Previously on MoreLiver’s:
10-Nov Weekender: Weekly Support (updated)
Roundups &
Commentary
US Opening
News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight: Asian Bad News Launches Overnight Melt Up –
ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open
Europe
Juncker: Troika report on Greece is ‘broadly positive’; Greek parliament adopts
2013 budget amid protests
Morning MarketBeat: Asking the Right Question – WSJ
Broker Note Briefing – WSJ
A Few Observations to Start the New Week – Marc
to Market
The T
Report: A Time to Think & 5 Key Issues – 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
Reding: Governments should have no veto on
taxation – euobserver
"The
veto right in the EU council has to be scrapped. Qualified majority voting
should be extended to more policy areas, for instance taxation"…Reding's
federalist beliefs and her combativeness may ultimately see her passed over for
someone less controversial. "Member states would rather see someone who
plays ball," one EU source told this website.
Links with Russia and other "questions"
regarding the Cypriot financial sector are likely to delay a bailout decision
until 2013, the German finance minister has said.
The crisis
has now progressed into a frontal attack against the Spanish welfare state:
already the smallest (in terms of spending as a percentage of GDP) among the EU-15 countries. The
underfunded and under-resourced nature of Spain’s welfare state is leading to an
acute social crisis within the country, disproportionately affecting poorer
citizens.
ECB
Mario's latest move: Europa to the rescue – Free
exchange / The Economist
New staff
projections by the ECB in December seem sure to present a gloomier picture,
too, which would give the governing council an opportunity to cut its main
policy rate to 0.5%
Discouraging news – Free exchange
/ The Economist
Given what
we know has happened so far in Europe as a result of self-defeating austerity and
myopic deficit targets, this seems like madness. If the Bundesbank successfully
holds the ECB hostage and demands further fiscal bleeding as the price of
additional monetary stimulus, the markets will realize that Mr Draghi is not in
fact armed with a big bazooka—just a pea-shooter.
GREECE
Which is
all to say, after tonight’s meeting, we may be closer to clearing Friday’s
t-bill hurdle. But probably not much closer to a final overhaul of Greece’s bailout.
It gets
harder and harder to imagine how things could be worse for Greece by leaving than by staying.
Our
correspondents argue that only official debt restructuring can give Greece hope of escaping its financial
crisis
UNITED STATES
ASIA
Money
supply grows at a slower rate, new loans disappoint, and deposit drops.
OTHER
Choppy markets ahead – Humble
Student
I believe
that all these cross-currents are just a recipe for more volatility. While I am
concerned about downside risks, investors also have to be aware of what could
go right.
New Financial Forecasts: Markets have taken
another turn at risk-off – Nordea
(pdf)
or read the
summary
.
Weekly Market Comment – Hussman Funds
Stocks
certainly appear short-term oversold here, but the historical record doesn’t
give much support to the idea of trading stocks for positive short-term
mean-reversion in the face of such decidedly negative return/risk estimates.
Then again, the “predictable” component of short-term market movements is small
relative to the variation, so these comments shouldn’t be taken as a prediction
of near-term outcomes, other than to emphasize what I see as unusual danger
more broadly.
Morning Briefing – Monday – Nordea (pdf)
or read the
summary