3rd Dec - EU Open: Federalization

Previously on MoreLiver’s:

1-Dec Weekender: Econ, Market, O-T, Fin

1-Dec Weekender: The World

1-Dec Weekender: Weekly Support

1-Dec Weekender: Best of The Week

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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

Tracking Europe’s Debt Crisis – NYT

FX Options Analytics – Saxo Bank

European 10yr Yields and Spreads – MTS indices

Economic Calendar – Forexpros

MORNING BRIEFINGS

3 Numbers To Watch: US, French, and German Manufacturing Data – Saxo Bank

Will Monday's US ISM Manufacturing Index update draw a sharper contrast with the sluggish trend of manufacturing production in France and Germany? If so, is the EURUSD rally at risk?

Market Preview: European and US Manufacturing PMI data eyed – Saxo Bank

European markets are expected to open firmer Monday following encouraging Chinese manufacturing data in November. Meanwhile, markets await manufacturing data across Europe and the US, along with the EU finance ministers meeting due later today.

Danske Daily – Danske Bank (pdf)

Aamukatsaus – Nordea (pdf)

Kiinassa teollisuuden luottamuksen piristyminen jatkui * Kestosuosikki Kreikka pysyy tapetilla Euroopassa * Kiina-optimismi tukee raaka-aineiden hintoja

Aamukatsaus – Tapiola (pdf)

Osakkeet päättivät edellisviikon vaimeasti, kun USA:n yksityinen kulutus jäi vaisuksi.

Viikonlopun aikana julkaistut Kiinan teollisuuden ostopäällikköindeksit osoittavat maan talouden jatkavan odotettua kiihtymistään. Osakefutuurit nollassa, indikoiden flättiä avausta.

  

Markkinakalenteri – Nordnet

Markkinakalenteri – Taloussanomat

EUROPE

Europe’s Avoidable Collision Course – NYT

Next Up For A "Recovering" Europe: A 30-50% Collapse In Wages In Spain, Italy And... France –ZH

Goldman Sachs: We view relative wage cuts of this magnitude as unfeasible: it is difficult to imagine France accepting a one-third fall in living standards relative to Germany. Of course, one could rely on Germany to raise wages, so as to redress the competitiveness gap from the other side. But ultimately such an approach would imply Germany accepting much higher rates of inflation, say above 4% pa for a decade or more, assuming the ECB met its target of keeping area-wide inflation close to 2%. We doubt the German public would countenance such an eventuality….

The Eurozone after the November Eurogroup ‘Greek Deal’: On the current state of play – Yanis Farouvakis

On November 27th, 2012, the Eurogroup (comprising the Eurozone’s finance ministers) reached a decision on Greece. Its essence is a guarantee that Greece will remain in the Eurozone (and therefore off the Northern European agenda) for another ten to twelve months; at the very least until the German federal political cycle has seen through the election of a new Bundestag. The repercussions of this short-sighted agreement are grave not only for Greece but for the Eurozone, and indeed the European Union, more broadly.

Greek debt "transformed into a zero-coupon perpetual bond” – Sober Look

ASIA

  CHINA PMI

HSBC/Markit China manufacturing PMI rose to 50.5 in November – ASA

Green shoots in Chinese manufacturing; public sector seems to be the driver – Sober Look

November PMIs suggest moderate recovery – Danske Bank (pdf)

Chinese PMI Hits a 13 Month High – PragCap

Australia's economic data stays weak; 75% chance of rate cut – Sober Look

Conflicting signals on dollar-yen – Sober Look – Sober Look

OTHER

FX Comment: His name is Cliff. Fiscal Cliff. – Nordea (pdf)

Not much resolute action on the global Markets last week, neither much consistency – a bit higher equity markets, stronger EM FX, and yet lower benchmark bond yields and erratic and mixed commodity prices… End-of-month? I guess. And lack of conviction: G7 FX vols ended the November month exactly where they started, bottoming out, but not yet moving.

Goldman's Top Ten Market Themes For 2013 – ZH

Japan/BRICS in trouble? – Kiron Sarkar / The Big Picture

Weekend roundup and analysis (long!)

IN FINNISH

Ajantasan lauantaivieras Jan Hurri – YLE1

Taloustoimittaja Jan Hurri etsii työssään vaihtoehtoisia tulkintoja viralliselle totuudelle. Ajantasan lauantaivieraan, Suomen Kuvalehden Journalistipalkinnon saaneen Jan Hurrin tapasi toimittaja Janne Junttila.

Näin se etenee – eurokraattien vallankaappaus – Jan Hurri / TalSa

Alkuviikon Kreikka-sopimukset ovat vaikutuksiltaan eurokriisin sivujuoni sen rinnalla, mitä komissio täyttä päätä valmistelee: talousvallan siirtoa euromaiden parlamenteilta EU:n virkakunnalle. Komission mielestä tämä "eurokraattien vallankaappaus" on välttämätön – muuten meidät hukka perii.