Plenty of
market commentary and views in the Other
section.
All the coverage on ECB’s decision is in my ECB Watch-post (continuously updated). The
Federal Reserver’s QE3 is in Fed Extra.
Previously on MoreLiver’s:
Roundups & Commentary
US Opening News And Market Re-Cap –
Ransquawk / ZH
Frontrunning
– ZH
Overnight
Sentiment – DB,
GS / ZH
The Lunch
Wrap – alphaville
/ FT
Emerging
N.Y. headlines – beyondbrics
/ FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
New
poll finds 65% of Germans believe they would be better off without the euro;
Twenty years later, 64% of French would vote against the Maastricht Treaty
Morning
MarketBeat: Everything’s Great, Apart from Everything That’s Not – WSJ
Broker Note
Briefing – WSJ
Morning
Take-Out – NYT
AM Dear
Dairy: Mixed Start – Macro
and Cheese
Skepticism
Due to Misdiagnosis – Marc
to Market
The T
Report: The Rule of 3 – TF Market Advisors
US session ahead
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
On banking union, speak the truth – Charles Wyplosz / voxeu.org
The European Commission presented their plan
for a single EZ bank supervisor this weekend. While it is a good start, this
column argues that it avoids the hard truth driving the process: the Eurozone
needs a lender of last resort and the ECB is the only one that can play the
role. Admitting this truth makes it clear that the Eurozone also needs an
arrangement with member governments on bank-bailouts cost sharing and
institutions to minimise the ultimate costs.
A five-step guide to European banking union – bruegel
Discussions on concrete proposals will start
soon. They are bound to be highly complex, technical and controversial, because
mistrust prevails and because participant countries hold very different views.
However, it is important they succeed, so here is our five-point guide for the
negotiators (1. Be comprehensive 2. Don’t confuse legacy issues with permanent
ones 3. Don’t get distracted 4. Plan for the worst 5. Get the incentives right)
Finance Industry Warns of ‘Cliff Effect’ in
ECB’s Bond Plan – BB
EU to limit controversial biofuels from 2020 – euobserver
No time for complacency – MacroScope
/ Reuters
unresolved differences between Germany and others over plans to build a banking union…Italian elections…it
remains to be seen whether euro zone policymakers have learned from previous
mistakes when they took their foot off the gas each time the crisis hit a lull.
USA
Is QE3 Yet Another Stealth Bank Bailout? – naked
capitalism
So the Fed looks to be completely on board with
this sort of rent-seeking. Perhaps the central bank believes its charges need
more in the way of earnings to strengthen their balance sheets, even though
history shows they prioritize executive bonuses over building their equity
levels. Or maybe Bernanke was being completely truthful when he said QE3 was
targeting employment. After all, fatter bank margins will preserve their
staffing levels.
The One Chart To Explain The Real Effect Of
QE3 – ZH
Barclays: bad economic news may not seem so horrible,
if it is perceived to raise the probability of a market-friendly monetary
policy response…But now that the monetary policy responses to economic weakness
are in place, markets have had the good news.
ASIA
China/Japan flareup: businesses feel the heat – beyondbrics
/ FT
Postcards From A Furious China – ZH
Of course, the main point of QE3 is to create
jobs in the US. Jobs means consumer spending, and consumer spending means imports of
Chinese-made goods. But there’s at least one group of people who don’t seem to
see the glass as half full: equity investors. The Shanghai composite fell more
than 2.1 per cent on Monday, the Shenzhen market dropped nearly 3 per cent
Profits of state-owned enterprises fell by
12.8% for Jan-August
–ASA
OTHER
Watch for storm clouds on the horizon – Humble
Student
Even though skies are clearing, there are two
dark clouds ahead that appear ominous for the investor, namely the fiscal cliff
and the risk of a crash landing in China…In the meantime, both
the Fed and ECB are hosting a gigantic block party. There's lots of free food
and drinks. I am sure that even the Chinese will be there. Go on and enjoy
yourself. Just don't get so drunk that you get caught flat-footed when the cops
raid the place.
Currency wars redux – alphaville
/ FT
QE3 has set the dogs of FX verbal intervention
loose (well, looser anyway) and it seems probable some actual shots may be
fired in the coming while.
FX Comment: the hangover week – Nordea
Equity Review: Week is one for the history
books - 'QE Infinity'
– Saxo
Bank
In Chairman Bernanke’s own words, the aim is to
lift consumption by increasing asset prices, understood as houses and stocks.
Then the growth will follow, or at least that is the plan. This part of the
plan is probably not going to work and therefore at some point down the road we
will see a stock correction.
Weekly Market Comment – Hussman Funds
As of Friday, our estimates of prospective
return/risk for the S&P 500 have dropped to the single lowest point we’ve
observed in a century of data.
New financial forecasts: Central banks taking
out the bigger guns
– Nordea
or instead
of the summary, the full pdf
this is the
press release, doc here.
By 2015 hard commodity prices will have
collapsed – mpettis
IN FINNISH
IS paljastaa:
Potilastietouudistukseen hassattu satoja miljoonia! – IS
Sähköisten
potilastietopalveluiden uudistamisessa on palanut rutkasti verorahaa:
kaukomatkoja, juhlimista, konsultointia tyhjästä...
Katainen:
Pankkivalvonnalla laaja kannatus – YLE
Pääministeri Jyrki
Katainen (kok.) sanoo uskovansa, että Euroopan pankkivalvonnalla on laaja
kannatus. Kataisen mukaan valvonnan järjestämisessä on kuitenkin vielä paljon
avoimia kysymyksiä.
Liikanen: EKP:n
pöytäkirjojen salausaika liian pitkä – TalSa
Suomen Pankin
pääjohtaja Erkki Liikanen sanoo, että Euroopan keskuspankin neuvoston kokousten
pöytäkirjojen 30 vuoden salausaika on liian pitkä. Hänen mukaansa pöytäkirjat
pitää saada nopeammin julki.
Suomen pankkikriisi:
missä päähenkilöt ovat nyt? (2001) – TalSa
Suomen maksuosuus
EU:ssa kasvaa – YLE
Suomen arvioidaan
hallituksen budjettiesityksessä maksavan ensi vuoden EU-budjettiin ja Euroopan
kehitysrahastoon 1 988 miljoonaa euroa...Saamapuolella Suomen valtiolle tulee
EU:sta ensi vuonna arviolta 1 212 miljoonaa euroa.
Pääkirjoitus:
15.09.2012: Europaniikin huippu on ehkä ohitettu? – IL
Kuntavaaleissa ei
päätetä Suomen rahayksiköstä.
VM: Hallituksen
alijäämätavoite jää saavuttamatta – TalSa
Hallituksen
budjettialijäämätavoite jää saavuttamatta, valtiovarainministeriö arvioi
uudessa talouskatsauksessaan. Hallitusohjelmaan on kirjattu tavoite pienentää
valtion budjettialijäämä yhteen prosenttiin bruttokansantuotteesta vuoteen 2015
mennessä. VM arvioi alijäämän kuitenkin olevan 2,1 prosenttia vuonna 2014.