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Ashoka Mody: Delays and half measures – Bruegel
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 Edition – Tim Duy
FX: to hedge, or not to hedge, that is the question – Nordea
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 Asia – WSJ
U.S. Stocks Plunge as Rally Falls Apart
Morning MoneyBeat US – WSJ
Technicals Worsen, but Macro Story Mainly Unchanged
Euro rates update – Nordea
Eye-Opener – Nordea
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 Markets – TF
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 Summary – Open 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 Playbook – Politico
Timmermans’ tough day — Europe’s impact in Brussels
US Open – ZH
Global Markets Slide, US Futures Wipe Out Overnight Gains In Volatile Session
FX Update – TF
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 Floor – TF
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.
Aamukatsaus – Nordea
Suomi: Deflaatiosta inflaatioon * Euroalueen teollisuustuotanto supistui marraskuussa * Palkkapaineet pysyvät alhaisina USA:ssa * Euro vahvistui eilen lähes kaikkia G10-valuuttoja vastaan