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EUROPE
Eurozone
new year off to a rip-roaring start – George
Magnus
GREECE
Greek
Kingmaker-in-Waiting Says He Won’t Gamble Euro Exit – BB
How to
reduce the Greek debt burden? – Bruegel
Greek debt
held by ECB cannot be restructured: ECB's Coeure – Reuters
EUROPEAN CENTRAL BANK
ECB Said to
Study Bond-Purchase Models Up to 500 Billion Euros – BB
ECB Action
Is ‘Just Going to be a Currency Play,’ Says Global Bank Group Chief – WSJ
Europe Stocks Decline as ECB Said to Study
Bond-Purchase Models – BB
Is the ECB
Sabotaging Itself? – WSJ
MACRO NUMBERS
UNITED STATES
FEDERAL RESERVE
Rotation
of FOMC voting rights moves in a dovish direction – Danske
Bank
EMPLOYMENT REPORT
December
Jobs Report: Everything You Need to Know – WSJ
December
Jobs Report—The Numbers – WSJ
Strong Jobs
Report With Mixed Undercurrent Keeps Fed On Patient Course – WSJ
The
December Jobs Report in 10 Charts – WSJ
Consensus
on US Job Growth Met, but Big Earnings Disappointment – Marc
to Market
Solid job
growth but no inflation – Danske
Bank
Good Jobs
Report Not Good Enough to Calm an Anxious Market – WSJ
Payrolls
Rise, But Hourly Earnings Plunge Most In At Least 8 Years – ZH
Participation
Rate Drops To 38 Year Low; Record 92.9 Million Not In Labor Force – ZH
Payrolls
Reaction: Crude Lower As Bonds & Stocks Rally – ZH
This was
not an impressive report, but does the market care – TradingFloor
Strong
print marred by earnings weakness – TradingFloor
Yellen can
hold on rates rise after NFP print – TradingFloor
Economists
React to the December Jobs Report: ‘We Are Left Wanting’ – WSJ
5 Takeaways
from the December Jobs Report – WSJ
252,000 Jobs,
5.6% Unemployment Rate – Calculated
Risk
Wage Growth
- or Lack of - Continues to Surprise – Tim
Duy’s Fed Watch
U.S. economy added 252,000 jobs in
December – WaPo
First come
the jobs, then comes the real wage growth – Calculated
Risk
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Fed Patience Takes Some Heat Out of December Payroll Report * Senate
Passes Bill Requiring At Least One Fed Board Member Have Community Banking
Experience * Landon May Not Be Community Banker Under New Legislation * Fed’s
Rosengren: Exact Timing of Rate Increases Not a Huge Deal * China Inflation
Ticks Up in December, But Weak Demand Raises Concerns
Daily
Macro – WSJ
European
markets are down again. The prime explanation is that there are doubts being
sown around the prospects of action from the ECB. Yet, either way, the entire
story behind Thursday’s rally – that things are getting so bad outside of the
U.S. that central banks will be forced to dole out more liquidity – hardly
represents a ringing endorsement of the global investment climate
Danske
Daily – Danske
Bank
Eye-Opener – Nordea
Downside
risk for US December payrolls * Long rates rebounding – more upside left * SEK
still struggling
Dollar
Softer Ahead of Employment Report – Marc
to Market
US Open – ZH
Futures
Fade After Report ECB Still Unsure On QE Format
From the
floor – TradingFloor
China rallies on reserve requirement
speculation, but gives up gains by close * Koefoed forecasts nonfarm payrolls
print of 225,000 * Non-USD yen crosses appear close to breakdown, particularly
EURJPY at 1.40 * Garnry expects energy sector stocks to surge in 2015 * Recent
Fed member comments support 'no rate hikes in 2015' scenario: Fasdal
OTHER
Oil
price at USD 50 is not sustainable – Nordea
Supply and
demand for oil reacts very little to price changes short term, but the reaction
is not zero. Estimated price elasticities indicate that the present “excess
supply” of oil will disappear within a year’s time, implying that the oil price
should shoot up in the second half of 2015 and/or in 2016.
Understanding
the Plunge in Oil Prices: Sources and Implications – World
Bank
How the
World Bank Sees Cheap Oil Affecting the Global Economy – WSJ
January
Macro Update – The Fat
Pitch
The Best
Month For Macro Since the Recession
FINNISH
Aamukatsaus – Nordea
Mihin valuuttaan Kreikan lähtö iskisi? | Tänään keskiössä
USA:n työmarkkinadata | Saksan tehdastilaukset olivat pettymys
EKP:n valtiolainaostojen laillisuuskysymykset vielä
epäselviä – PS
Talouselämän selvitys: Sdp kärsii historiallisen tappion
eduskuntavaaleissa – HS
Talouselämä-lehden laajan selvityksen perusteella kokoomus
menettäisi vaaleissa vain muutaman paikan, mutta sosiaalidemokraattien kannatus
romahtaisi. Keskusta olisi odotetusti kirkas vaalivoittaja.
Työttömyyden syynä ei tarve hillitä inflaatiota – Roger
Wessman
Kreikan velkoja on pakko leikata – Henri
Myllyniemi / US
Näkökulma: Timo Soini halutaan porvarihallitukseen – IL
Venäjän talouden heikkoudet kärjistyivät viime vuonna
– Suomen
Pankki
Suomen Pankki: Venäjän ongelmien syynä
"erikoislaatuinen talousjärjestelmä" – Verkkouutiset
Aki Kangasharju: Nyt PITÄISI olla investoijan unelma-aika
– Nordea
Markkinat ovat menettäneet uskonsa Eurooppaan, eikä syyttä.
Ilman mittavia rakennepoliittisia muutoksia Euroopan keskuspankin rahaelvytys
ei ole muuta kuin lyhytaikaista ensiapua.
Teollisuustuotanto väheni marraskuussa 0,8 prosenttia vuoden
takaisesta – Tilastokeskus
Teollisuuden uudet tilaukset kasvoivat marrask. 5,6% YoY – Tilastokeskus
Teollisuuden uudet tilaukset vakautuneet – Nordea