Plenty of material, but that's the way we like it. New week, new month, new quarter. This month will either see the roadmap for fiscal and banking union presented to euroleaders. If the presentations suck and political leaders deem them to be unmarketable to their respective electorate, that's it for euro.(edit: Calendar page updated)
Previously on MoreLiver’s
Roundups &
Commentary
US Opening
News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Sentiment – ZH
Record Eurozone Unemployment, 14th
Consecutive PMI Contraction
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Chris Leslie: Tensions between Eurozone
federalism and national democracy ‘risk undermining the European settlement’;
Douglas Alexander: Total consensus within Labour for EU membership
Morning MarketBeat: Welcome to the Fourth Quarter,
Mind the Potholes – WSJ
Broker Note Briefing – WSJ
AM Dear Dairy: And They’re Off – Macro
and Cheese
Market Drivers in the Week Ahead – Marc
to Market
weakening
global growth, policy responses, political developments
The T Report: The Fourth Quarter – TF Market Advisors
The T Report: The Fourth Quarter – TF Market Advisors
US session ahead
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
US Equity Preview – Bloomberg
Earnings
& Events – The
Street
MarketCurrents
– Seeking
Alpha
Reference
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EUROPE
Euro Leaders Face October of Unrest After
September Rally – BB
Good themes
and coming events-roundup
Analysis: ECB's "nuclear option"
better as deterrent than weapon – Reuters
Buying unlimited quantities of bonds is
sometimes described as a central bank's nuclear option, deploying an
overwhelming force that threatens speculators with annihilation.
If French President François Hollande thinks he
can assuage the bond markets by dishing out tax-heavy austerity instead of
genuine reform, he has been given very bad advice.
Thousands protest against French austerity
budget – euobserver
French President Francois Hollande faced his
first serious public backlash after up to 50,000 lined the streets of Paris on Sunday in protest
against his €37 billion austerity budget.
Wage stickiness or on insufficient adjustment
in the euro area – bruegel
This article studies labour cost adjustment in
the euro area. We find that wages are sticky and nominal wages rarely fall
except in the most severe crisis circumstances. Second, unit labour cost (ULC)
reductions are often associated with significant increases in unemployment.
Third, the relative adjustment is forecast to continue and accelerate during
2012/13.
Euro area manufacturing PMIs point to slower
contraction in September – ASA
Euro area unemployment rate at 11.4% in August – ASA
EUROPE: GERMANY
It is beginning to dawn on the Germans that if
the euro holds together they’ll have to stump up more and more money.
The man who would be
chancellor – alphaville
/ FT
Peer Steinbrück, the man who would unseat Angela
Merkel as German chancellor… Merkel’s former finance minister belongs to the
centre ground of German politics but is on the right of his own party. He is
seen as a budget disciplinarian but has supported introducing some form of
jointly-guaranteed eurozone bonds to help solve the current crisis.
EUROPE: UNION
I have long stated the eurozone will breakup.
Historically speaking, no currency union has ever survived in the absence of a
political union.
As Europe’s South Spirals, North Fiddles and Chaos Looms – View
/ BB
European leaders need to get the banking union back on track, and work toward finding a way out of the downward spiral of budget cuts and shrinking output, such as the fiscal transfers we have advocated. Financial markets have shown extraordinary patience in recent months, perhaps believing that, in the end, Europe will get its act together. The longer it takes, the more damage will be done.
European leaders need to get the banking union back on track, and work toward finding a way out of the downward spiral of budget cuts and shrinking output, such as the fiscal transfers we have advocated. Financial markets have shown extraordinary patience in recent months, perhaps believing that, in the end, Europe will get its act together. The longer it takes, the more damage will be done.
EU Working to Resolve Difference on Bank Plan,
Rehn Says – BB
EUROPE: SPAIN
Some preliminary thoughts on the stress tests
for Spanish banks: lots of optimistic assumptions... – Open
Europe
Catalonia's growing calls for independence add to Spain's worsening euro
crisis woes – The
Telegraph
Catalonia is Spain's wealthiest region, and the
growing euro crisis is fuelling demands for it to break away from Madrid.
ASIA
Is China’s Communist Party
Doomed? – The Diplomat
A pause in export-led growth? – alphaville
/ FT
OTHER
Key Events In The Weeks Ahead – ZH
New financial forecasts: To ask or not to ask?
That is the question
– Nordea
We are keeping our financial forecasts largely
unchanged; that implies mostly range-trading short-term for both bond yields,
fx and commodities.
(direct pdf)
On The Edge Of A Recession – The
Short Side of The Long
The bull case is still intact – Humble
Student
Mr. October’s Interesting Charts – Global
Macro Monitor
Charting
the major markets, good and quick.
Investment grade corporate bonds are priced to
perfection – Sober
Look
(audio) BizDaily: Almost zero – BBC
(mp3)
Do almost zero interest rates actually get an
economy growing again? Business Daily hears from Japan's businesses - which
have had twenty years of low interest rates. And one of the architects of the
euro Otmar Issing says more integration is not the answer for Europe. Plus - Lucy Kellaway considers
whether sheer dumb luck is the best aid to your career.
IN FINNISH
Olli Rehn – Brysselin
Bobrikov – Olli
Pusa / US Puheenvuoro
Liittovaltion ‘It
Wasn’t Me’ – Juhani
Huopainen / US Puheenvuoro
Kuuluisan niskalenkin
kuva tarkentuu – Henri
Myllyniemi / US Puheenvuoro
Valuuttadevalvaatio+Inflaatio
on terveellisempi vaihtoehto kuin sisäinen devalvaatio – lääketieteellisin
perustein – tyhmyri
Urpilaisen
vaalihöpinät tästä vielä puuttuivatkin – Kolumni
/ MTV3
Urpilaisesta uusi
ulkoministeri? – Jyrki Virolainen
Eläkkeet AAA:n
vakuutena? – euroetana