Follow ‘MoreLiver’ on Twitter
EUROPE
EU
Officials Weigh In on Greek Elections: Will It Backfire? – WSJ
European
officials have explicitly backed the current government of Prime Minister
Antonis Samaras in Greece's latest political drama -- a break with traditional
practice that risks backfiring.
Baltic
economies in 2015-2016 – Danske
Bank
BOE Sees
Rising Eurozone Threat – WSJ
BOE Says
Weaker Global Outlook May Threaten Financial Stability – BB
The UK
banking system, stressed – FT
NORDICS
Lost decade
in Finnish economy – Danske
Bank
Swedish
Finance Minister Says GDP Outlook May Need to Be Cut – BB
Sweden:
Ingves on unconventional measures – Nordea
Riksbank
leaves door open – Nordea
Today the
Riksbank’s Executive Board was unanimous in leaving the repo rate unchanged at
zero. In the wake of the plunge in oil prices the bank revised down its
inflation forecast. As a result of this, the rate path was also lowered. But
the bank did not use the heavy artillery although it emphasised its readiness
to take action as early as February if required.
RUSSIA
Russia
Boosts Interest Rate From 10.5% To 17% - ZH
Citi, JPM: 17%
Rate Hike Not Enough", GS: "Removes CBR Uncertainty" – ZH
Moscow’s
Midnight Interest Rate Shocker: Reactions – WSJ
Russia's
central bank needs to show them the money – TradingFloor
The
research after the Russian hike before [updated] – FT
Russia - CBR hikes rates aggressively to
curb RUB sell-off – Danske
Bank
Sorry,
Putin. Russia’s economy is doomed – WaPo
Ruble jumps
on Russia rate hike, oil pressured – Reuters
Russia’s
‘Massive’ Rate Rise Seen Halting Ruble Tumble – BB
The Bank of
Russia sharply raised the key rate to protect its currency – Nordea
Russia
Takes Well-Trodden Path in Interest-Rate Defense of Ruble – BB
Will
Ruble's Rout Force Capital Controls? – BB
Russia Defends Ruble With Biggest Rate
Rise Since 1998 – BB
What
Putin’s inability to halt the rouble’s collapse says about him – FT
Russia's Black Tuesday – The Economist
Russian
foreign liabilities in perspective – FT
Russia’s Economic Pain Is Just Beginning,
Bank Group Warns – WSJ
Russia has just lost the economic war with
the west – The
Guardian
The Ruble
and the Textbooks – Krugman
/ NYT
Why the
Russian economy is melting down – VOX
Russia Seen Spending Further $70 Billion
to Fight Ruble Rout – BB
Bundesbank
president Jens Weidmann steps up criticism of QE – FT
UNITED STATES
Fed Seen
Looking Past Low Inflation to Drop ‘Considerable Time’ – BB
The Federal
Reserve will look past low inflation and drop a pledge to keep interest rates
near zero for a “considerable time” as it seeks an exit from the loosest
monetary policy in its 100-year history, economists said.
5 Things
to Watch at the December Fed Meeting – WSJ
REGULARS
Daily
Central Banks – WSJ
How Oil’s
Plunge Could Become a Financial Stability Worry for Fed * Five Things to Watch
at the Fed Meeting * Russia Central Bank Raises Key Rate to 17% * ECB’s
Weidmann Says He Views Idea Of ECB Govt Bond Buys ‘Skeptically’ * Bank of
England Stress Test Gives U.K. Major Banks Clean Bill of Health
Daily
Macro – WSJ
The general
view is that the Fed will stay focused on the constant signs of improvement in the
U.S. economy and so remove language indicating that it will wait for a
“considerable time” before raising rates. But the global situation puts it in a
bind.
Danske
Daily – Danske
Bank
Nordea
Morning – Nordea
FI
Eye-Opener: Winter woes – Nordea
German
yields fail to rebound – US yields manage to climb. Bonds to remain supported.
Oil slide continues, pushing inflation expectations ever lower. European
equities record heavy losses. China’s manufacturing sector still losing
momentum. Russia hikes rates aggressively – the rouble to face more pressure.
US capacity utilization continues to climb. PMIs with some upside potential but
does it matter?
Dollar's
Downside Correction Continues, though no Rouble Reprieve – Marc
to Market
US Open – ZH
Turmoil
Spreads: Ruble Replunges, Crude Craters, Yen Surges, Emerging Markets Tumbling
From the
floor – TradingFloor
Oil price
falls mean the collapse in the ruble has intensified, with Russia's central
bank making a drastic interest rate move overnight, raising its key rate from
10.5% to 17% – and it doesn't look like a bottom is in sight for the
beleaguered currency.
PURCHASING MANAGER INDICES
Japan: Operating
conditions continue to improve in December – Markit
China: Operating
conditions deteriorate for the first time since May – Markit
China PMI
declines more than expected, no signs of impact from interest rate cut – Danske
Bank
China: PMI
points to an ugly Q4 – Nordea
China
Manufacturing PMI Drops Back Into Triple-Dip Contraction, Lowest In 7 Months – ZH
China industrial activity shrinks in
December, calls grow for more stimulus – Reuters
China’s
Factory Gauge Declines as Stimulus Case Builds – BB
France: private sector output falls at slowest rate in
four months – Markit
Germany: private
sector activity growth weakest in 18 months – Markit
German
Economy at Risk of Downturn as Growth Seen Weak at Best – BB
EZ PMI
signals slight gain in momentum at year-end – Markit
Higher euro
PMIs and German ZEW expectations – Danske
Bank
Euro area:
Slow growth, but confidence returning – Nordea
U.S. manufacturing output growth slows
again in December – Markit
US
Manufacturing PMI Plunges To 11 Month Lows, Misses By Most On Record – ZH
OTHER
FX
Forecast Update: 'It's the oil, stupid' – Danske
Bank
EM FX:
Another one bites the dust – Nordea
The RUB has
taken centre stage with new record highs, extreme intraday volatility and
emergency rate hikes. Other EM currencies such as BRL, MXN and ZAR are also
suffering from the drop in commodity prices, and we revised our forecasts for
all three. We remain cautious on EM FX in general, though some of the moves,
especially in RUB, look overdone.
Great
Graphic: Major Currencies on Trade-Weighted Basis – Marc
to Market
Winners
and losers of oil price plunge – FT
Inflation
and strong dollar could curb global economic impact
Euro: Window
Of Upside? – BCA
Our FX
strategists see asymmetric risks to the euro over the next 1-3 months.
Why Are
Commodity Prices Falling? – Project
Syndicate
FX Board:
Was that the bottom?
– TradingFloor
FINNISH
Aamukatsaus – Nordea
Venäjän keskuspankki nostaa kun ei muuta voi | Norjan
keskuspankki leikkaa vielä kaksi kertaa | Kiinan teollisuuden PMI jäi
odotuksista
Talousennusteiden kauheuskilpailu jatkuu – Taloutta
ja Historiaa
Alexander Stubb: Konsensuspolitiikka uhkaa halvaannuttaa
Suomen – Verkkouutiset
Tarkastusvirasto: Toimet kestävyysvajeen umpeen
kuromiseksi riittämättömiä – Verkkouutiset
Korkeasti koulutettujen työttömyys lisääntyi noin 30
prosenttia vuodesta 2012 – Tilastokeskus
Kansantalouden tuotanto laski lokakuussa 2014 – Tilastokeskus