Germany IFO (08:00 GMT) Current
Conditions is expected to drop moderately from previous month’s 110.3 to 109.7,
while Business Expectations is seen rising to 93.8 from September’s 93.2. This would
leave the main index roughly unchanged to 93.8 from 93.2. All three series have
been in a downtrend since the summer of 2011. For graphics and further
breakdown, see CESifo’s September’s press
release.
Eurozone PMI (08:00 GMT)
Consensus forecast for the October’s manufacturing PMI figure is
a small improvement to 46.5, after September’s 46.1. While this would keep the
number in recessionary sub-50 area, at least it would be a sign of
stabilization. Last month France’s PMI
disappointed while Germany’s was a
positive surprise, and yesterday’s business confidence numbers from France suggest
that this could be the case also now. If the differences between the two
countries’ PMI’s continue to
persist, markets could expect changes in growth vs. austerity preferences, with
France becoming
increasingly pro-growth.
Draghi speech (11:45 GMT) Draghi
will begin talking to the Bundestag. The OMT program has been criticized by
some lawmakers, and Draghi will defend his view. The talk will not be
transmitted via Internet or the Parliament's TV. After the talk at around 14:00 GMT, Draghi
and the President of the Deutsche Bundestag, Mr Lammert, will answer
journalists’ questions. Any
policy hints will be watched closely.
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
The EU’s
crisis plans need a greater ‘here and now’ element
3 Numbers
to Watch: EZ PMI, DE IFO, US Home Sales - Plus FOMC – Saxo Bank
Plenty of action ahead of the FOMC today, with a number of PMI data releases in the Eurozone to cover. The German IFO survey is expected to show business sentiment holding up. Meanwhile, US Home Sales data is likely to indicate a housing recovery.
Asia Today: Higher Oz CPI questions the next RBA cut – Saxo Bank
We saw more activity in Asia today with a couple of data points to keep us busy. Australia’s headline Q3 inflation report confounded median forecasts with a spike higher. China's flash PMI was the highest in 3 months which helped the AUD to rally
Plenty of action ahead of the FOMC today, with a number of PMI data releases in the Eurozone to cover. The German IFO survey is expected to show business sentiment holding up. Meanwhile, US Home Sales data is likely to indicate a housing recovery.
Asia Today: Higher Oz CPI questions the next RBA cut – Saxo Bank
We saw more activity in Asia today with a couple of data points to keep us busy. Australia’s headline Q3 inflation report confounded median forecasts with a spike higher. China's flash PMI was the highest in 3 months which helped the AUD to rally
Market
Preview: Eyes on
European PMIs – Saxo Bank
European markets are expected to open higher Wednesday. Manufacturing and services data across Europe today is keenly eyed. Markets also await the US Fed's monetary policy decision due later today.
European markets are expected to open higher Wednesday. Manufacturing and services data across Europe today is keenly eyed. Markets also await the US Fed's monetary policy decision due later today.
Danske Daily – Danske
Bank (pdf)
China’s Flash PMI improves to 49.1 in October. The US stock market dropped markedly on
weak Q3 earning reports but stock markets have recovered in Asian trade on China’s PMI. We have a busy day ahead of us
with focus on PMIs, Draghi’s briefing of German parliament and this evening’s
Fed decision. Market movers today: EUR: Flash PMIs, GER: Ifo business climate, GER:
Draghi briefs German parliament, USD: Fed meeting, USD: Markit manufacturing PMI, USD: New home sales, Q3 earnings:
Volkswagen, Volvo
Aamukatsaus – Nordea (pdf)
Kiinassa teollisuuden luottamus tukee odotuksia kasvun
vakautumisesta * Fed pitänee rahapolitiikan ennallaan * Espanjan autonomisten
alueiden luottoluokituksen lasku painoi euroa
Aamukatsaus – Tapiola
(pdf)
Aamulla julkaistu Kiinan ostopäällikköindeksin ennakko nousi
tasolle 49,1 (edellinen 47,9) ja vahvistaa käänteen odotusta. Tämä käänsi
tunnelman heikkojen perusteollisuusyritysten tulosten jälkeen. Markkinan
suunta: Osakemarkkinoilla eilen myyntiaalto,
globaalit perusteollisuusyhtiöt varoittivat näkymistään. Kiinan aamulla
julkaistu ostopäällikköindeksin ennakko pysäytti markkinoiden laskun Aasiassa. Osakefutuurit
nyt plussalla, indikoiden nousuavausta pörssiin. 3Q12-tuloksia aamulla: Hyvät
tulokset: Kesko, Konecranes. Neutraalit tulokset: Vacon. Heikot tulokset:
Nordea, Okmetic, Outokumpu, Talentum.
The CAD is
a glowing opportunity; but maybe not just yet
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
Draghi Takes Pitch
Into Lion’s Den as German Faith Wavers – BB
Enter the dragon – MacroScope
/ Reuters
Spain will
probably loom largest for the German lawmakers but Greece continues
to run it a close second with suggestions growing that it will get an extra two
years to make the cuts demanded of it.
Moody's downgrade of
Spanish regions should be a signal for Rajoy to request aid – Sober
Look
Update on the banking
union initiative in the Eurozone – Sober
Look
USA
S&P 500 Stocks Getting Hit Hard on Earnings – Bespoke
Time for bulls to throw in the towel? – Humble
Student
ASIA
China Flash PMI improves
A work in
progress – beyondbrics
/ FT
Slowing
pace of contraction in October – ASA
Improves
and suggests moderate recovery ahead – Danske
Bank (pdf)
Adds to
improved growth prospects – Nordea
(pdf)
Up, but
there’s a catch – alphaville
/ FT
At 49.1,
Three-month High – Global
Macro Monitor
Rises as
Easing Prospects Abate – BB
Modest
Improvement Even As It Contracts For 12 Months In A Row – ZH