News from Europe getting bad again - where to find the 30bn for Greece, Spain's economy continues getting worse beyond expectations. US markets largely closed due to "bad weather". EURUSD getting near the bottom of its multiweek range.
Previously on
MoreLiver’s:
Roundups &
Commentary
US Opening
News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Sentiment: Cloudy, If Not Quite
Frankenstormy – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Broker Note Briefing – WSJ
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
What if the eurozone breaks up? – Nordea
(pdf)
The
analysis explores four eurozone break-up scenarios: i) Greece leaves the euro,
ii) several countries in difficulties leave, iii) Finland exits on its own
accord, and lastly iv) the entire eurozone splits up into two or breaks up
altogether.
Interview with Der Spiegel: Mario Draghi – ECB
conducted
by Michael Sauga and Anne Seith on 22 October, published 29
October 2012
Money market charts du matin – alphaville
/ FT
US prime
money market funds increasing their exposure to eurozone banks for the third
month in a row.
Eurozone
leaders are firmly committed to a banking union, at least on paper. But do
Member States agree on the current proposals? And what do these proposals leave
out? This column argues that a dangerous combination of disagreements between Member States over contentious issues and
pitfalls in the design of new institutions may well ensnare the Eurozone along
its faltering path towards recovery.
“I don’t
think it’s realistic that we will have a euro referendum in Denmark in the foreseeable future”
Norges Bank accepts lower money market rates – Nordea
We believe
Norges Bank will forecast a first hike in the second part of 2013. The main
message will then be that Norges Bank is on hold.
Eurosceptic forces unable to capitalize in
Finnish local elections – Nordea
EUROPE: PIIGS
New Italian turbulence – MacroScope
/ Reuters
European
theme roundup: Italy, Greece and Spain.
Catalans go
to the polls Nov. 25 for a regional parliamentary election, and polls show
pro-independence parties in front.
Italian
Prime Minister Mario Monti and Spanish counterpart Mariano Rajoy may try to
mask a growing divide over Europe’s new bailout strategy when they meet today.
Retail
sales plummeting
Greek finance officials among suspected tax
evaders – euobserver
ASIA
Will the BoJ increase its asset purchase
programme next week –
Kiron
Sarkar / The Big Picture
A Hard Landing Down Under – Andy Xie
/ The Big Picture
Australia’s bubble is built on China’s, and with no major stimulus in
the offing, it may suffer a financial crisis in 2013
Antipodean intervention (probably) – alphaville
/ FT
A
suggestion that the Reserve Bank of Australia is practicing some ‘passive
intervention’ to hamstring the Aussie’s strength a touch.
Even by the
standards of plagiarism-prone Chinese media, it takes a certain brazenness to
perpetrate such an extensive copy-and-paste job when preaching about
journalistic integrity.
It turns
out there's a right and a wrong kind of corruption, and China's economy has somehow managed to
grow rapidly despite having the latter kind.
OTHER
New Financial Forecasts: Still waiting for Spain and Greece…. – Nordea
(pdf)
or read the
summary.
Time to take some risk off the table – Humble
Student
The bottom
line is the current environment is a recipe for continued volatility and
choppiness. Bulls have much to look forward to and bears are anticipating a
transition to a market where earnings matter more - and the earnings outlook is
disappointing.
FX Comment: time for break-out? – Nordea
What's on Your Radar Screen? – Marc
to Market
The US
dollar is posting modest gains across the board, the notable exception of the
Japanese yen, on the back of what appears to be largely a risk-off day.
Weekly Market Commentary – Hussman Funds
Press release: Basel Committee report to
G20 Finance Ministers and Central Bank Governors on Basel III implementation – BIS
IN FINNISH
Lehti: Suomi uhkaa
menettää oikeaa rahaa Kreikalle ensi kertaa – TalSa
Kuluttajien luottamus
painui miinukselle lokakuussa – Tilastokeskus
EU:n on pantava suu
säkkiä myöten – HS
Suhdanteiden alamäki
jatkuu – EK
-Suhdannekuva on synkentynyt kesän ja syksyn aikana laajalla
rintamalla. Kaikkien toimialojen luottamusindikaattorit ovat olleet
laskusuunnassa. Lokakuussakin lasku jatkui rakentamista lukuun ottamatta,
kertoo EK:n johtava ekonomisti Penna Urrila.