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EUROPE
One way the euro has
become a lot more like the dollar – FT
At the crossroads - the
euro area between sovereignty and solidarity – BIS
Speech by Dr Jens Weidmann, President of the Deutsche Bundesbank and
Chairman of the Board of Directors of the Bank for International Settlements
Not All on Board With
the European Fiscal Board – WSJ
A fight has broken out among eurozone policymakers over a new institution
that is meant to help stir decisions on national budgets and the currency
bloc’s overall fiscal trajectory.
Finland 'new sick man of
Europe', worst performing economy – The
Telegraph
GDP growth has collapsed to levels worse than Greece, contracting by
-0.6pc in the third quarter
ECB preview: set to ease
in December despite a weaker euro – Pictet
Q3 GDP
Euro area: moderate Q3 GDP growth, but more domestically driven – Pictet
Eurozone recovery loses momentum – a final push for the ECB – ABN
AMRO
German consumer defies external woes – Carsten
Brzeski
Slower-than-expected growth likely to seal more ECB stimulus – Reuters
Slower growth in the Euro area – food for the ECB doves – Nordea
Need for more ECB stimulus as GDP growth disappointed – Handelsbanken
MIGRANT CRISIS
Schäuble warns of refugee ‘avalanche’ in dig at Merkel – FT
Angela Merkel’s cabinet controversy – Politico
EU gives green light to German, Swedish temporary border checks – Reuters
The EU Is Disintegrating – ZH
Note for G20: Migration: Recent Trends, Economic Impacts, Policy
Implications – IMF
Refugee influx continues at full speed – DB
Research
Refugee Crisis Strikes Blow in Markets as Sweden Spread Widens – BB
UNITED STATES
FEDERAL RESERVE
Any doubts over about December Fed hike may be swept away – Reuters
A Bloated Fed Balance Sheet Threatens to Speed Up Rate Hikes – BB
DATA
Retail Sales increased 0.1% in October – Bill
McBride
Weak retail sales suggest moderate fourth-quarter economic growth – Reuters
Preliminary November Consumer Sentiment rises to 93.1 – Bill
McBride
U.S. producer prices fall for second straight month – Reuters
Economic Takeaways of Retail Sales, Consumer Sentiment in U.S. – BB
OTHER
Voluntary disclosure of offshore tax evasion – vox
They increase tax
evasion, but also to significantly lower administrative costs, leading to a net
increase in tax revenues.
Mind the Gap as Currency Markets Shrivel for All
But Biggest Few – BB
From kiwi to krone,
spread between bids and asks is widening * `Erratic and volatile' becoming the
norm even in G-10
G20
MEETING
Note to G20: Finalising
post-crisis reforms – BIS
Note to G20: Implementation
of the Basel III regulatory reforms – BIS
G20: Preparing for the
Next Crisis – CFR
Fallout from Syria looms large as G20 leaders meet on global economy – Reuters
What to Watch for at the
G-20 Summit – BB
REGULARS
Morning MoneyBeat Asia – WSJ
U.S. Stocks Drop as Selling Picks Up
Steam
Morning MoneyBeat Europe – WSJ
Stocks Feel Heat From Fed, German
GDP
Morning MoneyBeat US – WSJ
Rates the Battleground For Bank Bulls
and Bears
Danske Daily – Danske
Bank
Global Daily – ABN
AMRO
Draghi signals ECB is still set to
step up stimulus next month * He was explicit on deposit rate cut and QE
extension but not on increasing size or composition, which is probably still a
live issue * Fed policymakers reveal ongoing FOMC split
Euro rates update – Nordea
Eye-Opener – Nordea
Commodities and equities down while
Fed moves towards lift-off * GDP day in Europe * Dovish comments from Draghi * Weak
commodity currencies
Morning Markets – TF
Commodity pain helped
push shares lower across Asia, and US stocks ended lower overnight. Today
offers a veritable cornucopia of economic data, with preliminary third-quarter
GDP figures for the EU and several member nations this morning, as well as
monthly US retail sales due later in the day.
Daily FX Comment – Marc
Chandler
Nothing to Fear from Friday the
Thirteenth
Daily Press Summary – Open
Europe
EU leaders rush to agree
€3bn migration deal with Turkey as Merkel to explain herself to German public *
Survation poll puts Leave camp in the lead by 43% to 38% * Tusk: Very difficult
to find agreement on UK’s renegotiation demands * ECB President Draghi says
Eurozone will have to react to UK renegotiation * Portuguese centre-right
leader suggests changing Constitution to allow for immediate snap election * France
and Germany post similar growth but former accelerating and latter slowing * General
strike brings Greece to a halt as Syriza comes under fire
Brussels Playbook – Politico
Merkel meltdown? —
Summit wrap — British health battle
US Open – ZH
Futures Extend Slide;
Europe Has Biggest Weekly Drop In 2 Months; Commodities At 16 Year Lows
Frontrunning – ZH
The USD rally has lost critical
momentum and needs to make a statement before the weekend if bulls are to
maintain hopes of near-term gains. Today's US data are the likely signal for
direction for next week.
A sluggish week of
sideways movements in financial markets appears to be ending in a similar
fashion though tinged with a bearish note after crude oil prices were further
undermined on oversupply concerns and as Thursday's sharp pullback on Wall
Street seeped into Asian equities.
FINNISH
Vaihtuiko
Suomen suunta Q3:lla? * Mitä yllättävä BKT-luku tarkoittaisi EKP:n kannalta? *
Fedin Fischerin mukaan dollarin vahvuus puoltaa hidasta rahapolitiikan
kiristämistahtia * Euroalueen talouskasvu hidastuu
BKT:n
pikaennakko kertoo, että tie on kivinen
– Nordea