Chinese data came out, and on surface they were good. Summit time in Europe. Updated
views later - meanwhile, after a pause of couple of days, I posted a very, very nice post last night - check it out.
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
Perhaps Greece will get the money after all.
The
all-important EU summit is starting in Brussels today and we will be taking a close
look at Spanish bond yields. In the UK retail sales are expected to pick
up in September, while the Philadelphia Business Outlook survey is also due to
rebound.
Asia was on China watch today with the release of Q3 GDP and the rest of September data on
tap. Numbers were generally positive (GDP up 7.4% y/y as expected,7.7% y/y YTD with
IP/retail sales above forecast) lending support to risk and risk currencies
Market Preview: EU leaders meeting eyed – Saxo
Bank
European
markets are expected to open in the green Thursday amid improved risk appetite
following strong Chinese economic data. Markets are keeping an eye on the EU
leaders meeting commencing today.
Danske Daily – Danske
Bank (pdf)
Stronger-than-expected
Chinese data send stocks higher. Very upbeat US housing data underpin risk
sentiment. Spanish 10-year yield at lowest level since March. The EU Summit in
focus today as well as US claims and Philly Fed. Market movers today: EU
summit, Sweden unemployment, UK retail sales, US Philadelphia Fed
survey, US initial jobless claims
Aamukatsaus
– Nordea (pdf)
Aamukatsaus – Tapiola
(pdf)
Nokia julkistaa tänään osavuosituloksensa kello 13. Markkinoiden
mielenkiinto kohdistuu etenkin liikevoittoon (Non-IFRS),
Lumia puhelinteen volyymiin ja nettokassan kehitykseen. Markkinan suunta:
Osakkeet jatkaa nousuaan, myötätuulta USA:n asuntomarkkinalta.
Aamulla positiivisia uutisia Kiinan taloudesta, jossa merkkejä hidastumisen
pysähtymisestä. Comptel 3Q12-tulos aamulla odotetun kaltainen (ilman
kertakuluja odotuksia parempi). Tänään kalenterissa paljon makrolukuja ja 3Q12
tuloksia – osakefutuurit flättinä.
Answering the question about the EUR's longer-term
performance, may require looking beyond its underlying fundamentals
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
Javier Solana: As the EU aspires to become an
international power, its choice is simple. Either Europeans act in unity to
confront the tremendous challenges presented by the tumultuous changes now
underway in the world order, or they will be doomed to act as spectators in a
world in which they have little or no say.
An important indicator will be released tomorrow at 10am Madrid time -
the August proportion of bad residential and corporate loans in Spain.
USA
Buyer's Remorse? – Tim
Duy’s Fed Watch
Assuming inflation remains contained, at this point I
suspect that we would need to see sustainable growth well above 3 percent in
2013 (the Fed's central forecast is 2.5-3%) before policymakers are willing to
consider pulling their foot off the gas anytime soon.
Housing Recovery May
Validate Fed’s QE3 – WSJ
CHINA
Weaker growth in Q3 and bottom is reached – Nordea
China: Finally
signs of recovery – Danske
Bank (pdf)
China GDP: edging
towards recovery? – beyondbrics
/ FT
China’s economy
in Q3: the good, the bad, and the absurd – ASA
New home prices rose in 31 cities in September – ASA
GDP increased by 7.4%
yoy in third quarter 2012 – ASA
Industrial production increased by 9.2% yoy in
September 2012 – ASA
Fixed asset investment growth picked up in September –
ASA
Retail sales increased by 14.2% yoy in September – ASA
Real estate investment slowed slightly in September – ASA