20th Sep - EU Open

For full coverage of the two most important developments, see ECB Watch and Fed Extra.

Previously on MoreLiver’s:

19.9 - US Close

19.9. US Open: Me Too!

19.9. EU Open

Follow ‘MoreLiver’ on Twitter or Facebook 

Roundups

News roundup – Between The Hedges

The 6am Cut London – alphaville / FT

Emerging Markets Headlines – beyondbrics / FT

Reference

TV: Bloomberg, BBC

Debt crisis: live – The Telegraph

The Euro Crisis Blog – WSJ

Tracking Europe’s Debt Crisis – NYT

FX Options Analytics – Saxo Bank

European 10yr Yields and Spreads – MTS indices

MORNING BRIEFINGS

Morning Briefing (Asia): Crude Oil Plunges on Inventory Data – BNY Mellon

Has excoriation given way to eulogy? The Greek saga drags on

Asia Today: Flash China PMI data suggests further weakness ahead – Saxo Bank

We had a number of data points during today’s Asian session to keep activity buoyed – Japan trade data, NZ GDP and the flash HSBC manufacturing PMI for September. Overall, risk was soft though no one particular data point triggered the move

Market Preview: Focus on EU Manufacturing PMIs – Saxo Bank 
European markets are expected to open lower Thursday ahead of the release of manufacturing and services PMI data across the Eurozone later today. Meanwhile, data indicated a contraction in Chinese manufacturing activity for September. 

Danske Daily – Danske Bank (pdf)

Chinese preliminary PMI below 50 for 11th month in a row * Strong data from the US housing market * US long yields continue to drop after the spike last week * Euro Flash PMIs will be released this morning.

 

Aamukatsaus – Nordea (pdf)

Kiinan teollisuuden veto yhä heikkoa – Euroalueella luottamus piristynyt hieman? * Saksan lainvalmistelijat hylkäämässä komission ehdotuksen pankkivalvojasta * Brent-öljyn hinta jatkoi laskuaan pudoten päivätasolla eniten kahteen kuukauteen

Aamukatsaus – Tapiola (pdf)

Eilen julkaistut asuntomarkkinatilastot USA:sta kertovat positiivisen kehityksen jatkuneen. Sen sijaan Kiinan teollisuuden kääntymistä saadaan vielä odottaa. Markkinan suunta: Osakemarkkinan nousu jatkui, kun USA:n asuntomarkkinoiden tilanne jatkoi kehittymistään positiivisempaan suuntaan. Ostopäällikköindeksin ennakkotietojen mukaan Kiinan teollisuustuotannon hidastuminen jatkuu, mutta aiempaa maltillisemmin. Tänään mielenkiinto kohdistuu euroalueen ostopäällikköindeksien ennakkotietoihin, odotuksissa hidastuvaa supistumista. Osakefutuurit indikoivat laskuavausta, euro heikkenee fokuksen siirtyessä USA:sta Espanjaan.

Morning Briefing (EU/US): La vera lotta – BNY Mellon

Mario Monti’s agenda has been impressive; its implementation another matter

EUROPE

Banking union: A federal model for the European Union with prompt corrective action – voxeu.org

The European Commission’s latest proposals for financial regulation are seen by many as the first steps towards a banking union. This column argues that there are a number of issues that need to be exposed and debated in public before the Commission decides on anything.

The commission’s proposal on bank supervisory powers for the ECB – voxeu.org

The European Commission is planning a shake-up in financial supervision in Europe. This column argues that time will tell whether or not this is a good idea – for now all we have for certain is uncertainty.

CHINA

PMI inches higher, but remains sub-50 – beyondbrics / FT

PMIs: manufacturing is still slowing, but a little more slowly – alphaville / FT

PMI at 47.8, 2-month high – Global Macro Monitor

PMI Prints 'Not Bad Enough' But Still In Contraction For 11 Months – ZH

PMI points to continued weakness in September – ASA

PMI Points to Soft Economy – PragCap 
China: Weak manufacturing confidence underlines growth worries – Nordea 
HSBC PMI stays subdued but details stronger – Danske Bank (pdf) 
Japanese Exports Sink 3rd Month; Flash China Manufacturing PMI Shows Output down at Sharpest Rate in Ten Months – Mish’s

 

IN FINNISH

Suomen julkistalouden muutokset samanlaisia kuin kriisimaissa – olemmeko mekin menossa samaa tietä? – tyhmyri