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EUROPE
Q3 data
seem to confirm the fear that the Bank of Japan would miss its target
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 tax – Reuters
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 Steps – BB
EUROPEAN
CENTRAL BANK
The
hijacking of the ECB’s euro selfie competition was swift and brutal – Quarz
Draghi
Says ECB Measures Could Include Buying Government Bonds – BB
Credibility
of the AQR and bank stress test – VoxEU.org
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
UNITED STATES
U.S. producer inflation up, but
underlying trend muted – Reuters
U.S. home builder sentiment rises in
November: NAHB – Reuters
ASIA
From the
floor: JPY poised as Abe decides – TradingFloor
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-December – Danske
Bank
OTHER
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
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 Hold – Marc
to Market
FX
Forecast Update: The Fed and the rest – Danske
Bank
Yield
Forecast Update - BoJ and the ECB to boost liquidity in 2015 – Danske
Bank
The
spillovers of fiscal and monetary policies – Bruegel
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 decides – TradingFloor
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
FINNISH
Suomi-neito on tyypillinen perheväkivallan uhri – uskoo
omaan syyllisyyteensä – Tyhmyri
Suomen Pankki ja taloudelliset näkemykset – täydellinen
luottamuksen puute – Tyhmyri
Yksi kuva kertoo synkän totuuden: Suomi juuttui lamaan
– IS
Kaikkien lamojen äiti – Henri
Myllyniemi / US
Suomi Japanin tiellä – Jouko Marttila
Puskista huutelun autuus ja onni – show must go on – Tyhmyri