Bank earnings today in US, ECB's Nowotny came in to counter Juncker's yesterday's comment "euro too strong". Expect this contradictory commenting to remain a daily feature of the markets, and adjust trading accordingly.
Previously on MoreLiver’s:
Roundups &
Commentary
US Opening
News And Market Re-Cap – Ransquawk / ZH
Frontrunning – ZH
Overnight Sentiment – ZH
The Lunch Wrap – alphaville
/ FT
Emerging N.Y. headlines – beyondbrics
/ FT
Today’s front pages – presseurop
Daily press summary – Open Europe
Morning MarketBeat: Bank Earnings in Focus – WSJ
Broker Note Briefing – WSJ
Talk Drives Unwinding of FX Positions – Marc
to Market
EUROPE
European Labor Markets: Six Key Lessons – Economist’s
View
Euro at 10-Month High Poses Economic Threat,
Juncker Says – BB
The euro’s
8 percent gain against the U.S. dollar in the past six months is posing a fresh
threat to the European economy just as it shows signs of escaping the debt
crisis, said Jean-Claude Juncker, who leads the group of euro-area finance
ministers.
PIIGS
Germany wants Russian contribution to Cyprus bailout – euobserver
No official
figures have been put forward yet, with the results of an audit of Cypriot
banks' needs by US consultancy Pimco expected at the
end of this week. But the figure discussed by EU diplomats is €17 billion,
almost as much as the total yearly economic output of the small country
(€18bn).
ASIA
Japan, with
its huge government debt, its aging population and its history of self-induced
policy paralysis – or as Milton Friedman put it its “decade of inept monetary
policy” – was not expected to be the country breaking with the economic
orthodoxy of the day. But the recently elected Prime Minister Shinzo Abe
appears decided to reflate the Japanese economy through expansionary monetary
and fiscal policies, even if it means breaking taboos of central banking such
as re-establishing political influence over monetary policy.
The Japanese Yen is over sold — oh, really? – Peter Brandt
OTHER
Norges Bank
fears stoking NOK strength; but the cost of deferring rate hikes may be a further
expansion in the country’s property price bubble
Deutsche's Bullish
For 2013 Despite These 6 Huge Downside Risks – ZH
Full 2013 Outlook link included