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Thursday, January 14

14th Jan - Hit Hard

Previously on MoreLiver’s:

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Ashoka Mody: Delays and half measuresBruegel
Are the eurozone’s continuing woes the result of its incomplete construction or because of policy errors in responding to the crisis?

Europe’s Migration Crisis as a Path toward Deeper Integration? PIIE
Nothing like a humanitarian crisis to put a financial one into perspective

European Commission Starts a Battle with Poland with Unknown Ending – euinside
Polish prime minister to join European Parliament debate – Politico

So You Think A Recession Is Imminent, Employment EditionTim Duy

FX: to hedge, or not to hedge, that is the questionNordea
Equity flows into the EUR have been mostly unhedged recently, providing flow tailwinds for the EUR. Why is this? Does it represent a game-changer in terms of how to think about FX hedging policies, and what are the quant and macro arguments?

Morning MoneyBeat AsiaWSJ
U.S. Stocks Plunge as Rally Falls Apart

Morning MoneyBeat USWSJ
Technicals Worsen, but Macro Story Mainly Unchanged

Euro rates updateNordea

Risk aversion back; stocks fall; oil prices lower; CNH weaker * Bank of England to surprise? * Brent oil below USD 30 * EUR & JPY still safe havens

Morning MarketsTF
The risk-off rampage is back as a Wall Street selloff prompts more of the same in Asia with geopolitical fears front-and-centre after the Istanbul bombing was followed by a series of what the BBC are terming suicide attacks in the Indonesian capital of Jakarta.

Daily FX Comment Marc Chandler
Market Turmoil Continues, Risk Shunned

Daily Press SummaryOpen Europe
Chris Grayling becomes first cabinet minister to declare support for leaving the EU *  Commissioner’s evidence to Lords’ EU Committee shrouded in secrecy * Merkel faces “disguised vote of confidence” among own MPs over refugee policy * European Commission initiates formal assessment of rule of law in Poland * Irish MEP highlights EU referendum impact spreads beyond just the UK * Reuters: EU Commission economists banned from researching impact of Brexit * ECB prepares to again accept Greek bonds as collateral for cash once pension reform is passed * EU Commission campaigns for new European Ofcom to regulate telecom market * Commission delays decision on whether to grant China market economy status * Over 40% of EU funds for Croatia go unspent * Cyprus expected to exit bailout programme by end of March

Brussels PlaybookPolitico
Timmermans’ tough day — Europe’s impact in Brussels

Global Markets Slide, US Futures Wipe Out Overnight Gains In Volatile Session

FX UpdateTF
The Asian session tried to put a pretty face on this dog of a global equity market after a particiularly ugly US session yesterday but we can only start to hope that spirits are staging a comeback if Europe and the US can follow suit with a rally today.

From the FloorTF
Trading is still turbulent in China but the Shanghai Composite rallied after 28 companies have elected not to sell shares for the next 6 months. It remains to be seen whether this means stabilisation in the longer run and across markets.

Suomi: Deflaatiosta inflaatioon * Euroalueen teollisuustuotanto supistui marraskuussa * Palkkapaineet pysyvät alhaisina USA:ssa * Euro vahvistui eilen lähes kaikkia G10-valuuttoja vastaan