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Wednesday, October 14

14th Oct - More bad data, EUR rises

Previously on MoreLiver’s:

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From Unification to Disunity and Back Againeuinside
My first impression of the appearance of Angela Merkel and François Hollande in Strasbourg on October 7th was of a weak presentation, way below my expectations. On the second and third rerun, however I was able to sift out several extremely powerful messages

Is Ever Closer Union just a symbolic phrase with no meaningful application? Open Europe
A rare interview with the President of the European Court of Justice demonstrates that the Court interprets EU law in favour of greater integration, and that this explains why Cameron is keen to extricate the UK from the commitment to 'Ever Closer Union'.

‘Does’ or ‘Doesn’t’ Juncker think Britain needs the EU?Politico

Euro area: Industrial production struggling to gain momentumPictet

Barry Eichengreen: The Crisis Europe Needs – Project Syndicate
Insiders: EU failing on migration – Politico
Germany struggles to stem tide of refugees – Politico

Ben Bernanke on why he was right about the economyWaPo

Rate-Hike Odds Are Plunging - March 2016 Now A 'Coin-Toss"ZH

US retail sales slow in September – Danske Bank
US retail sales soft, but robust consumption overall in Q3 – Pictet
Retail Sales increased 0.1% in September – Bill McBride

Simon Wren-Lewis: A Stimulus Junkie’s LamentSocial Europe

The Slough of DespondFrances Coppola

Macro diversification through tradevox

Cross-border movement of persons stimulates tradevox

Morning MoneyBeat AsiaWSJ
U.S. Stocks Lose Rally Hat

Morning MoneyBeat EuropeWSJ
Chinese Data Sour Sentiment

Morning MoneyBeat USWSJ
Wall Street Readies for Retail Sales

Danske DailyDanske Bank

Euro rates updateNordea

Negative inflation in the UK * New financial forecasts * Negative sentiment in the bond markets going into retail sales numbers today * Sterling hit hard by lower CPI numbers

Morning MarketsTF
With risk sentiment lying somewhere between skittish and shell-shocked, world markets search for a shred of encouraging data among the many ruinous prints. Will today's European CPI releases do the trick? How about the UK jobs release?

Daily FX CommentMarc Chandler
US Dollar Weighed Down by Dovish Fed Governors

Daily ShotTF
The spectre of deflation is rearing its ugly head again and while the price downturn is severest in Japan, Germany's negative trend is arguably the most worrying as it'll rattle ECB nerves and will soon make its way into the bloc's core numbers.

Daily Press SummaryOpen Europe
Lloyds Bank Chairman: EU membership unsustainable without significant change *
New President of European Court of Justice: “strong link” between Court and EU integration * Get control of migration crisis or “risk confidence vote” Merkel told at party meeting * The Daily Mail: Cameron set to postpone unveiling EU renegotiation demands until March 2016 * Polish Central Bank Governor: Election results could imperil Poland’s economic stability * EU referendum bill clears first hurdle in the Lords * Newcomer centrist party could be kingmaker in Spanish election, two new polls show * Renzi’s landmark constitutional reform clears important hurdle * ECB sets higher capital threshold for Greek banks in upcoming stress tests * Portuguese Socialist leader: “Europe can rest easy, we’re not SYRIZA” * Irish budget outlines tax cuts and spending increases * Dutch referendum on EU-Ukraine Association Agreement confirmed * EU to target free trade agreements with Australia and New Zealand

Brussels PlaybookPolitico
Tax and trade talk — Polish election — Oktoberfest

Futures Continue Slide On Latest Chinese Economic Disappointments, Gold Hammered


From the FloorTF
Stock markets in general are under pressure again and Brazil was hit particularly hard. Several emerging markets currencies fell considerably.

BOJ elvyttää jeniä heikommaksi * Kiinan inflaatio hidastui odotettua nopeammin * Britannian inflaatio painui nollan alapuolelle * Turvasatamakysyntä oli eilen korkealla

Suomessa hyvää ja huonoa deflaatiotaRoger Wessman

Sauli Niinistö TurkissaJyrki Virolainen