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Wednesday, January 6

6th Jan - Minutes show careful Fed

Previously on MoreLiver’s:

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No 'plan B' for ECB despite still low inflation: PraetReuters

The euro area in 2016: unfinished businessEuropp
The lack of political appetite for cooperative solutions implies that we are heading this year for sovereign default(s) where public finances are in distress and economic growth remains weak.

Re-run elections loom in SpainOpen Europe
Little progress is made in forming new government

Why the EU’s refugee relocation policy is a flop – Politico
Germany demands tougher EU action on refugees by spring – Politico
Refugees won’t plug German labor gap – Politico
Brothers Making Millions Off the Refugee Crisis in Scandinavia - BB

US Labour Market MonitorDanske Bank
Wage inflation likely to have picked up further in December

No End to S&P 500 Slide Seen in Cyclical Equity WoesBB
2016's bad start may be set to continue for some time

FOMC Dec15-16 Minutes – FED
Some FOMC Members Saw December Rate Rise as ‘Close Call’ – BB
Minutes Show Hike Decision Was "A Close Call", Feared Market Reaction – ZH
Fed Minutes Show Officials’ Concern About Low Inflation – WSJ

Ratings Review Schedule for 2016WSJ

The 'Big Short' Gets It RightView / BB

Ben Bernanke: What did you do in the currency war, Daddy?Brookings

Ben Bernanke: How does Fed policy affect global financial stability?Brookings

Morning MoneyBeat AsiaWSJ
U.S. Stocks Arrest the Slide

Morning MoneyBeat USWSJ
What the Fed Minutes Could Reveal on Tightening

Danske DailyDanske Bank

Euro rates update Nordea

Eye-Opener Nordea
China worries * Risk-off mood continues * FOMC minutes today * German yields still falling * JPY with more gains

Morning Markets TF
Beijing's drastic intervention into its mainland equity markets may have shored up the Shanghai Composite but the broader Asian session remained determinedly flat-to-slightly-red.

Daily FX Comment – Marc Chandler

Global Daily – The ECB’s target is close to 2%…apparently ABN AMRO
Eurozone inflation remains stuck close to zero, while core inflation shows little sign of an uptrend * Inflation expectations have continued to drop reflecting diminishing confidence in the ECB’s price stability goal * We think the rising risk of a continued undershoot of the inflation target over the medium term will eventually trigger further ECB stimulus

Daily Shot TF
The isolated regime of North Korea's Kim Jong-un claimed to have tested a hydrogen bomb yesterday and while the veracity of the boast remains uncertain markets – and the KRW in particular – retreated on the news.

Daily Press Summary Open Europe
Cameron confirms cabinet will be given free rein to campaign for either side in EU referendum *
EU to hold emergency Schengen talks as over a million asylum seekers reached Germany last year * Eurozone inflation stable at 0.2% in December * Corbyn sacks shadow Europe Minister as part of cabinet reshuffle * European Commission to investigate whether UK Government guarantees to Drax power plant break EU state aid rules * European Commission seeks greater powers to police car emissions * New row between Italy and EU Commission as only Italian member of Juncker’s cabinet quits

Brussels Playbook Politico
Farage farrago — Juncker team turmoil — Peter Spiegel to depart

The Carnage Returns: Stocks Tumble After Sharp Chinese Devaluation; Brent At 2004 Lows; Gold Surges

Frontrunning ZH

FX Update – TF
A wobbly Asian session featuring North Korean h-bomb claims and more bad news out of China and further aggressive yuan weakening has the markets off to another wobbly start today a day with a heavy US event-risk calendar.

From the Floor TF
Internationally isolated North Korea's announcement it had tested a hydrogen nuclear device added a new layer of geopolitical risk worries to already jittery markets driving up the Japanese yen and lifting core bonds while denting other Asian currencies. But the market impact was expected to be short-lived.


Irlannin talouden toipuminen – faktaa ja fiktiota Tyhmyri

Jan Hurri: Kiinalainen hyvä uutinen: kasvu hidastuu TalSa
Kiinan pörssivuosi alkoi romahduksella, joka johtui muista syistä kuin talouspeloista. Toki maan talousnäkymätkin ovat heikentyneet mutta eivät romahdusmaisesti eivätkä yhtäkkiä. Sitä paitsi Kiinan talouskasvun hidastuminen on hyvä eikä huono uutinen.

Risto Murto: Keskuspankki on myös sotakassa – euromailla vahva riippuvuus toisistaanVerkkouutiset

Pakolaiskriisi myllertää Euroopassa uudella vaihteellaSuomen Uutiset