The SPX has now fallen to my target levels - I'll update my views in the next post. JPY weakness is an interesting development, given the current risk-off sentiment. See last evening's post - plenty of good ones there.
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
Economic
Calendar – Forexpros
MORNING BRIEFINGS
Germany's GDP is under the microscope today while
UK retail sales will take the pulse of Britain's recovery. In the US, a deferred aftershock from
Hurricane Sandy is expected to drive up jobless claims.
Asian
currency markets extended themes that emerged overnight – currencies posting
mild gains against the USD while JPY crosses remained supported. China's new leadership announcement was
still awaited at press time
European
markets are expected to open in the red Thursday ahead of Eurozone GDP data which is expected to show
contraction in the third quarter. Markets will also keep an eye on US initial
jobless claims and CPI data slated later today.
Danske Daily – Danske
Bank (pdf)
FOMC
minutes indicate that the Fed is taking baby steps towards an Evans-style rule.
EU says that there will be no additional austerity requirements for Spain in
2012-2013. Focus today on euro area Q3 GDP figures, UK retail sales and US regional PMIs.
Aamukatsaus – Nordea (pdf)
Kiinan valta vaihtui – talouspolitiikassa ei pikaisia
muutoksia * Vähittäismyynti menettää vauhtia USA:ssa * Brent-öljyn hinta
selvään nousuun Israelin hyökättyä Gazan kaistaleelle
Aamukatsaus – Tapiola (pdf)
Osakemarkkina jatkoi rivakkaa peruutteluaan USA:ssa. USA:n
keskuspankin kokousmuistio paljastaa, että vuodenvaihteen jälkeen elvytys luultavasti
jatkuu operaatio Twistin tilalla. Osakefutuurit miinuksella, indikoiden
laskuavausta. Osakkeista vaihtoehto korkosijoituksille: Millä matalariskisillä
osakkeilla korvata aneeminen korkotuotto? Case Elisa – osingoista ylituottoja.
Morning Briefing (EU/US): As you were – BNY
Mellon
When Mervyn
King implies that higher inflation is no barrier to further stimuli, we should
believe him
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
The IMF is
rightly concerned that it will lose its newly-won credibility if it approves
plans that are unrealistic. Meanwhile, the slow pace of implementation of quota
reform perpetuates the image of the IMF as an organization under the control of
the U.S. and European nations.
A "pat on the back" from the EC is an
invitation for Spain to ask for OMT; Rajoy unlikely to budge – Sober
Look
This is
quite surprising. After all, Spain is widely expected to overshoot its
deficit target.
UNITED STATES
what if
we’re finally seeing definitive evidence that the Fed is far less powerful in
this environment than many presume? More
importantly, will economists and pundits finally begin to give credit where
credit is due with regards to the anti-austerity policy in the USA that has helped bolster the
economy? Fiscal policy in a balance
sheet recession is far more impactful than monetary policy….It’s time we all
realize it.
Credit is finally getting back to reality – Sober
Look
High Yield
has traded down materially, as investors have had enough of ridiculous pricing
in this market
The Four Charts That Corporate Bond Managers
Fear The Most – ZH
Maturities
have been extended, amounts have grown and spreads have collapsed. Citigroup’s
Matt King believes things will end badly.
CHINA
Impending Bad Debt Headache Likely Bigger Than
Expected – WSJ
NEW LEADER
No
large-scaled policy changes after new Chinese leadership – Nordea
The
Communist Party’s Reform Punt – WSJ
China's new party chief Xi gets strong
mandate for action – Reuters
Analysts
View: Chinese Communist Party unveils new leadership – Reuters
China's next premier schooled in free
thought – Reuters