All the
coverage on ECB’s decision is in my ECB Watch-post (continuously updated). I
wrote my own quick views in last night’s US Close: "Euro-QE" (with plenty of high-quality article links). For this morning, only the regulars and couple of payroll previews. It is very hard for me to see how the payrolls could turn the market bearish right now - after the ECB the sentiment is bullish, market is technically strong, and good numbers would mean everything is good, while bad numbers would mean everything is still bad, but future looks nice and QE is more probable. I will update my views during the weekend. I was happy with the previous views and levels, and they worked up to the ECB's "bomb". I think we are in for uncertain times, as it is impossible to preview when the weaknesses in the ECB plan show up.
Quote of the day: The eurozone mess is the classic illustration of a saying attributed to Herbert Stein, “Economists are very good at saying that something cannot go on forever, but not so good at saying when it will stop.” But while it once looked like market pressures would force a change in policy, it now looks like the shift will come as a result of punitive austerity, either open revolt or widespread disobedience. And they can be as abrupt as market events. – Yves Smith / naked capitalism
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
The ECB confirmed more details on its plan to
buy EU bonds overnight and gave risk appetite a boost late yesterday and
extended into the Asian session. Australia posted a deficit of A$556 mln in July on slower shipments of ores and
minerals to China
Whilst all eyes were on Thursday's ECB meeting,
it may be Spain’s take on proceedings that matters most
Market Preview: US non-farm payrolls on tap – Saxo
Bank
European markets are expected to take a
breather and open mostly flat Friday. The ECB unveiled an unlimited bond buying
programme yesterday to tackle the region's debt crisis. Markets await US
monthly Nonfarm Payrolls data due later today.
Danske Daily – Danske
Bank (pdf)
Markets cheered by ECB bond buying plan. Stocks
and safe haven yields rose and the euro strengthened. Today’s key event will be
the US employment report
Morning Briefing (EU/US): Y Viva España – BNY
Mellon
The ECB and Spain
Aamukatsaus – Nordea
(pdf)
EKP:lta odotettuja
yksityiskohtia uudesta osto-ohjelmasta * Kohtalaisen rohkaisevaa talousdataa
USA:sta * EURSEK nousi yllätyskoronlaskun myötä
Aamukatsaus – Tapiola
(pdf)
EKP julkisti odotetut
suuntaviivat euroalueen puolustamiseksi, markkinat ottivat toimenpide
suunnitelman positiivisesti vastaan. USA:n positiivinen makrodata
työmarkkinoilta kannusti myös osakkeita. Markkinan suunta: EKP julkisti
odotetut suuntaviivat euroalueen puolustamiseksi, markkinat ottivat toimenpide
suunnitelman positiivisesti vastaan. Osakefutuurit osoittavat myös nyt aamulla
nousuavausta. USA:n eilen julkaistu työmarkkinadata lietsoi nousua ja tämän
päivän työmarkkinaraportista odotetaan positiivista yllätystä. L & T
(TOP-10) päivitti taloudelliset tavoitteensa ja BioTie teki suunnatun annin
Lundbeckille.
* * *
The Post Globalized World Part 2: Why The PIGS
Are (Still) Out Of Luck – ZH
August Employment Report Preview – A
Dash of Insight
Goldman Sachs:Payroll Preview, Middling – ZH