I'm expecting rising trouble with the European banking union plans: FT points out how unhappy Germany is. EURUSD and SPX are bouncing between clear technical levels, with an inclination to test the downside.
Previously on MoreLiver’s:
Roundups & Commentary
US Opening News And Market Re-Cap –
Ransquawk / ZH
Frontrunning
– ZH
Overnight
Sentiment – ZH
The Lunch
Wrap – alphaville
/ FT
Emerging
N.Y. headlines – beyondbrics
/ FT
Today’s
front pages – presseurop
Daily press
summary – Open
Europe
Confusion over two-year bailout extension for Greece; Handelsblatt:
Extension would cost an additional €16-20bn
Morning
MarketBeat: Stocks Struggle to Shake Slide – WSJ
Broker Note
Briefing – WSJ
A Few
Notes on FX – Marc to MarketThe 6th Time is a Charm for Stock Futures? – 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
Economic
Calendar – Forexpros
EUROPE
“Cancelling” QE debt – alphaville
/ FT
Bank of England’s governor on canceling government bonds acquired by the central banks
Bank of England’s governor on canceling government bonds acquired by the central banks
Chart of the week: The real test of the euro – bruegel
The single
most pressing threat to the integrity, and perhaps also to the existence, of
the euro is the depth of the recession in southern European member states
The battle for the Sparkassen begins – Brussels
blog / FT
This issue has always been a potential dealbreaker: how will Germany’s politically powerful network of small public banks — or Sparkassen — sit under the bailiwick of a single bank supervisor? Until now we’ve mainly seen diplomatic shadow-boxing on the matter. But that fight is beginning in earnest.
This issue has always been a potential dealbreaker: how will Germany’s politically powerful network of small public banks — or Sparkassen — sit under the bailiwick of a single bank supervisor? Until now we’ve mainly seen diplomatic shadow-boxing on the matter. But that fight is beginning in earnest.
EUROPE: ECB
What inflation? – alphaville
/ FT
Euroland M3
coming in below expectations and dropping again to 2.7.
ECB: Lending to euro zone private sector falls
in September – Reuters
ECB: Deposits in Greek, Spanish banks rise in
Sept – Reuters
Consumers
and firms put money back into Spanish and Greek banks in September, European
Central Bank data showed, ending a run of declines driven by concerns about
both countries' finances.
EUROPE: UK
Not a
'spectacular' recovery, but there are reasons to be cheerful – The
Telegraph
.
EUROPE: SPAIN
Catalan MEPs ask for EU help against Spanish
army – euobserver
Four MEPs
have asked the EU commission to tell Spain it cannot use military force
against Catalonia.
Spain’s Bad Bank Seen as Too Big to Work:
Mortgages – BB
Spain’s efforts to sell as much as 90
billion euros ($117 billion) of toxic property assets it uses to create a bad
bank from lenders that take state aid will be constrained by the size and
inability to provide credit to potential buyers, adding to the risk of taxpayer
losses.
Andalusia, the region that is the
third-biggest contributor to Spain’s economy, called on the government
to find new “formulas” to fund the 17 semi- autonomous states after Madrid was shut out of debt markets.
European
authorities are pushing Bankia (BKIA) group to impose losses on junior
debtholders as Spain purges a banking system clogged
with about 180 billion euros ($234 billion) of bad real estate assets, people
familiar with the talks said.
Spanish funding outlook improved – Nordea
Spanish
bank deposits rose for the first time in September, while foreign investors
have reportedly been more active in Spanish bond auctions lately. Overall then,
market pressure is not a particularly strong argument calling for a quick aid
request by the Spanish government – political considerations currently play a
bigger role.
EUROPE: OTHER PIIGS
Greekileaks: German-backed plan for Greek
bailout – The
World / FT
Greekileaks 2: The new draft MoUs for Athens – Brussels
blog / FT
With Athens
and the so-called “troika” of international lenders close to a deal on an
overhauled bailout that would extend the programme by two years, the focus
today shifts to Brussels, where talks begin on round two of the revised Greek
rescue: how to pay for it
OTHER
JPY View: Years of strength. Over. – Nordea (pdf)
JPY
strengthening over the past years can be justified by many factors – unwinding
of carry trades post Lehman shock, declining return abroad (proxy USD yields),
persistent current account surpluses…But there are signs that trends are
turning forwards a weaker JPY, not only months but also years ahead.
Things That Make You Go Hmmm… – Grant
Williams / The Big Picture
The most
excellent long-form market newsletter
IN FINNISH
Eurokriisi vaikeuttaa Maastrichtin kriteerien
tulkintaa – Nordea
Katainen avaa ovea pankkien tukemiselle – TalSA
Pääministeri Jyrki
Kataisen mukaan pysyvän kriisirahaston EVM:n varoja voitaisiin käyttää
tapauskohtaisesti Irlannin ja Espanjan pankkien tukemiseen. Syyskuussa
valtiovarainministeri Jutta Urpilainen painotti, että EVM voisi pääomittaa
pankkeja vain tulevaisuuden vaikeuksissa.
Pääkirjoitus: Suomi vetäytyy, kun muu
euroryhmä tiivistyy – HS