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Thursday, December 4

4th Dec - ECB waits...and waits

Previously on MoreLiver’s:

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Europe’s Remedies for JapanizationWSJ

Lars Svensson: Svårt för Jansson att försvara RiksbankenEkonomistas

Introductory statement to the press conferenceECB

Eurosystem staff macroeconomic projectionsECB

Live Blog: Mario Draghi’s December press conferenceFT
Live Blog: Draghi hints at more easing actionMarketwatch
Live Blog: ECB Countdown to QEWSJ

ECB Says Much about Doing NothingMarc to Market

ECB Inflation Expectations Crash; Slashed By Half In Just 9 MonthsZH

Draghi’s oil front against QE-opponentsMerkelnomics
Current forecast: an announcement of a first intermediate QE in the first quarter, followed by sovereign QE in the second quarter, unless the Eurozone economy stages an unexpected growth revival.

Post-ECB: Investors Were Hoping For MoreWSJ

5 Things to Know as the ECB Kicks the QE Can Down the RoadWSJ

Mr. Draghi Keeps QE Up His Sleeve. For NowWSJ

Draghi disappoints with more delays and ditheringTradingFloor
The ECB keeps interest rates unchanged, confirms the economic outlook has deteriorated and cites the oil price decline as a reason to delay.

Draghi: ECB to assess need for more action early next yearReuters

Draghi hinted at more easing in JanuaryDanske Bank

Draghi Says ECB Will Reassess Stimulus Measures Next YearBB
Mario Draghi dragged the European Central Bank toward more monetary stimulus with a pledge to assess the need early next year, disappointing investors seeking a faster commitment.

ECB’s reality checkCredit Agricole

ECB Said to Prepare Broad-Based QE Package for January MeetingBB
ECB’s Governing Council expects to consider a proposal for broad-based asset purchases including sovereign debt next month, two euro-area central-bank officials familiar with the deliberations said.

ECB "QE Coming" Headline Sends Stocks To New Record HighZH

ECB QE drifts from if to when, say many analystsReuters

Goldman Explains What Draghi Really SaidZH

Draghi looks to QE despite governing council splitFT

ECB Market Take: ZigzaghiNordea
On an average day for an average central banker this was dovish, but given Draghi’s November speeches, less so than many hoped. Immediate market reactions are in agreement. The euro strengthens and rates tick up both near the front and in the “QE-zone” around 10Y. QE still seems close to inevitable and will likely arrive in Q1 2015.

ECB to buy everything but gold?Nordea
The ECB refrained from new measures at this point, but Draghi prepared further the ground for more stimulus early next year. Risks to our call for sovereign bond purchases in March are now clearly towards earlier action. Core yields could rebound a bit higher in the near-term, but new lows still lie ahead. The euro will feel more pressure.

Preview: Employment Report for November – Calculated Risk
Ahead of the November Employment Report – Tim Duy’s Fed Watch
US Employment Report: Not What it Used to Be – Marc to Market
5 Things to Watch in the November Jobs Report – WSJ

Did Japan actually lose any decades?FT

Daily Central BanksWSJ
Derby’s Take: For Fed Policy Rule Fans, Devil’s In The Details * Brainard Says Fed Limited in Its Oversight of Nonbank Financial Activities * Fed’s Plosser Repeats Call For Fed to Ready Rate Rises * BOE on Hold as Inflation Eases * Putin Calls for Push Against Ruble ‘Attack’

Daily MacroWSJ
Although the likelihood is that no formal action will be taken at the conclusion of its governing council’s meeting, President Mario Draghi will have an opportunity again to lay out a path toward further monetary easing in his press conference. Signals from the central bank suggest its governing council is getting close to adopting outright purchases of government bonds–quantitative easing–notwithstanding German resistance.

Danske DailyDanske Bank

Nordea MorningNordea
Political uncertainty dominates Swedish news flow * ECB monetary policy announcement today

FI Eye-Opener: Can the ECB really afford to wait?Nordea
Longer German yields edge further up – US yields retreat a bit. Core yields with some more near-term upside left. EUR/USD at fresh 2-year lows. S&P 500 in record-breaking mode again. US economy maintaining momentum. ECB needs to deliver, but not ready for government bond purchases yet. Spanish and French auctions ahead.

Five Things to Know Ahead of the ECB MeetingMarc to Market

Algo Eyes On Draghi Ahead Of ECB Announcement

Daily Shot: QE demonstrandumTradingFloor

Trade Ideas for 2015Global Macro Trading

EMEA WeeklyDanske Bank

Mitä Draghi tekee tänään? | Ruotsi järjestää uudet vaalit | Iso-Britannia on Euroopan suurista talouksista parhaassa vedossa

Keskustan kannatus pilvissäYLE
Viime eduskuntavaaleista keskustan kannatus on noussut lähes yksitoista ja perussuomalaisten sulanut lähes viisi prosenttiyksikköä. Sekä kokoomuksen että SDP:n suosio on pudonnut eduskuntavaaleista kolme prosenttiyksikköä.

Nordean pääekonomisti: lomarahat poisKL
Nordean pääekonomisti Aki Kangasharju ehdottaa radikaaleja toimia Suomen kilpailukyvyn palauttamiseksi. Nopeasti vaikuttavia toimia voisivat olla lomarahojen poisto, eläkemaksujen leikkaus tai peräti palkkojen alennus.

Elvytetty vai kiristetty? Taloustaito
Elvytys ja budjettiautomatiikka: tekeekö poliitikon napinpainallus euroista erilaisia?Harhala
"Miksi raha ei kelpaa Suomelle?"Verkkouutiset
Kokoomuksen kansanedustajat Sanna Lauslahti ja Ben Zyskowicz ihmettelevät hallituksen päätöstä olla esittämättä EU- ja ETA-alueiden ulkopuolisilta opiskelijoilta perittäviä lukukausimaksuja.

Pekka Ervasti: Porvaripohja mureneeYLE

Timo Soini: Suomen EU-maksu tuplaantuu ja valta puolittuuVerkkouutiset
Pienten EU-maiden maksut kasvavat samalla, kun niiden valta vähenee, perussuomalaisten puheenjohtaja Timo Soini sanoo.

Putkonen: PS paljastaa EU:n ja maahanmuuton porsaanreiätPS

Jäsenmaksut jakavat EU:ta – ”EU-politiikkamme pielessä ja pahasti”PS

Sampo Terho: Junckerin komissio muistuttaa rötösfirmaaYLE