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EUROPE
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.
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 Review – BIS
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 system – BIS
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.
EUROPEAN CENTRAL BANK
Euro
area deflation monitor – Danske
Bank
ECB
quantitive easing fever squeezes spreads – TradingFloor
ECB’s
Coeure Says Officials Won’t Rush as They Debate All Assets – BB
Conservative
ECB Officials Play Down Need for More Stimulus – WSJ
Questions
we should ask Mario Draghi – TradingFloor
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
UNITED STATES
MACRO NUMBERS
Press
release – BEA
U.S. economy resilient in Q3 as global
growth cools – Reuters
Consumer
Confidence Surprises to the Downside – dshort
Consumer
confidence falls in November to lowest since June – Reuters
ASIA
BoJ
minutes and Kuroda speech weigh on USDJPY – TradingFloor
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 easing – FT
Minutes
explain split moments before Bank of Japan delivered shock
Kuroda
resolute in fight against deflation, says ready to ease more – Reuters
Abe
Sales Tax Backfiring With More Debt Not Less – BB
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.
OTHER
Daily
Central Banks – WSJ
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
Macro – WSJ
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
Daily – Danske
Bank
Nordea
Morning – Nordea
FI
Eye-Opener: Relying on leverage again – Nordea
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 Water – Marc
to Market
US Open – ZH
Futures In Fresh Record Territory As OECD Cuts Global Growth
Projections Again
From the
floor: Opec D-day looms large as yen fights back – TradingFloor
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 investors – TradingFloor
Global
Business Confidence Collapses To Post-Lehman Lows – ZH
Global
Business Outlook: “Darkest Picture since Financial Crisis.” – Wolfstreet
Emerging
Markets Briefer: November 2014 – Danske
Bank
EM Bond
Snapshot: PBoC is the game changer – Danske
Bank
Monetary
policy divergence splits EM into two camps – FT
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 years – WaPo
OECD OUTLOOK
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
OECD sees
gradual world recovery, urges ECB to do more – Reuters
OECD: Banks
Should Package Sovereign Bonds for ECB Purchase – BB
FINNISH
Aamukatsaus – Nordea
Nollaelvytystä Kiinasta | Saksan IFO-indeksi yllätti | USA:n
palvelusektorin ostopäällikköindeksi putosi
Arvovaltaisia varoituksia uhkaavasta epävakaudesta – Peter
Nyberg
SDP:n
vaalivedätys – Jouko Marttila
Maahanmuuton kustannusselvitys Turussa – Ville
Tavio / US Puheenvuoro
Onko
eurovaltio itsenäinen? – Sixten
Korkman / HS
Sixten Korkman ja rahapolitiikka – missä ammattimaisuus
– Tyhmyri
Matti Alahuhta valittiin EK:n puheenjohtajaksi – Verkkouutiset
EK:n Alahuhta: Suomi on selvinnyt ennenkin suurista
muutoksista – Verkkouutiset
JÄTTILIITTO
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