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
Will ECB
monetary policy evolve to combat recession? Today's news on euro zone money
supply drops a clue. Meantime, Germany's inflation profile measures
austerity's pinch and a report on US home sales updates the trend for
the real estate revival.
European
markets are expected to open in the red Wednesday amid persistent concerns
about the US fiscal cliff negotiations and
worries about the recent Greek aid deal. Meanwhile, markets are keeping an eye
on German CPI data due later today.
Key news: Greek
plan for debt reduction lifted sentiment in Europe yesterday, despite several
unresolved
challenges. US equities were dragged down by
concerns over the looming US fiscal cliff. US Treasuries saw
sustained demand and were also supported by a strong auction. In the FX market
JPY gained the upper hand while SEK suffered.
Aamukatsaus –
Nordea (pdf)
Aamukatsaus – Tapiola
(pdf)
Vahva makrodata USA:sta ei riittänyt nostamaan markkinaa,
kun poliitikkojen kommentit USA:n budjettikiistasta painoivat vaakakupissa
enemmän. Talvivaara päivitti tuotantotavoitteitaan, keskittyy kassavirran
maksimoimiseen. Osakefutuurit miinuksella, indikoiden laskuavausta. EKP:n
löysän rahan politiikka -> tuottoa inflaation ja verojen jälkeen vaikea
löytää: Rahoille tuottoa hyväksymällä riskiä (high yield bondit tai osakkeet). Suomen
osakemarkkinan hinnoittelu
poikkeuksellisen edullinen suhteessa valtiolainaan.
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
The eurozone’s double-dip recession is entirely
self-made – europp
/ LSE
"According to the documents, under the
Monday deal Greece’s debt load would only come down to 115 per..." – alphaville / FT
UNITED STATES
NY Fed: Household De-leveraging Continued in Q3 – PragCap
Six Charts To Summarize The NY Fed's
Un-Deleveraging Report – ZH
What Does it Mean for Fiscal Policy to be
“Sustainable”? – Ed
Dolan
As
negotiations over fiscal policy heat up, one thing nearly everyone agrees on is
that U.S. fiscal policy should be sustainable. The
trouble is, there are sharp disagreements about just what sustainability means.
This post explores three different meanings of fiscal policy sustainability and
explores their significance for current budget debates.
ASIA
Because its
investment is predominantly financed by domestic savings, a crisis appears
unlikely when assessed against dependency on external funding. But this does
not mean that the cost is absent. Rather, it is distributed to other sectors of
the economy through a hidden transfer of resources, estimated at an average of
4 percent of GDP per year.
Indebted Dragon – Foreign
Affairs
The Risky Strategy Behind China's
Construction Economy
What to Read on Chinese Politics – Foreign
Affairs
Chinese equities: drawing punters back – beyondbrics
/ FT