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Thursday, October 15

15th Oct - EU Summit, central bankers

Previously on MoreLiver’s:

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The End of German HegemonyProject Syndicate
Germany’s dominant position, which has seemed absolute since the 2008 financial crisis, is gradually weakening – with far-reaching implications for the European Union.

Divergent monetary policies and the world economy ECB
Keynote address by Vítor Constâncio, Vice-President of the ECB

Wise comments from the ECB Scott Sumner

10 Questions on the U.S. Debt CeilingWSJ

Dudley Spooks Stocks: 'We Don't Need "Actual Inflation" To Hike'ZH

US Inflation will not be gone for long - CPI review – Nordea
Core inflation likely to remain relatively stable – Pictet
Consumer Prices Conundrum: Higher Inflation, Slower Growth? – WSJ

FX: what could put the dollar back on track?Nordea
The dollar has been under pressure recently, in particular due to the perceived softening by the Fed. With the rates market currently pricing the first full Fed rate hike by July 2016, what could put the dollar back on track?

Morning MoneyBeat AsiaWSJ
October Rally Stopped Cold as Stocks Slide

Morning MoneyBeat EuropeWSJ
Stocks Push Higher as Fed Doubts Grow

Morning MoneyBeat US WSJ
Wal-Mart’s Dim Outlook Could Have Broader Impact

Danske DailyDanskeBank

Euro rates updateNordea

Asia shrugs off Wall Street’s decline * US inflation back to negative, 10Y yield back to 2% at 5-month low on weak data * USD weaker as Fed concerns rise

Morning MarketsTF
The dollar was battered from pillar to post overnight after poor data and a 10% plunge in Wal-Mart's share price. More of the same could be on tap today if data continues to disappoint.

Daily ShotTF
The US and Europe are facing economic headwinds such as low deflation, strong currency and wage pressure. But that might be the right environment to invest in equities and there are also data suggesting improvement.

Daily Press SummaryOpen Europe
Downing Street still targeting December summit for EU deal * Commission urges more cash to fight migration crisis as Germany tightens asylum laws * EU leaders to discuss creating European border guard * Catalan leader appears in court to face civil disobedience charges * Greek parliament set to approve reforms including increase in retirement age * Austrian Central Bank Governor eyes further measures to boost inflation * EU's anti-fraud office accuses own supervisory committee of misusing funds

Brussels PlaybookPolitico
Juncker slips, Selmayr splits on Brexit

Futures Surge As ECB Bankers Resort To Verbal Intervention, Suggest More QE Needed


FX UpdateTF
EURUSD approached 1.1500 after weak US retail sales and the Fed’s Beige Book yesterday, but right on cue, the ECB’s Nowotny was out today with a fresh blast of dovish ECB rhetoric that pushed the euro back lower. Elsewhere, USDJPY is punching on key structural levels.

From the FloorTF
Yesterday's soft US retail sales print has combined with Wal-Mart's profit warning to hit the USD where it hurts, and today's CPI release is consequently in the spotlight. If this one comes in weak or negative, then markets will broadly come to expect a continually dovish Federal Reserve, boosting emerging markets and postponing recovery.

Epävarmuus kalvaa kehittyvien talouksien valuuttoja * USA:n vähittäismyynti tuotti pettymyksen * Korot laskivat eilen reilusti * USA:n inflaatio on todennäköisesti hidastunut syyskuussa