Previously on
MoreLiver’s:
Roundups &
Commentary
US Opening
News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Member states to
consider plan to give non-euro countries stronger say in banking union;
Commission drops cross-lending for national resolution funds
Broker Note Briefing – WSJ
Euro Slide Continues, Dollar-Bloc Resilient – Marc
to Market
Kim Kardashian and the Fed – TF
Market Advisors
US session ahead
Pre-market
Commentary – Marketwatch
Pre-Market
Trading – CNNMoney
Pre-Market
– NASDAQ
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
Europe’s Path to
Disunity – Hans-Werner
Sinn / Project Syndicate
The assertion that the eurozone could be transformed
into a United States of Europe is no longer convincing. The path toward it is
far more likely to lead to a deep rift within Europe, because
turning the eurozone into a transfer and debt union would require more central
power than currently exists in the US.
Chart of the week -
Economic convergence in the euro area – bruegel
Current accounts are moving towards balance…Fiscal
balances are mostly moving towards a more sustainable zone, albeit with
difficulty in the case of Greece…Nominal unit labour costs are mostly going
down (with the exception of Italy) in the periphery and up in Germany, even if
the gap between the level of Germany and that of the other countries is still
large.
EU commission tables
financial tax for 11 states – euobserver
The EU commission has proposed that 11 countries move
ahead with a common financial transactions tax, after years of wrangling failed
to produce an EU27 deal.
The S&P
team are nervous. Some $1 trillion of debt from European companies will mature
in 2013, and then another $1.3 trillion in 2014 — a large chunk of this in the
financial sector…
EUROPE: PMI & IFO
(Seemingly) Perpetually Miserable Indices – alphaville
/ FT
October PMIs suggest euro zone downturn
deepening – Reuters
Euro zone
businesses in October suffered their worst month since the bloc emerged from
its last recession more than three years ago, forcing them to cut more jobs to
reduce costs, surveys showed on Wednesday.
The Euro-area flash composite PMI dropped
to 45.8 in October from 46.1 in September, and against expectations of a small
rise. The drop was mostly due to downside surprise from the German
manufacturing side, while the French numbers one average was in line with
expectations (see chart), and services did alright across the Euro area.
Euro area
PMIs and the German Ifo surprised
on the downside in October. We have
seen a
stabilisation in the leading indicators but the releases indicate that the
recession
is still
not over.
German IFO business confidence continues to
fall in October – ASA
German Ifo Business Confidence Unexpectedly
Fell in October – BB
Ifo Business Climate Continues to Deteriorate – CESifo
Press
release, with graphs and full breakdown
German business sentiment posts surprise sixth
drop in a row – Reuters
German
business sentiment dropped for the sixth successive month in October, in a
surprise fall that was bigger than even the lowest forecasts, signaling that
the euro zone debt crisis is hitting home in Europe's largest economy.
USA
Bernanke Seen Attacking Jobless Rate With QE
Until His Term Ends
– BB
OTHER
Nordea Risk Perception Publication – Nordea
Modest
deterioration in sentiment – baseline still gradual improvement (or straight to
full pdf)