If there is a way to fail, we will find it. Google's outsourced paperwork did not work that well - but neither did their earnings. In Europe, plenty of stuff on the presummit statements - I'm not expecting much, and it looks like markets are preparing to a good old-fashioned "buy the summit, sell the news".
Previously on MoreLiver’s:
Roundups and
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
Roundup – A
View From My Screens
Roundup: BP, finally, to do a good deal? – The
Big Picture
US Summary: Google Implodes But Dow Ramps To Unchanged
– ZH
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Despite some recent gains, the Eurozone continues to
teeter closer to the periphery cliff. During the past half a decade, the
international community has consistently and systematically over-estimated the
strengths of the global economy and under-estimated its vulnerabilities.
European Wage
Austerians are getting Desperate! – Social
Europe
What really happened with Greek Exports
A Small Printed Note
Saying "Wait!" – Mark
Grant / ZH
“More Europe” not only
lacks a common European definition but it lacks agreement from one nation to
the next. We are just not reaching some sort of crunch time but we are reaching
a point and perhaps the point where the European Muddle ends and the division
begins.
Riksbank under
pressure from low inflation – Nordea
(pdf)
At the time of writing, the market is pricing in around
a 30% probability of the Riksbank cutting the rate at the monetary policy
meeting on 24 October (announcement on 25 October). We agree. We feel
strengthened in our view that one more cut will be implemented this year, but
that it will hence not emerge until December.
How to Launder Money
– Swiss Style – Bruce Krasting
EUROPE: SUMMIT
Comments before EU
leaders' summit – Reuters
Following are comments by EU leaders and officials
ahead of Thursday's talks:
Germany urged its
European partners on Wednesday to agree to cede control over their budgets to a
central authority in Brussels, setting
up a clash with France and other single currency members at a summit of the
bloc's leaders this week.
Merkel, Hollande
clash on EU budget czar before summit – Reuters
Germany and France, Europe's two
central powers, clashed over greater European Union control of national budgets
and moves towards a single banking supervisor before a summit of the bloc's
leaders began on Thursday.
European Council |
Hollande launches broadside against Merkel – presseurop
The Guardian, Le Figaro and Der Tagesspiegel on the
summit
EU summit: Implement
growth policies, stupid! – Brussels
blog / FT
José Manuel Barroso, president of the European
commission, attacked EU member states for failing to implement growth measures
that could balance the short term negative impact of harsh austerity policies
Olli Rehn seemed more relaxed and upbeat about the eurozone’s
economy than usual at the pre-EU summit conference held by the European Liberal
Democrats (ELDR).
EUROPE: PIIGS
European officials’ ability to reduce the tail risks
appears to have been quite successful.
And they have achieved this without spending a single penny. Yet the tension between the interests of the
creditors and the interests of the debtors has not been resolved.
Spain Banks Face More Pain as Worst-Case Scenario
Turns Real – BB
Spain’s banks
face more loan losses as the pace of an economic slump risks turning a
worst-case scenario dismissed in stress tests into reality.
UNITED STATES
Downside Risks – Calculated
Risk
Europe, China, fiscal
slope
Three Fed notes – Free
exchange / The Economist
Comments on recent Fed chatter: 1) is the recent
upturn in economic data, and in housing in particular, down to QE3? 2) should
we be a little cautious in interpreting recent data? 3) possible replacements
for Chairman Ben Bernanke and their potential impact on the state of monetary
policy.
Goldman on housing
and the consumer – alphaville
/ FT
The impact of housing is shifting into positive
territory…the housing recovery won’t have the same kind of effect as in prior
expansions because mortgage lending standards are easing more slowly this time
round.
OTHER
EMEA Weekly, Week 43 – Danske
Bank (pdf)
Country-specific fundamentals back in fashion
FINNISH
Talousjournalismin lyhyt historia – SK
Voittoja ja
tappioita sekä uutissulku ”isänmaallisista syistä”
Suomen ulkopolitiikalle rökäletappio YK:ssa – Jyrki Virolainen
Hyperinflaatio ja Mikki-hiiren korvat – tyhmyri
Valtion raha-asiat rempallaan syyskuussakin – euroetana
Maan etu - vai maan tapa? – Juhani
Huopainen / US Puheenvuoro