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EUROPE
A
temporary dip back into deflation
GREECE
7
takeaways from the Greek election – Politico
Tsipras
consolidates power in Greek election – Open Europe
Syriza
again, but who will they team up with? – Nordea
MIGRATION
One
by one member states are becoming panic-stricken and terrified about how are
they going to deal with the tens of thousands of refugees that are trying to
get to the EU and find protection
Only
an EU-wide agreement on asylum can save passport-free travel in Europe
Germany
and other countries reimpose border controls
UNITED STATES
FEDERAL RESERVE
FOMC meeting: Fed takes the cautious approach – Danske Bank
Economists React: ‘Relief’ – WSJ
Why the Fed might not raise rates anytime soon – WaPo
Fed review: rates on hold now – but first hike imminent – Nordea
Macquarie Bank: "Helicopter Money" Is 12-18 Months Away – ZH
Managing the Fed’s Liftoff and Transmission of Monetary Policy – IMF
Deutsche Bank: Tapering QE3 was an error – ZH
Goldman Calls It: No Rate Hike Until Mid-2016 – ZH
Paul Krugman: The Rage of the Bankers – NYT
OTHER
As expected the "no hike" from Fed was not cheered - the
signalling effect predominates. Expect Fed members try to calm down the Markets
this week. But going forward - China is key for the risk sentiment and thus the
USD direction...
REGULARS
U.S Stocks Extend Losses
in Fed Fallout
Greeks Make Their
Position Clear
Full Week of Fed Speak
on Tap
Tsipras returns, growth
worries hit equities, EUR weaker * Weak PMIs from China and Europe * Yields
continue lower on further ECB QE expectations * After a day of strengthening on
Fed, the EUR weakens
Markets continue their struggle to
digest the extent of the new dovishness displayed by the Federal reserve last week
– and particularly its fears regarding China. But the man grabbing the front
pages this morning is Greece's Alexis Tsipras and his stunning election
victory.
Last week's dovish rate
cut decision from the Federal Reserve was predicated on concerns over China and
emerging markets where continued softness endangers global growth.
German Interior Minister
calls for EU cap on number of asylum seekers as leak suggests Commission’s
mandatory quota dropped * Tsipras consolidates power as election renews mandate
of coalition government * Cabinet members urge Cameron against snap EU
referendum * Cameron wants Conservative party machine to remain neutral during
EU referendum campaign * Moody’s downgrades France, forecasting low growth for
the rest of this decade * Wilders PVV seen as leading polls in the Netherlands
Syriza the Sequel —
Uber’s new strategy — Turkey deal sought
US Equity Futures Trade
Near Overnight Highs On Renewed Hope Of More BOJ QE
The post-FOMC USD rout yielded to a
late Friday rally as the bears took a second look at whether other central banks
will out-dove the Fed. EURUSD is suddenly on the defensive and may look lower
this week.
The dollar reversed the
post-FOMC losses Friday and now looks like it could be ready to really bring
some pressure on the euro.
FINNISH
Kiina-epävarmuus
jatkuu * Syriza jatkaa suurimpana puolueena Kreikassa * Fedin kokous näkyi
koroissa myös perjantaina * Ruotsin hallitus esittää budjettinsa vuodelle 2016
Suomessa vieraillut talouden nobelisti Joseph
Stiglitz antoi Yle Uutisten haastattelussa kolme ilmaista neuvoa Juha Sipilän
hallitukselle. Muu aika puhuttiinkin työläisten oikeuksista ja euron
epäonnistumisesta.
Perjantain suurmielenosoitus oli esimakua, mitä
siitä seuraa, kun taantuman lisäksi nyt myös talouspolitiikka näyttää käyvän
työtä tekevän keskiluokan kimppuun. Samalla se muistutti ikivanhasta
vastakkainasettelusta työvoiman ja pääoman välillä.