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| Diving - the fiscal cliff style |
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
3 Numbers to Watch: US Durables, Pers. Income,
Cons. Sentiment – Saxo
Bank
While
November's US data would normally be important,
today's numbers will be more of an excuse than a reason for price action due to
the impact of the US fiscal cliff and central
bank-driven trading ranges and rumours regarding a bailout of Cyprus.
European
markets are expected to open lower Friday amid renewed concerns about the US fiscal cliff after the US House
Republican leaders cancelled a vote on John Boehner's Plan-B. Investors await a
raft of European and US macro data later today.
US stocks
ended slightly up in yesterday’s trade but Republican House Speaker John Boehner
failed to get backing from his own party for his ‘Plan B’ to avoid the fiscal cliff.
This has sent Asian stock markets lower this morning and futures are pointing
to a negative opening for the stock markets in both Europe and the US today. JPY and USD have
strengthened on intensified worries about the fiscal cliff. Market movers today
Today’s Fiscal cliff worries to dominate today’s trading US data should provide
upbeat news on the economy.
Morning Briefing – Nordea (pdf)
Fiscal
cliff: Republican vote on Plan B cancelled. Spain adopted austerity budget
Mitä jännittävää vuosi 2013 tuo tullessaan? USA:n
verojyrkänneneuvotteluissa ei merkittävää edistystä.
Aamukatsaus – Tapiola
(pdf)
Osakemarkkina oli eilen loivassa nousussa kohtalaisen hyvän
makrodatan tukemana.
USA:ssa markkinoiden sulkeutumisen jälkeen republikaanit
hylkäsivät suunnitelman nostaa rikkaimpien veroja kääntäen osakemarkkinat
laskuun Aasiassa. Seuraava aamukatsaus ilmestyy 2.1.2013.
Markkinakalenteri – Nordnet
Markkinakalenteri – Taloussanomat
EUROPE
Euro-zone
member state Cyprus badly needs a bailout, but the
International Monetary Fund is demanding a debt haircut first, according to
media reports. The resulting standoff with Europe has delayed the country's badly needed aid
package. To ward off insolvency, Nicosia has raided the pension funds of
state-owned companies.
Cyprus dismissed as unfounded on Thursday
any suggestion the IMF is seeking a writedown of the island's debt before it
agrees to participate in a multi-billion euro bailout.
UNITED STATES
FISCAL
CLIFF
Republicans push own "fiscal cliff"
plan; talks frozen
– Reuters
Republicans
in the U.S. Congress pushed ahead on Thursday with a "fiscal cliff"
plan that stands no chance of becoming law as time runs short to reach a deal
with President Barack Obama to avert a possible Washington-induced recession.
House Scraps Vote on Boehner’s Tax Plan Lacking
Support – BB
Republican fiscal cliff ‘plan B’ abandoned – alphaville
/ FT
Boehner Scraps Fiscal Cliff Plan "B",
Futures Plunge; Why the Surprise? – Mish’s
Come on in Equity Market Vigilantes, the
Water’s Fine! – PragCap
ALERT: Boehner Opts for Time-Honored “Pull and
Pray” Method – The
Reformed Broker
Cliff chaos: Boehner pulls GOP bill – Politico
A Fiscal Flowchart: Here Is What Happens Next – ZH
Will Boehner's speakership survive until Plan
C? – Wonkblog
/ WP