The stock market rally has lost steam, ECB's non-event on Thu, FX boring and in ranges, but EUR surprisingly resilient. European summit schedules look like more 'roadmaps' to a federal Europe will be signed. No good economic news in Europe, but US has looked relatively ok recently. My gut feeling is that the Eurocrisis is about to light up again. Merry Christmas everyone.
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
US: Equities Fade To Red As Gold, VIX, Bonds Signal
Weakness All Day – ZH
A few more thoughts about Japan’s debt dynamics
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
Jonathan
Faull, EU Commission's director general for internal market and services
By picking
Pierluigi Bersani as the centre-left Democratic Party’s candidate for premier,
Italian voters have challenged the notion that the eurozone crisis is uprooting
the established party political systems of southern Europe.
Bond Buyback May Succeed, but Greek Crisis Far
From Resolved – WSJ
UK
London Mayor demands pared back EU links for Britain – Reuters
London
Mayor on Tuesday calling for a referendum on a deeply pared back British
membership of the EU.
Osborne Walks Tight
Rope – Marc to
Market
SUMMIT
Will EU summit back eurozone reform
“contracts”? – Brussels
blog / FT
The “for
discussion” only papers are to be signed – surprise!
EU summit to consider 'reform contracts' for
all euro states – euobserver
Draft ideas
ahead of next week's EU summit foresee reform contracts for all euro states, political
agreement on a full banking union and, post-2014, a budget for the eurozone.
ECB
ECB to hold rates, guidance for 2013 eyed – Reuters
The ECB may
give a guide to next year's policy path when it delivers fresh forecasts for
the euro zone economy on Thursday at a meeting where it is expected to leave
interest rates at a record low.
ECB Set to Keep Policy on Hold – WSJ
ECB preview: Draghi sees signs of improvement – Danske
Bank (pdf)
UNITED STATES
House Prices up 6.3% Year-over-year in October,
Largest increase since 2006 – Calculated
Risk
The Fiscal Cliff – Wonkblog
/ WP
“Absolutely
everything you could possibly need to know, in one FAQ”
OTHER
My Christmas Wish List – Steen Jakobsen
/ Saxo Bank
Could you
please take all politicians, central bankers and chief economists far, far away
for the next five years? I promise you Europe will be growing at 3%+, the US at 5% and Asia will be reformed and moving smartly
towards its proper role in the world economy when they come back. Yes, it is
that simple.