Previously on MoreLiver’s:
Roundups and
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
Roundup – A
View From My Screens
Roundup – Kiron
Sarkar / The Big Picture
The T-Report: Long, Longer, Longest – TF
Market Advisors
Tomorrow’s Tape – WSJ
US Summary – ZH
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
Euro zone rescuer Draghi faces daunting 2013 – Reuters
With two
short sentences, the head of the European Central Bank took the heat out of the
euro zone crisis this year. In 2013 Mario Draghi has to live up to even bigger
expectations.
The ECB
boss, though, should not let the plaudits go to his head. Much of the euro zone
is in deep recession. If growth doesn’t return, the crisis could enter a new
ugly phase and his powers will be sorely tested.
Spanish Bad Loans At
New Record, Deteriorate At Fastest Pace Since June – ZH
How to Solve the European Economic Crisis:
Challenging Orthodoxy and Creating New Policy Paradigms – EconoMonitor
The view,
recently expressed, that abandoning fiscal austerity is now impossible is
simply irrational, and wrong.
Surplus to Requirements? – WSJ
The
European Commission on Tuesday released a special report devoted to euro zone
countries with large current account surpluses, Germany in primis, and while it
diplomatically refrained from making forceful policy recommendations, it
emphatically noted that the weak bank regulations and wage restraint exercised
by Europe’s largest economy ineluctably has had significant impact on other
members of the currency union.
Thoughts on the Euro’s Outlook in 2013 – PIIE
Despite the
numerous predictions of its demise, the euro is alive and well at the end of
2012. Indeed, it has again held its value against other currencies during the
year,1 confounding skeptics just as it did a year ago. As 2012 comes to a close
and the last European Union Council of the year has ended—there have been seven
in 2012!—it is time to take stock. As someone who ended 2011 on a positive note
for the euro, I am happy to report that the outlook remains positive for 2013.
Born to
give a political dimension to the common values of Europeans, the Union, with the complicity of the member
States, has acquired power and skills that have weakened the people it was
supposed to defend.
Since 2011,
the eurozone-based parent banks that dominate emerging Europe’s banking sector have been under
pressure to deleverage – with potentially serious consequences for a fragile
region. By ensuring orderly deleveraging, multilateral lenders and private
banks can help to put emerging Europe on a more sustainable growth path.
UNITED STATES
American growth vs. the world: At the top of an
underperforming class – The
Economist
FISCAL
CLIFF
Five
sticking points in the fiscal cliff deal – Wonkblog
/ WP
Obama's new
fiscal cliff offer would repeal the 'doc-fix' – Wonkblog
/ WP
The 'fiscal
cliff' deal could hurt the economy – Wonkblog
/ WP
HOUSING
DATA
Housing:
Inventory down 24% year-over-year in mid-December – Calculated
Risk
Builder
Confidence increases in December, Highest since April 2006 – Calculated
Risk
NAHB
Builder Sentiment Soars To Highest Since 2006 Thanks To Sandy – ZH
NAHB
Sentiment Index Hits Six and a Half Year High – Bespoke
MARKETS
S&P 500
Valuation – Dr.
Ed’s Blog
From Risk
On/Risk Off To Reality On/Reality Off – ZH
Deja Vu All
Over Again – ZH
Sector
Snapshot – Bespoke
ASIA
Older ING piece: Japan’s sectoral balances and the lack of
impact of monetary policy and increasing central bank balance sheets
OTHER
361 Capital Weekly Research Briefing – The
Reformed Broker
Some outliers for
2013 – alphaville
/ FT
Deutsche just sent through its list of outliers for
2013
EM Bond Snapshot Dec-2012 – Danske
Bank (pdf)
IN FINNISH
Komissio: Ruotsi ei ole hyötynyt kelluvasta
kruunusta – HS
Espanjan pankkikriisin uusimmat luvut – euroetana
(molemmista enemmän
ylempänä englanniksi. Hesari taas ”yllätti” löytämällä mm. Saksaa tylyttävästä
raportista sivulauseen vääriymmärryksen, että Pentikäinen sai sen euro on
hienoa-fiiliksensä. Hyvä Pentikäinen, go Hesari!)