After the deeper drop than I was expecting, the previous lows came close. (1.28-12850 in EURUSD - 1.285 visited, 1427 in SPX - 1432 visited). Good chance of a relief rally and perhaps a horizontal trading range of 1.30-1.2850. But the weakness scares me and increases the probability of a "double top"-scenario in both markets. Sorry about the missing updates - I just updated the yesterday's US close and will update the IMF post next. The next post will be big.
Previously on MoreLiver’s
9.10. IMF World Economic Outlook
(updated)
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
On the subject of Norway’s house price boom
3 Numbers to Watch: Beige Book, FR Industrial
Production & Gold
– Saxo
Bank
There are not many economic data releases to
report on today. The US Federal Reserve is
due to release its latest edition of the Beige Book. Industrial production in France will stay flat, while
gold looks to have found a new consolidation point.
Yesterday’s bullish Asian session was wiped out
overnight and left many Asian traders scratching their heads this morning. Data
releases were thin, so it was range-trading during the session, albeit at lower
levels than yesterday
Market Preview: French Industrial Output eyed – Saxo
Bank
European markets are expected to open lower
Wednesday as investors remain cautious as the corporate earnings season begins.
French and Italian industrial production data and a meeting between Spain's Rajoy and France's Hollande are also
in focus.
Danske Daily – Danske
Bank (pdf)
IMF warns eurozone on capital flight. Portugal gets one more year to achieve its fiscal goals. 11 EU member states now
support a financial transaction tax. Market movers today: France industrial
production, Italy industrial production, Sweden industrial production
and new orders, Fed’s Beige Book
Aamukatsaus – Nordea
(pdf)
Merkel vakuutteli
Kreikan pysyvän eurossa. Rahapolitiikka pysyy Kiinassa kasvua tukevana. Öljyn
hinta korkeimmilleen kuukauteen Lähi-idän tarjontapelkojen myötä
Aamukatsaus – Tapiola
(pdf)
Osakemarkkina jatkoi
lasketteluaan ennen tuloskauden käynnistymistä. Tuloskauden yhtiökohtaiset
tulosodotukset analyysissä: Kiinnostavia yhtiöitä ”helposti ennustettavat”,
joissa matalat odotukset H2/2012 sekä positiivisesti yllättäneet, joissa
ennusteet nousseet maltillisesti. OMX HEX
3Q12 tuloskausi käyntiin Baswaren ja Cityconin tuloksilla: Tuloskauden
kalenteri lisätty aamukatsaukseen.
Morning
Briefing (EU/US): Hammer to Fall – BNY Mellon
Increasingly, government preoccupation with ‘plain vanilla’ fiscal austerity is getting a bad press
Markkinakalenteri – Nordnet
Increasingly, government preoccupation with ‘plain vanilla’ fiscal austerity is getting a bad press
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat