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Tuesday, November 25

25th Nov - EZ bond yields plummet

Previously on MoreLiver’s:

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World economy leaves Europe behindDaniel Hannan / Capx
David Cameron can hardly have failed to notice, as he looked around the G20 table, that his European colleagues are the ones with the worst problems. Britain is in the wrong place.

Will "Invest in Europe" be DOA?Marc to Market
EC President Juncker is set to unveil a new investment program.  It sounds good… However, the optics are more compelling than the details.

Presentation of the 2014 Financial Stability ReviewBIS
Speech by Prof Claudia Buch, Deputy President of the Deutsche Bundesbank, at the unveiling of the Deutsche Bundesbank's Financial Stability Review, Frankfurt am Main, 25 November 2014.

The risk situation in the German financial systemBIS
Opening statement by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the unveiling of the Deutsche Bundesbank's Financial Stability Review, Frankfurt am Main, 25 November 2014.

Euro area deflation monitorDanske Bank

ECB quantitive easing fever squeezes spreadsTradingFloor

ECB’s Coeure Says Officials Won’t Rush as They Debate All AssetsBB

Conservative ECB Officials Play Down Need for More StimulusWSJ

Questions we should ask Mario DraghiTradingFloor
Getting a straight answer from a central banker is hard work. Here are some questions that I would like to ask the European Central Bank's president Mario Draghi. Next Thursday I just might be able to direct one or two to him. Let me know if you have any good suggestions.

EU28 current account surplus €7.8 bn – Eurostat

5 Things to Watch in the U.S. GDP Report – WSJ
Press release – BEA
Q3 GDP Second Estimate at 3.9% Beats Economists' Expectations – dshort
Q3 GDP Revised Above Highest Estimate, Prints 3.9% - ZH
U.S. economy resilient in Q3 as global growth cools – Reuters
Q3 GDP Revised Up – Bespoke

Consumer Confidence Surprises to the Downside – dshort
Consumer confidence falls in November to lowest since June – Reuters
Consumer Confidence in U.S. Unexpectedly Dropped in November – BB

BoJ minutes and Kuroda speech weigh on USDJPYTradingFloor
BoJ governor says deflationary mindset is turning around * Committee members make the case that no QE expansion was required * Little mention of JPY but exchange rate is at a 30-year low

BoJ warned on cost of more easingFT
Minutes explain split moments before Bank of Japan delivered shock

Kuroda resolute in fight against deflation, says ready to ease moreReuters

Abe Sales Tax Backfiring With More Debt Not LessBB
Consumption plunged and the economy fell into a recession, prompting companies including Mirae Asset Global Investments Co. and High Frequency Economics to predict even more sovereign debt sales to revive growth.

Daily Central BanksWSJ
Schlesinger’s Take: The Internal, External Limits Facing BOJ Gov. Kuroda * BOJ Governor Defends Easing Measures * Eurozone Stagnation Poses Major Risk to Global Growth, OECD Warns * Conservative ECB Officials Play Down Need for More Stimulus *       China Stock Surge Before Rate Cut Raises Investors’ Worries

Daily MacroWSJ
The contrasting political challenges in fighting deflation for central banks were manifest in presentations in the U.K. and Japan over the past 24 hours. BoJ's Kuroda defended his central bank’s bond-buying program as part of its effort to break the back of deflation amid criticism that it is acting as an enabler to government deficit-spending. But in the U.K., BoE officials found themselves defending plans to end bond-buying against concerns that a falling inflation rate could give rise to deflation.

Danske DailyDanske Bank

Nordea MorningNordea

FI Eye-Opener: Relying on leverage againNordea
German yields edge higher – more room for yields to climb today. Spanish 10-year yield falls below 2% for the first time. Juncker’s investment programme lacking teeth. German Ifo rebounds – German outlook still clouded. Plenty of US economic data on the agenda Dutch and US issuance.

Antipodeans Sink, while USD Treads WaterMarc to Market

Futures In Fresh Record Territory As OECD Cuts Global Growth Projections Again

From the floor: Opec D-day looms large as yen fights backTradingFloor
Thursday's pivotal Opec meeting may look to address the approximate 25% fall in oil prices since the summer. If it can't, then expect the likes of Petroleos de Venezuela and Gazprom to come under even more pressure

Daily Shot: Why PBoC’s rate cut doesn't wash with investorsTradingFloor

Global Business Confidence Collapses To Post-Lehman LowsZH
Global Business Outlook: “Darkest Picture since Financial Crisis.”Wolfstreet

Emerging Markets Briefer: November 2014Danske Bank

EM Bond Snapshot: PBoC is the game changerDanske Bank

Monetary policy divergence splits EM into two campsFT

Gideon Rachman: China, Russia and the Sinatra doctrineFT
Beijing and Moscow are pushing for a reordering of world affairs based on ‘spheres of influence’

This week’s OPEC meeting is the most important in yearsWaPo

Stronger policy response needed to avoid risks to growth, especially in the euro area – OECD
Economic outlook, analysis and forecasts – OECD
Presentation slides – OECD
OECD Sees Eurozone in ‘Stagnation Trap’ – WSJ
Fed Should Delay Rate Rises If Dollar Hampers Growth, OECD Says – BB
Bank of Canada to Raise Policy Interest Rate in May: OECD – BB
OECD sees gradual world recovery, urges ECB to do more – Reuters
OECD: Banks Should Package Sovereign Bonds for ECB PurchaseBB

Nollaelvytystä Kiinasta | Saksan IFO-indeksi yllätti | USA:n palvelusektorin ostopäällikköindeksi putosi

Arvovaltaisia varoituksia uhkaavasta epävakaudestaPeter Nyberg

SDP:n vaalivedätysJouko Marttila

Maahanmuuton kustannusselvitys TurussaVille Tavio / US Puheenvuoro

Onko eurovaltio itsenäinen?Sixten Korkman / HS

Sixten Korkman ja rahapolitiikka – missä ammattimaisuusTyhmyri

Matti Alahuhta valittiin EK:n puheenjohtajaksiVerkkouutiset
EK:n Alahuhta: Suomi on selvinnyt ennenkin suurista muutoksistaVerkkouutiset

Palkansaajat hakevat taisteluvoimaa jättiliitosta – HS
HS-analyysi: Paatuneinkin kapitalisti kuuntelisi jättiliiton palkka­neuvottelijaa
Akava ei ole kiinnostunut suurjärjestöstä – HS
Salainen kokous: Suunnitteilla ay-keskusjärjestöjen yhdistyminen? – IS
Palkansaajaliitot suunnittelevat yhdistymistä jättikeskusjärjestöksi – Verkkouutiset
Akava: Koulutettujen ääni hukkuisi jättikeskusjärjestössä – Verkkouutiset