Very strong day, EURUSD didn't even pause at the 1.30 level and stocks continue pushing upwards. The commentary on Europe is getting, if not more negative, at least clear that the crisis is not yet finished. But for the time being, markets are "Fed Up" :)
Previously on MoreLiver’s:
Roundups
News
roundup – Between
The Hedges
The 6am Cut
London – alphaville
/ FT
Emerging
Markets Headlines – beyondbrics
/ FT
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
MORNING BRIEFINGS
Greece's Democratic Left is losing support because of the company it keeps
Market
Preview: Eyes on US CPI data – Saxo
Bank
European markets are expected to open sharply higher Friday on the back of the Federal Reserve's fresh monetary stimulus measures to boost the US economy. Investors are also keeping tap on US CPI, retail sales and consumer confidence data due today.
Danske Daily – Danske Bank (pdf)
European markets are expected to open sharply higher Friday on the back of the Federal Reserve's fresh monetary stimulus measures to boost the US economy. Investors are also keeping tap on US CPI, retail sales and consumer confidence data due today.
Danske Daily – Danske Bank (pdf)
We believe the Fed move was a game-changer and
markets are expected to rally further the next couple of weeks. Hence, more
dollar weakness, higher equities and commodities and steeper curves in the
forward space are in the pipeline in our view.
Morning
Briefing (EU/US): Defiance or compliance? – BNY
Mellon
The BOJ is under growing pressure to assist its government
The BOJ is under growing pressure to assist its government
Aamukatsaus – Nordea
(pdf)
Fed jatkaa
lisäelvytystä, kunnes työllisyys paranee * Euroryhmän kokouksesta selvennystä
EVM:n aikatauluun * EURUSD nousuun Fedin elvytystoimien myötä, taso 1.30 rikki
aamulla
Aamukatsaus – Tapiola
(pdf)
Superviikon eli
viimeisen 7 päivän päätökset ovat olleet osakesijoittajalle odotetun mukaisia
tai parempia. Eilisestä FED:n
rajoittamattomasta määrällisestä elvytyksestä lisätukea markkinoille. Markkinan
suunta: FED aloittaa erittäin voimakkaan määrällisen
elvytyksen, jossa ei takarajaa eli QE∞. Kuukausittain ostetaan $40 mrd.
arvopaperistettuja asuntolainoja. Markkinat voimakkaassa nousussa. Etenkin
kulta, hopea, perusmetallit ja niihin liittyvät osakkeet välittömiä hyötyjiä FED:n elvytyksestä. Euroopan futuurit selvässä
nousussa.
EUROPE
The euro zone’s leaders have turned a corner. Where
to, is not yet clear
– The Economist
In the end, the euro’s survival rests on the
political support for greater economic and financial union. That will be the
real game-changer.
The ECB’s bond-buying plan – The Economist
Has Mario Draghi done what it takes to save the
euro?
Germany and the euro: Yes, but… – The Economist
Germany’s highest court affirms that any solution to Europe’s crisis must also be good for
democracy
Autumn renewal? – The Economist
Having survived a difficult month, the euro
zone is grappling with its taboos
Euro-zone banking union – The Economist
Plans for common supervision could easily turn
messy
Court has just very clearly limited Germany’s
contribution to the bailout funds, and the only way to raise Germany’s liabilities is if both houses of parliament vote in favor of it. This
seems a long shot. If the lending ceiling of the bailout funds is not raised,
then Spain and Italy will be forced to opt for a bail in rather than a bail out.
USA
Fed launches aggressive easing – Danske
Bank (pdf)
When a central banker almost says that bubble
is good – ASA
The Fed will buy over half of all new agency
MBS – Sober
Look
A Quick Note on the Fed – Krugman
/ NYT
Analysts Cutting Their Q3 Revenue Forecasts – AlphaNow
/ Thomson Reuters
Already, it is clear that companies in the
S&P 500 companies are likely to post the slowest annual revenue growth rate
in the last decade (barring the 2008/2009 financial crisis) and the trend seems
to be getting worse, with more disappointments in store.
even though
this week has been heavy event-wise, there are still some important numbers on
the real economy coming up…
ASIA
(audio 12 min) World Weekly with Gideon Rachman
– The World / FT
A Party Congress next month is expected to
confirm the once-in-a-generation leadership change atop the Chinese Communist
Party. But things are not going to plan: the transition is occurring against a
backdrop of a slowdown in the Chinese economy and now the mysterious
disappearance from public view of Xi Jinping, just weeks before his expected
elevation to lead the party.
IN FINNISH
Björn Wahlroos:
Piikki kiinni – Talouselämä
”Vähän kärjistäen
voisi kysyä, että haluatteko todella, että OP-Pohjola takaa koko euroalueen
pankkijärjestelmän?” Wahlroos provosoi.