Previously on MoreLiver’s:
Roundups and
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville
/ FT
Roundup – Kiron Sarkar / The
Big Picture
Europe: Swiss Rates Swing
Back To Negative As European Credit Ignores Equity Bounce – ZH
US: Trannies Suck Stocks Higher As Risk-Assets
Flatline – ZH
EUROPE
We will see
a lot of PMI data, but behind these data points we take an increasing interest in
consumer confidence. A trough in this measure will surely convince us even more
of the European macro trough
Spain's public deficit for 2012 will be
somewhere around 7% of GDP - higher than the target of 6.3% of GDP agreed with the European Commission…
A day of bad news for Spanish Prime Minister Mariano Rajoy and his government -
not least because Spain had already obtained a relaxation
of its deficit target for this year.
This is big – Nordea
Spain saw an unprecedented flood of
orders for its new 10-year benchmark, the strongest sign yet that the market
conditions have seen a material improvement. Only the yield of around 5.4%
serves as a reminder that Spain is still facing some problems –
quite significant ones for that matter.
LTRO repayments will be mostly good news – Nordea
(pdf)
Summary here.
EU want in or EU want out? – Capitalists@Work
Cameron is
expected to say he would allow a referendum in 2015, AFTER the election. Good
politics. Vote Dave and see if he'll really do it, or vote someone else and
never, ever get the chance to vote on even mild reform.
Do triple-A countries have monopoly on top euro
jobs? – Brussels
blog / FT
Group-of-11 get go ahead for financial
transaction tax – euobserver
ASIA
The Bank of
Japan's more stimulatory stance could be a mixed blessing for Asia, potentially providing productive
investment flows into the region but also providing fuel for future asset and
debt bubbles
CURRENCY WARS
The practicalities of the currency wars – alphaville
/ FT
Winning the
“currency wars” isn’t easy. From Citi’s Steven Englander on Tuesday
Beggar Thy Currency Or Thy Self? – Project
Syndicate
One need
not be an economist to figure out that, while all currencies can depreciate
against something else (like gold, land, and other real assets), by definition
they cannot all depreciate against each other. Yet, when push comes to shove,
country after country is being dragged into a negative dynamic of competitive
depreciation.
Bretton Woods Might Be a Better Spot Than Davos – WSJ
OTHER
Long-term pessimism, short-term frothiness,
and the recovery in world wealth – alphaville
/ FT
Viewed in
longer perspective the state of investor risk appetite is severely depressed –
arguably worse than at any time in the last 25-30 years.
Nordea Risk Perception Index – week 4 – Nordea
(pdf)
Summary here.