk

ASIA
Chinese deposit growth, but not as we knew it – FT

China’s Great Leap Backward – Project Syndicate
This week, Chinese Communist Party leaders are meeting in Beijing for a plenary session centered on one topic: the rule of law. But the crackdown on freedom of speech, assembly, association, and movement now unfolding in China casts doubt on the credibility of the government's commitment to political modernization.

OTHER
Daily Macro: Japanese Equities Swing Again – WSJ
Maybe the country’s two possible outcomes – recovery and inflation or debt deflation – are at such extremes that any small tilt from one risk to the other is registered as a massive price swing…European equities, meanwhile, had a more muted, mixed start after Tuesday’s sharp rally. German bonds continued to be in heavy demand, with the government selling an issue of its 30-year debt at a record low yield of 1.77% – making Germany look ever more Japanese by the day.

Daily Central Banks – WSJ
Hilsenrath’s Take: More About that Fed Culture Crackdown on Banks * New York Fed Failed To Examine J.P. Morgan’s ‘London Whale’ Unit * European Stocks Jump as ECB Mulls Buying Corporate Bonds * China’s Slowdown Raises Pressure on PBOC to Spur Growth * BOE Officials Gloomier on Economy, Minutes Show
 
FINNISH
Kokoomus laskussa, keskusta nousussa – Jyrki Virolainen

"Puhe naisen eurosta pitäisi lopettaa" – Verkkouutiset
Kokoomuksen ja vasemmistoliiton nuorisojohtajat kiistelevät uutuuskirjassa kuumista asioista.

Rakentaminen hyytyy kohti 90- luvun laman lukemia – Piksu

Björn Wahlroos haluaa uudet vaalit – YLE
Talousvaikuttaja Björn Wahlroos kertoi keskiviikkona haluavansa uudet eduskuntavaalit mahdollisimman pian, koska uudella hallituksella on niin paljon tehtävää.

Raharuiskuista puhti pois – kuin köydellä työntäisi – Jan Hurri / TalSa
Analyysi Euroalueen keskuspankki EKP yrittää saada taloutta kasvuun rahan voimalla, mutta yritys on kuin köydellä työntämistä – eivätkä tuloksetkaan välttämättä sen kummempia. Se yrittää kasvattaa velkarahoituksen tarjontaa, vaikka pulaa on ennemmin uusien luottojen kysynnästä. Rahaa on enemmän kuin tarpeita.

Rakkaat asiantuntijat – Henri Karjalainen / US
Taloustieteilijät tekemään Suomelle pelastussuunnitelma – Kimmo Saarikko / US