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Friday, October 3

3rd Oct - Good payrolls lift USD, stocks

Previously on MoreLiver’s:

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ECB’s Mario Draghi and his misguided malcontentsFT
The ECB president deserves support for his asset-buying plan

Mario Draghi's QE: too little for markets, too much for GermanyThe Telegraph
Mario Draghi, the ECB’s president, seemed unable to secure backing for his €1 trillion stimulus plan from Germany

The ECB’s ABC of ABS is missing a few letters Bruegel
After the ECB last month announced a programme of private sector assets purchases, all eyes were directed at Frankfurt yesterday. As expected, the ECB unveiled further details of its new ABS and covered bond purchase programmes, revealing that important issues remain unresolved (while others may soon become thorny).

Markets and ECB set for a Mexican stand-off over policy actionTradingFloor
The ECB's asset purchase plan and targeted loan programs are a form of credit easing rather than quantitative easing. The plan is indicative of central bankers that have their heads in the sand. Markets are unlikely to be fooled and will be holding policymakers' feet to the fire until more dramatic action is enacted.

The German Constitutional Court’s decision on
Following the February 2014 decision by the German Constitutional Court on the OMT commentators have declared the program “effectively dead”. Nevertheless, financial markets seemingly ignored the decision and sovereign risk premia of Eurozone crisis countries have continued to decline. Policy Insight 74 reviews the legal issues underlying the German Court’s decision and the respective responsibilities of the European Court of Justice. It explores whether likely outcomes of the judicial process would support the benign market reaction to the German Court’s announcement.

Draghi Breathing Life Into Moribund ABS Bond MarketBB
Draghi’s plan to kick-start growth by buying the securities spurred more than 10 billion euros ($12.7 billion) of issuance in September. That’s almost double the monthly average for the year, signaling a revival in a market that’s shrunk more than 40 percent since 2010,

Draghi Keeps QE Herd Waiting With Stimulus Goal Shrouded BB
Draghi hasn’t moved any closer to full-blown quantitative easing…Draghi’s reluctance to spell out how many assets officials might buy disappointed investors pushing him to go all-in.

Greek Hopes to Slip Bailout Shackles Meet Draghi HurdleBB
Antonis Samaras’s ambition to drive Greece out of its rescue program is running into a roadblock. The country’s prime minister might be thwarted by conditions for the ECB’s asset-purchase program,

Spanish services PMI misses expectations – TradingFloor
Euro zone business growth in September weakest this year – Reuters
Euro area services PMI misses despite German upside surprise – TradingFloor
U.K. Services Growth Cools as Recovery Loses Some Momentum – BB

Euro zone retail sales much stronger than expected in August – Reuters
Solid retail sales suggest resilient domestic demand – Danske Bank
Volume of retail trade up by 1.2% in euro area – Eurostat

October Macro Update: Growth With Falling InflationThe Fat Pitch

Markit Services PMI Slides To 4-Month Lows As ISM Services Drops From 2005 Highs – ZH
ISM Non-Manufacturing: Somewhat Slower Growth in September – dshort

The September Jobs Report – The Numbers – WSJ
Quick Hits From the September Jobs Report – WSJ
September’s Jobs Report in 12 Charts – WSJ
Economists React: ‘A Sigh of Relief’ – WSJ
Report Keeps Early Rate Hike On Table, Tough Communication Decision For Fed – WSJ
Behind the U.S. Jobless Rate: More Job Gains Than Dropouts – WSJ
5 Takeaways – WSJ
September payrolls: +248k, and jobless rate at 5.9% - FT
Strong nonfarm payrolls print catapults EURUSD lower – TradingFloor
Job +248K Beats Expectations, Unemployment Drops To 5.9% - ZH
Labor Participation Rate To 36 Year Low; Record 92.6 Million Not In Labor Force – ZH
230K Jobs Added In 55-69 Age Group; 10K Lost In Prime, 25-54 Group – ZH
Average Hourly Earnings Suffer First Monthly Decline Since July 2013 – ZH
Unemployment finally under 6 percent, but don’t expect a raise soon – WaPo
248,000 Jobs, 5.9% Unemployment Rate – Calculated Risk
Party Like it's 1999! – Calculated Risk
Wages and the Fed: Nothing to justify a rate hike – Krugman / NYT
September Jobs Report: Everything You Need to Know – WSJ
Jobs Report in a Word: ‘Solid’ – WSJ
Part-Time Employment Ratio Looking Better for the Core Age Group – dshort

China’s Services Gauge Declines as Economic Slowdown Deepens – BB
China services growth dips to eight-month low in September – Reuters

Daily Central BanksWSJ
Hilsenrath’s Take: Jobless Rate Still Key to Fed’s Timing * Fed’s Dudley Says Those Who See Lax Regulatory Oversight Are Wrong * ECB Pauses to Observe Results of Recent Stimulus Measures * BOJ May Signal Flexible Time Frame for 2% Inflation Target * IMF to Lower Global Growth Forecast Next Week

Daily MacroWSJ
Coming in the wake of yet another round of disappointing data from the eurozone, if the data show a decent performance in terms of job creation, it will underscore the wide divergence between the U.S. and Europe. And that in turn should further strengthen the argument of those who have bought into the dollar’s recovery against the euro. Even though ECB’s Draghi seemed to suggest that sovereign-bond purchases wouldn’t form part of the ECB’s coming quantitative-easing program, the simple fact that the eurozone is expanding its stimulus program while the U.S. is slowly unwinding its own gives momentum to the dollar versus the euro.

Dollar Remains Bid Post-Draghi, Pre-JobsMarc to Market

Valtiovarainministeriön tulevaisuuskatsaus 2014VM
Vakaa ja tehokas Suomi yhdentyvässä Euroopassa

VM: Rahaliitto vie jäsenmaiden päätösvaltaaTalSa
Valtiovarainministeriö varoittaa Euroopan rahaliiton kehittämisen vievän talouspoliittista päätösvaltaa sen jäsenmailta.

Nousukausikaan ei ratkaisisi rakennetyöttömyyttäTilastokeskus
Asiantuntijat: Talouskasvu ei ratkaise työttömyyttäTalSa

Kartta paljastaa karun totuuden Suomen vähittäiskaupastaIL
Taloustieteen professorin mukaan keskittyminen on syynä ruoan korkeaan hintaan Suomessa.

Setäjengi kouluttaa hallituksen hankalaa akkaaNYT

Vain nuoret ja kauniit kelpaavatHS

Puolustusministeriön katsauksessa sana "Nato" mainitaan vain kerranVerkkouutiset