EURUSD keeps ticking higher, EU budget talks gridlocked, German IFO index today's main event.
Previously on MoreLiver’s:
Roundups
The Closer
(Thu evening) – alphaville
/ FT
The 6am Cut
London – alphaville
/ FT
Emerging
Markets Headlines – beyondbrics
/ FT
Roundup: Better
Chinese PMI data – Kiron
Sarkar / The Big Picture
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
3 Numbers to Watch: DE Q3 GDP & Nov IFO Index, ITA Retail
Sales – Saxo
Bank
While the
German GDP numbers are important for breakdown
analysis and political reasons, today's main event will be the IFO Index for
November, expected to show deteriorating prospects. Italy's retail sales are of minor
interest, but could surprise.
There is
not much to report from today’s Asian session, I’m afraid. A Japanese public
holiday coming hot on the heels of the US Thanksgiving holiday severely
curtailed any market activity and a blank data slate did not help.
European
markets are expected to open higher Friday ahead of the German GDP and sentiment indices data due
later today. Additionally, markets are closely watching the EU leaders budget
meeting scheduled for today.
Key news:
EU leaders still far from a budget deal. Shinzo Abe indicates that Japanese
central bank law may not need to be changed. Anger in Argentina after US ruling that it must pay
holdouts from its 2001 default. Market movers today: Today’s German Ifo
expectations
Euroalue näyttää pysyvän kevyessä taantumassa vuoden lopulla
* Kädenvääntö EU:n budjetista jatkuu – viikonloppuna seurataan Katalonian
vaaleja * EURUSD korkeimmilleen kolmeen viikkoon
Aamukatsaus – Tapiola (pdf)
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
BUDGET
TALKS
Meet the EU budget 'veto team' – Open
Europe
EU budget summit opens with hard bargaining – BBC
European
Union leaders have begun talks on the bloc's seven-year budget, with many
urging cuts in line with the savings they are making nationally.
EU Spars Over Budget as Chiefs See Possible
Deadlock – BB
EU budget talks delayed as leaders set out red
lines – euobserver
Major confusion over EU budget – presseurop
Meeting in
Brussels for an extraordinary European Council summit, Europe’s leaders are to
about to outline the EU’s budget for years to come in an atmosphere that has
already been marked by threats of a veto from various countries. The European
press examines the bargaining process and attempts to identify the probable
winners and losers.
The EU must face up to economic reality – The
Telegraph
David
Cameron deserves our support as he heads for Brussels to defend Britain's financial interests
EU budget: Maximum spending, minimum gain – Der
Standard / presseurop
The EU
spends a third of its budget to try to narrow the gap between rich and poor in Europe. Despite the billions from Brussels, though, the poorer countries have
not caught up. Could the 27 please rethink that when they discuss the EU budget?
Budget Clash Leaves EU Summit Close to Failure – AP/
TIME
EU budget talks dim after gesture to French,
Poles – Reuters
CATALONIA
The regional
elections of 25 November should hand the Catalonian nationalists a majority.
The independence referendum they are promising, however, must first get the
approval of Madrid and the support of the Catalans.
ASIA
W(h)ither China? "The End Of
Extrapolation"
– ZH
UBS’s full note!
OTHER
EMEA Weekly, Week 48 – Danske
Bank (pdf)
G10 Weekly: Different degrees in hell – Nordea
(pdf)
IN FINNISH
Kortit pöytään
liittovaltiobluffissa! – Sampo Terho
Suomen, Ruotsin ja
Saksan kilpailukykyvertailu kolmella kuvalla – tyhmyri