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Tuesday, November 18

18th Nov - Quiet

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Lessons from the Bank of Japan for the euro areaBruegel
Q3 data seem to confirm the fear that the Bank of Japan would miss its target

Young and under pressure: Europe’s lost generationBruegel
The youth in particular have been affected by soaring unemployment rates that created an outcry for changes in labour market policies for the young in Europe.

Eurosceptics bring censure motion on EU chief over taxReuters
The European Commission faces a censure motion in the European Parliament next week after Eurosceptic lawmakers united to condemn the role its president, Jean-Claude Juncker, played in Luxembourg tax schemes.

Greek Bailout Review Stalls as Troika Demands Final StepsBB

ECB Must Weaken Euro to Aid France and Italy, Ex-BOE’s King SaysBB

The hijacking of the ECB’s euro selfie competition was swift and brutalQuarz

Draghi Says ECB Measures Could Include Buying Government BondsBB

Credibility of the AQR and bank stress
Results from last month’s EU-wide stress test are reassuring, especially for countries at Europe’s core. This column warns against a rosy interpretation. The test relies on risk-weighted measures of bank capital ratios that have been shown to be less predictive of bank failure than unweighted leverage ratios – a metric already adopted by the US Fed and Bank of England. In addition, many experts recommend much higher leverage ratios than currently required. The ECB must do more to fix undercapitalisation.

ZEW Index: German Mood Music More Upbeat – WSJ
German Investor Confidence Rebounds as Recession Averted – BB
U.K. Inflation Unexpectedly Quickens on Transport, Toys – BB

U.S. producer inflation up, but underlying trend muted – Reuters
U.S. home builder sentiment rises in November: NAHB – Reuters
From the floor: JPY poised as Abe decidesTradingFloor
Japanese prime minister Shinzo Abe likes the spotlight and if he does make that snap election announcement today, JPY weakness could follow.

Tax hike postponed to 2017, election in mid-DecemberDanske Bank

Daily Central BanksWSJ
Hilsenrath’s Take:Yellen is Getting the Fiscal Policy Bernanke Asked For * Small Towns Go to Bat for Wall Street Banks * Fed Hosts Meeting on Alternatives to Libor * Japan Prime Minister Shinzo Abe Calls Snap Election * Draghi Says ECB Open to Further Easing

Daily MacroWSJ
The news overnight was more favorable to Europe than to Asia. In both Japan and Indonesia, reformist leaders are facing key tests of their economic policies, with Japanese Prime Minister Shinzo Abe calling a snap election in conjunction with a plan to postpone a sales tax increase and Indonesian President Joko Widodo taking the potentially unpopular step of raising fuel prices and then getting whacked with an interest rate increase to go with it. But in Germany, the extremely welcome sign of a more positive economic outlook came in the form of a stronger reading for the latest ZEW survey of economic sentiment. All up, markets seem quite pleased with the way these events have transpired. Helped also by strong signals Monday of more monetary easing from European Central Bank President Mario Draghi, they are generally higher.

Dollar Broadly Mixed as Corrective Forces Try to Take HoldMarc to Market

FX Forecast Update: The Fed and the restDanske Bank

Yield Forecast Update - BoJ and the ECB to boost liquidity in 2015Danske Bank

The spillovers of fiscal and monetary policiesBruegel
Policymakers in emerging economies have repeatedly complained over the spillover effects of advanced economies’ policies in the Great Recession. As the Federal Reserve normalizes its policy, while the Bank of Japan and the ECB contemplate further easing, it remains unclear whether emerging economies possess the tools to limit undue fluctuations associated with these adjustments.

From the floor: JPY poised as Abe decidesTradingFloor
Markets await Shinzo Abe decision on snap election call * Election call could see "next leg of yen depreciation", says Hardy * Draghi boosts financial stocks after reference to new unconventional measures * Oil agenda dominated by upcoming Opec meeting as markets anticipate a cut * Natural gas market remains volatile

Suomi-neito on tyypillinen perheväkivallan uhri – uskoo omaan syyllisyyteensäTyhmyri

Suomen Pankki ja taloudelliset näkemykset – täydellinen luottamuksen puuteTyhmyri

Yksi kuva kertoo synkän totuuden: Suomi juuttui lamaanIS

Kaikkien lamojen äitiHenri Myllyniemi / US

Suomi Japanin tielläJouko Marttila

Puskista huutelun autuus ja onni – show must go onTyhmyri