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Tuesday, January 27

27th Jan - EUR rallies for the second day

Previously on MoreLiver’s:

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Europe’s Jihadi GenerationProject Syndicate
Javier Solana: In the wake of the attack on Charlie Hebdo in Paris and the thwarting of an attack in Belgium, Europe needs to understand why second- and third-generation immigrants are susceptible to the blandishments of terrorist organizations. The reason is simple: European citizenship has not translated into social and economic inclusion.

Goldman On The Myths & Realities Of Russia's Oil Sector – ZH
Russia's FX credit rating lowered to junk – Danske Bank
Why Russia’s Economy Will Not Collapse – Project Syndicate
EU Renews Push for Russian Sanctions; Putin Blames UkraineBB
Remember Russia? It’s still doomed – WaPo

Swiss sight deposits surge, sign of SNB intervention – Reuters
SNB Can Still Intervene on Franc, Danthine Tells Tages-Anzeiger – BB
Franc Slides on SNB Comments as Europe Stock Fluctuate – BB
SNB, CHF, ECB, and QE – John Cochrane

Greece’s Warning to the Rest of Europe – New Yorker
Gideon Rachman: Europe cannot agree to write off Greece’s debt – FT
Greece's Political Bargaining Chips – Polemic’s Pains
Think Flows, Not Stocks: Greek debt is a fiction, surpluses are real – Krugman / NYT
Greece's Crazy Leftists Have a Good Idea – View / BB

Greece Has Chosen, but It Doesn’t Get to Decide by Itself – PIIE
The Greek Revolt – The Economist
New Crisis Phase: Zero Coupon Perpetuities for Greece? – Place du Luxembourg
Greece’s Hard Choice: Escape or Merely Reset EU Servitude – Wolf Street
Syriza’s victory:  transformation of Greek political culture – Europp / LSE

How much for one of those New Drachmas? – FT
EU Hunts Formula to Keep Greece in Euro After Tsipras Win – BB
No debt forgiveness for Greece, say eurozone finance bosses – The Telegraph
Christian Odendahl: German approach towards GreeceMacroPolis
Syriza and debt talks: Estimates from a Rubenstein bargain approach – voxeu

Greece: the case against catch-all ‘structural reform’ – FT
Post Recession Lessons – Simon Wren-Lewis
The Tyranny of Greece Over GermanyKrugman / NYT
Schaeuble says Tsipras can find a 'different way' if he wants – Reuters
Euro group: ready to work with Syriza, Greece's problems remain – Reuters

Irish fin min sees some leeway to ease Greek debt burden – Reuters
EU Hunts Formula to Keep Greece in Euro After Tsipras Win – BB
Anti-austerity economist says to become Greek finance minister – Reuters
Three Consequences of Syriza’s Victory – Brookings

INSIGHT-How Draghi got divided ECB to say "yes" to money-printingReuters

A disturbance in the QE forceTradingFloor
Was ECB's QE a classic "buy the rumour, sell the news"? * QE's effectiveness rested on weak euro, but SNB is back to buying it * ECB might find it hard to pursue a larger QE if the first attempt fails

UK: Growth slowed in Q4 but recovery remains on track – Danske Bank
Economy slows down as election nears, not what Osborne wanted – The Guardian
British growth slows, but 2014 still fastest in seven years – Reuters
U.K. Economy Ends Its Best Year Since 2007 With Waning Momentum – BB

Preview of the January FOMC Meeting and BeyondMarc to Market

U.S. durable goods data signal weaker business spending – Reuters
Orders for U.S. Capital Goods Drop for Fourth Straight Month – BB
Home Prices in 20 U.S. Cities Increased 4.3% in November – BB
Consumer Confidence Surges To Highest Since The Last Time Markets Crashed – ZH
US Services PMI Improves But New Orders Drop To Post-Recession Low – ZH

Daily Central BanksWSJ
Hilsenrath’s Take: Bad Weather Could Complicate an Already Tough Fed Decision in March * European Regulators Pressure Big Banks to Increase Capital * Obama Fed Nominee Landon’s Wealth Totals Up to $41 Million * Tokyo Eases Pressure on BOJ

Daily MacroWSJ
For all the noise, Greece looks to be more of the same. Meanwhile, investors are turning their attention to this week’s Federal Reserve meeting. There are no real expectations that it will start tightening just yet, but any hints of a move sooner than the summer would cause ructions in the markets.

Danske DailyDanske Bank

Syriza forms new government with right-wing populist party * Greek problems not spilling over to other markets * EUR/USD to bounce more

Dollar Softer, Consolidating Recent GainsMarc to Market

Daily ShotTradingFloor
According to market reactions the risk for Grexit is lower than some had originally thought. Meanwhile inflation expectations in Europe are increase after quantitative easing.

Futures Tumble On Spike Of "Strong Dollar" Earnings Disappointments And Profit Warnings

From the floorTradingFloor
News are thin today and the US markets are not on full steam due to the harsh weather conditions. With the falling euro equities from export oriented companies such as consumer goods should be looked at, says Saxo equities head Peter Garnry. Despite recent gains he sees further upside potential.

ECB QE not fully priced inTradingFloor
Kay Van-Petersen: USDCHF could head to 1.05 in late 2015 * ECB QE programme not fully priced in to European stocks * Peripheral indices could provide greatest upside

Macro Chart Digest: If copper's right, we're in troubleTradingFloor
Is copper really right in predicting a massive economic slowdown? And will the nine-month lead-lag cycle between market developments and developments in the real economy hold true this time? Meanwhile, the Swiss yield curve is negative through 12-yr maturities and China's devaluation may already have started.

Contrarian gauntlet thrownFT
Nothing is more contrarian than long Russian ruble, short Swiss franc right now…

Markkinoiden usko EKP:n pakettiin jäi lyhyeksi | Paljon toissijaista dataa USA:sta tänään | Syriza-puolue sopi koalitiohallituksen muodostamisesta

Kreikka ja jatkuvat tulonsiirrot – toinen näkökulma – Tyhmyri
Syriza-puolueen talousguru suomalaisille: "Olette jo maksaneet meille aivan liikaa" – HS
Syrizan talousguru HS:lle: Kreikalla ei ole oikeutta lainata enää yhtään lisää – Verkkouutiset
Eduskunta kinasteli Kreikan veloista: ”Vanhanen aloitti tukipolitiikan ja Katainen jatkoi sitä” – PS
EKP:n päätös rikkoi EU:n perussopimusta, maksukyvytön Kreikka on valehdellut alusta asti – PS