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EUROPE
Euro
area outlook for 2015: ECB will buy government bonds – Danske
Bank
Northern
Lights - Uncharted territory – Nordea
The need
for further stimuli is on top of the agenda. In Norway further cuts seems like a done
deal, whilst the Swedish case is less clear cut. The Finnish economy continues
to exhibit broad based weakness and would welcome further stimuli from the ECB.
SWITZERLAND ABANDONS PEG
Here’s the
SNB’s Statement on Shock Move to Scrap Currency Floor – WSJ
Goodbye
Swiss franc floor (UPDATED) – FT
Swiss
Surprise – Marc
to Market
Sack Thomas
Jordan? – FT
Reaction:
EURCHF floor breaks, SNB announces negative rates – TradingFloor
[earlier]
Steen Jakobsen: The worst kind of love is the unwanted one – TradingFloor
Jakobsen: SNB
move is rationality itself – TradingFloor
CHF Soars
Most Ever After SNB Abandons Floor; Macro Hedge Funds Crushed – ZH
The SNB and
the Russia/oil connection – FT
Swissie
Shocker: The SNB’s Drumbeat to Date – WSJ
End of CB
Power – SNB Folds – Bruce
Krasting
UBS: “SNB's
Standing Undermined...There Could Be A Significant Deflationary Shock” – ZH
Floored by
the Swiss Currency Move? – The Short Answer – WSJ
Swiss
Stocks Crash 15%, Yield Curve Collapses, Negative Rates To 9 Years – ZH
So Much
Changes In 48 Hours – ZH
Hardy: Swiss
franc shatters ceiling: what next? – TradingFloor
Swiss
central bank shocks markets with currency 'tsunami' – Reuters
What did
the SNB do to EURCHF options markets? – FT
Citi: Did
The SNB Just Suffer The World's Biggest Daily Loss Ever? – ZH
SNB
Decision: "Absolute Idiocy" Per Gartman Or "Rationality Itself"
Per Saxo – ZH
Swiss
Stocks Collapse Most In 25 Years: Surveying The European Close Carnage – ZH
George
Magnus: Abandonment of the peg is history repeating itself – FT
Mayhem
Erupts on Trading Floors After Swiss Central Bank Removes Cap on Franc – BB
Q&A: the
Swiss central bank move explained – FT
Swiss stun
markets and scrap franc ceiling – FT
EUROPEAN CENTRAL BANK
Quantitative
easing in the Eurozone: It's possible without fiscal transfers – voxeu
Paul De
Grauwe, Yuemei Ji: The ECB has been struggling to implement a programme of
quantitative easing (QE) that would successfully target deflation. The main
difficulty is political, stemming from opposition from German institutions.
Their argument against is that a government bond buying programme by the ECB
would mix fiscal and monetary policy. This column argues the opposite – such a
programme can be structured so that it does not mix fiscal and monetary policy.
It, therefore, would not impose a risk on German taxpayers.
Politics
to trump law in QE decision – Reuters
French
Megabank: Without QE, “Eurozone Financial Markets Would Collapse” – Wolf
Street
UNITED STATES
WSJ SURVEY
2015′s
Biggest Risk? Economists Look Across the Pond – WSJ
Keep a Keen
Eye on Wages, Housing and Fed in 2015 – WSJ
Economists
Pare Back Fed Rate Rise Expectations – WSJ
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Falling 10-Year Yield Raises Doubts About Fed 2% Goal * Switzerland
Scraps Currency Cap * Fed’s Rosengren Wants to Avoid Rate Increase Until
Inflation Firms * Fed’s Beige Book: Continued Growth, but Some Slowing in
Oil-Producing Areas * India Cuts Main Interest Rate
Daily
Macro – WSJ
The Swiss
National Bank rocked European markets in early trade by abandoning its euro
floor. Unable to resist the pressure of euro devaluation against the dollar,
and with more likely to come as the European Central Bank prepares to launch
quantitative easing, the SNB faced catastrophic losses on its mounting holdings
of the eurozone currency if forced to abandon the one-sided peg sometime
further down the line.
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
European
Court of Justice makes the doves smile * Taper tantrum moves fully reversed in
US Treasuries * NOK rebounds
US Open – ZH
"It's
Turmoil" - Overnight Gains Wiped Out, Futures Trade Below 2000 On SNB
"Shock And Awe"
OTHER
Business
Cycle Monitor – Danske
Bank
29 Charts
Worth Your Time – CFA
Institute
FINNISH
Aamukatsaus – Nordea
EKP:n ostoskorissa saa olla myös valtionlainoja | Suomen
inflaatio hidastui selvästi | USA:n vähittäiskaupan myynti laski
laaja-alaisesti
Suomi maksumieheksi Kreikan taloussotkuissa? – PS:ltä välikysymys
– PS
Perussuomalaisilta välikysymys eurokriisistä – Verkkouutiset
Perussuomalaisten eduskuntaryhmä on päättänyt jättää hallitukselle
välikysymyksen eurokriisin hoidosta, Suomen vastuista ja Kreikan tilanteesta.
Suomi: Inflaatio hidastui selvästi – Nordea
Sveitsi
löi hanskat tiskiin euron suhteen – Juhani
Huopainen
Sveitsi ja frangin arvon vapauttaminen – riskiasetelman
keventäminen? – Tyhmyri
Olli Herrala: Hienosti ovat asiat: tuloerot kapenevat
– KL
EU-tuomioistuin: Jäsenmailla ei ole veto-oikeutta EU:n
toimielimien päätöksiin – Tyhmyri
Ekonomistilta suorat sanat: ”Kammottava” kuva kertoo
Suomen hädästä – US
Teollisuuden liikevaihto supistui elo-lokakuussa reilun
prosentin vuodentakaisesta – TK
Rakennuskustannukset nousivat joulukuussa 1,2 prosenttia
vuodentakaisesta – TK
Palkkasumma kasvoi syys-marraskuussa 1,2 prosenttia vuoden
takaisesta – TK
Marraskuussa 2014 vaihtotase ylijäämäinen, pääomaa vietiin
nettomääräisesti – TK
Kansantalouden tuotanto pieneni marraskuussa 2014 – TK