Friday's US payrolls reviewed, worrying federal developments from the eurocrats, ECB sees only black and will not turn on the lights - instead looks like it will have a match with Madrid instead.
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
Tomorrow’s Tape: The Sandy Payrolls Report – WSJ
US: Equities End At High-Of-Day; Oil/FX/Bonds Not So
Much – ZH
Morning
Briefing (Asia): ECB and BOE Keep Rates Unchanged
– BNY
Mellon
A reminder of the conundrum facing EU policy
makers
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
IIF Bank Group: Greek Debt Buyback Likely To
Reach Target – WSJ
France Unemployment Rate Hits 10.3%, Youth Unemployment at Record High 24.9%;
New Business Activity Plunges – Mish’s
Il Giornale:
"The Monti Government Is Increasingly Hanging By A Thread" – ZH
FEDERAL
National parliaments 'not best' for EU's
interests – euobserver
A new ideas
paper on progress towards further EU integration highlights the shifting power
sands for national parliaments as the European Parliament is set to become the
principle democratic guardian of a future EU.
Van Rompuy’s American-style eurozone – Brussels
blog / FT
Van
Rompuy’s 14-page outline includes many of the ideas he’s been proffering since
October, including a requirement that all eurozone countries engage in
“contractual arrangements” with Brussels, committing them to economic reform
plans, and the creation of a eurozone budget. Barroso’s plan has similar
elements.
EU sets out detailed "map" for euro
zone's overhaul – Reuters
European
Union leaders will examine a detailed plan for completing a banking union and
strengthening euro zone fiscal policy next week, with officials concerned that
momentum is waning in tackling the debt crisis.
ECB
MEETING
ECB discusses rate cut, depicts bleak 2013 – Reuters
The
ECB pondered an interest rate cut on Thursday and predicted
the euro zone economy would shrink again in 2013, leaving the door open to a
possible reduction in borrowing costs early next year.
Downbeat ECB knocks wind out of euro bulls – Reuters
The euro
languished at one-week lows against the greenback on Friday, having suffered a
major setback after the ECB painted a bleak outlook for the euro zone and
discussed cutting interest rates.
Draghi Leaves Rate-Cut Door Ajar as ECB Reduces
Forecasts – BB
Draghi’s ready to get negative – alphaville
/ FT
Draghi turns slightly
dovish – Nordea
ECB meeting - Rate
cut discussed – Danske
Bank (pdf)
Introductory
statement to the press conference – ECB
Macroeconomic
projections for the euro area – ECB
(pdf)
ECB Leaves Rates Unchanged, Significantly
Downgrades 2013 Economic Forecast; Is Italy Falling Into the
Abyss? – Mish’s
The euro
zone's strongest countries are facing weaker economic growth, an executive
board member for the European Central Bank said.
UNITED STATES
Bloomberg's
'Ultimate' US Fiscal Cliff And Debt Primer – Slideshare
via ZH
PAYROLL PREVIEW
The jobs report
Friday is going to be a giant mess – Wonkblog
/ WP
One approach is simply to filter out the categories of
employment that are most sensitive to disruption from the storm and holiday
seasonal fluctuations, and focus on those that remain.
Employment Situation Preview – Calculated
Risk
The
employment related data was pretty weak in November, and I expect the
unemployment rate to increase and hiring to be weak; I think less than
80,000 jobs were added in November.
Jobs Report Likely to Tell Two Different Tales – WSJ
Guessing Nonfarm Payrolls is a Joke – The
Wall Street Examiner
OTHER
G10 Weekly: Swedish
winter storm – Nordea
Bank (pdf)
Sweden: Winter
storm * Fed: From twist to tango? * AUD: The IMF
boost * Data watch: US NFP at 0