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Monday, September 28

28th Sep - The falling Monday - low of the week?

Previously on MoreLiver’s:
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Central bank speeches:

Stock indices fell. As I said in my previous post, we're awfully close to the bottom of the range, and a move higher could be next. Maybe Monday, or latest Tuesday, will be this week's bottom?  EURUSD moved higher, but is unwilling to go anywhere.

Otmar Issing: Toward a Genuine Economic and Monetary Union? Project Syndicate
With Europe’s current crisis having convinced many that the EU's existing institutional arrangements are unsustainable, many high-level figures have been calling for a move toward political union. But further European integration will not be feasible until trust among the member states has been restored.

Zero Inflation Looms for ECB as Oil Drop Counters StimulusBB

Catalan Separatism Refuses to Die as Mas Claims 48% Mandate – BB
Spanish Bonds Rise as Catalonian Voters Reject Independence Bid – BB
Rajoy's Catalan Losses Signal Struggle to Survive December Vote – BB
Catalonia election results 28 September 2015 – ABN AMRO
Experts react: Catalan elections – Europp
Madrid and Brussels try to downplay Catalan vote – Politico
Catalonia votes ‘no’ – Politico

US labour market monitor Danske Bank
Slower job growth not an obstacle for the Fed

Fed's Dudley: Fed will likely raise rates later this yearReuters

The Impact Of China’s Slowdown On Global Growth Will Be SmallAlpha Now

FX Liquidity Is Tumbling To Dangerous LevelsZH

IMF Research Bulletin Sep 2015IMF

Abenomics 2.0Marc Chandler

Morning MoneyBeat AsiaWSJ
U.S. Stocks Struggle to Hold Yellen Gains

Morning MoneyBeat EuropeWSJ
Catalonia Casts Uncertainty Over Spain’s Future

Morning MoneyBeat USWSJ
Watch for the Death Cross

Danske DailyDanske Bank

More political uncertainty: Pro-independence parties take majority in Catalan parliament * US wage data * Bond yields rise in the aftermath of hawkish Yellen and rising equities * NOK still under pressure

Morning MarketsTF
It's an easy start to the week data-wise but a heavy schedule awaits: Later this week, we've got the Japanese Tankan report and Eurozone CPI on Wednesday, as well as the all-important US nonfarm payrolls on Friday.

Daily FX Comment Marc Chandler
Sterling and Yen Edge Higher

Daily ShotTF
Separatists in Spain's wealthy Catalonia region won a clear majority in a regional election, knocking Spanish government bonds which are likely to continue to underperform. And options on Euribor futures are pricing in an ECB rate cut with a 50% probability reflected in the December-16 contract.

Daily Press SummaryOpen Europe
New poll shows Leave campaign in front as leading Labour politicians line up to back EU membership no matter what * German President: Our capacity for taking in refugees is finite * Austrian anti-immigration party secures second place finish in regional elections * Lord Leach: Only “big picture” reform can keep the UK inside the EU * Adam Marshall: UK business has “nostalgia” for old European Economic Community * Pro-independence parties win majority of seats, but less than 50% of votes, in Catalan election * Dutch campaign triggers referendum on EU-Ukraine association agreement * Greek Finance Minister confident country will return to growth next year if debt relief is given * France launches first air-strikes against IS in Syria * European officials claim UK’s EU renegotiation is stalling due to lack of detail * ECB suspends purchases of VW backed debt amid on-going scandal * Russia agrees to deal to supply Ukraine with gas over winter months

Brussels PlaybookPolitico
EU in NYC — What next in Catalonia? — French air strikes

US Futures Resume Tumble, Commodities Slide As Chinese "Hard-Landing" Fears Take Center Stage


FX UpdateTF
The market neglected to make a statement on the US dollar direction late last week, but this week we await a plethora of FOMC voters out speaking and the key US employment report on Friday. Elsewhere, sterling is struggling mightily.

From the FloorTF
Brazil was looking like a basket case just a few days ago but, while it's hardly out of the woods, there are some potential bargains to be had in the corporate bonds sector — if you are of the intrepid bent.

Tarkennusta Fedin viestiin * Fedin johtoryhmän jäsenet vahvistavat viestiä koronnostosta * Itsenäisyyttä ajavat puolueet voittivat paikkaenemmistön Katalonian vaaleissa