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
(for Cameron's speech and its aftermath, see my Special)
Can the Euro Area Use Its New Stability to
Continue Reforms? –
PIIE
Oldest Bank In The World Plunges, Halted As
Chairman Resigns In Aftermath Of Latest Derivatives Fiasco – ZH
LTRO repayment bifurcation risk – alphaville
/ FT
The first
LTRO repayment opportunity is fast approaching. David has already considered
how it may or may not impact European lending rates, including the chances of
Eonia rising significantly if the repayment is larger than expected.
Euro Dilemma as Crisis Abates – WSJ
Euro-zone
policymakers face a nasty dilemma: the more they succeed in convincing
investors that the worst of the euro-zone crisis is over and in bringing down
borrowing costs in southern Europe, the more the euro could strengthen.
Portugal followed in the footsteps of Spain’s hugely successful bond launch
yesterday, making a comeback to bond markets for the first time since its
bailout from other Euro-zone countries and the IMF.
UNITED STATES
Koo: I’LL tell YOU when we’re delevered! – alphaville
/ FT
Nomura’s Richard
Koo believes the news of deleveraging’s end are premature.
An update on fiscal policy negotiations – Danske
Bank (pdf)
ASIA
Yenstimates all over the place – alphaville
/ FT
Perhaps
reflecting the ambiguity of the BOJ’s announcement itself, strategist forecasts
for USD/JPY are ranging from 84 (Brown Brothers Harriman) all the way to 105
(Credit Suisse). A few selections follow.
China Narrowly Averts Credit Bubble Pop With Latest Government Bailout Of
First Domestic Bond Default – ZH
OTHER
Currency Wars: Causes and Consequences – Marc
to Market
IMF
SEES LOWER GROWTH
World Economic Outlook Update – IMF
Global
growth is projected to increase during 2013, as the factors underlying soft
global activity are expected to subside. However, this upturn is projected to
be more gradual than in the October 2012 World Economic Outlook (WEO)
projections.
IMF: downgrade on growth – beyondbrics
/ FT
IMF cut its
world economic growth predictions in its latest forecasts published on
Wednesday, with only three major economies escaping the chop – Japan, Mexico and China.
IMF Cuts Global Growth, Sees 2013 European
Recession – ZH